Government
BY JACQUELYN BURRER
Prosper approves flat property tax rate, adopts FY 2025-26 budget
Zooming in
The budget includes funding for 23 new full- time positions, but 20 will receive funding Feb. 1 instead of Oct. 1 to help balance the town’s health insurance fund. The new positions include: • Six police positions, including four new officers • Nine firefighters and paramedics to staff the new Fire Station No. 4 • Three public works positions • Two parks technicians
Property tax rate per $100 valuation
Prosper residents will see a flat town property tax rate in the coming fiscal year as Prosper continues adapting to growing demands. At their Sept. 16 meeting, Prosper Town Council members adopted the proposed FY 2025-26 budget and set the property tax rate of $0.505 per $100 valuation, which is the same as the current rate. Although council members approved a flat rate, some Prosper residents may still see higher tax bills due to rising property values. Additionally, Town Council also adjusted how the rate is allocated, slightly reducing the capital dedicated portion of the property tax rate while increasing the general fund and debt service portion, keeping the overall rate the same. Chris Landrum, Prosper’s finance director, said town staff monitors sensitive revenue sources, such as sales tax and development fees, on a monthly basis to ensure the town can adjust if revenues shift. According to town documents, sales tax revenue is still growing and is projected to increase by 7.3% in 2026. “[The growth] may not be as robust as it has been in recent years, but we continue to grow,” Landrum said. Previously, Landrum said while staff anticipated slower growth in sales tax revenue, the change happened earlier than initially anticipated.
General fund
Capital dedicated
Debt service
$0.6
$0.51
$0.51 $0.51 $0.50 $0.50
$0.5
$0.4
• One fiscal services specialist • One traffic signal technician • One library circulation supervisor
$0.3
$0.2
However, three of the new positions included for public works will still receive funding starting Oct. 1, Landrum said. Another challenge presented by the budget included the town’s health insurance fund, which saw an increase in preliminary claims for FY 2024- 25, Town Manager Mario Canizares said. The budget will take effect Oct. 1.
$0.1
$0
2023- 24
2024- 25
2025- 26
2022- 23
2021- 22
Fiscal year
Sales tax general fund revenue
$15M
+7.3%
+9.5%
$12M
+8.8%
+7.4%
+15.3%
$9M
+40.3%
One more thing
$6M
Council also approved $39.4 million in proposed government capital projects, which includes: • $26 million in streets projects • $7.1 million in parks projects • $6.3 million in facility projects
$3M
$0
2021 2022 2023 2024 2025 2026*
2020
*PROJECTED
SOURCE: TOWN OF PROSPER/COMMUNITY IMPACT
Memberships are limited. Call for your free initial consultation
24/7 access to your doctor • Membership-style concierge primary care We accept insurance • Board-certified Internal Medicine Physician
(469) 425-2659 | northtexasconciergemedicine.com | 1400 N. Coit Rd. STE.1401 McKinney
11
PROSPER - CELINA EDITION
Powered by FlippingBook