As budget season begins, Plano officials are considering the city’s long-term financial health in their assessment of possible property tax rate increases.
The context: On top of expected inflation, new expenses related to staffing and operating a number of facilities being built in the next five years will require increased spending from the city’s general fund, Director of Budget and Research KarenDirector of Budget and Research Karen Rhodes-Whitley said.
What you need to know: Council can raise property taxes by as much as 3.5% without calling an election, a ceiling known as the voter-approval rate. Council could also choose to maintain a flat property tax rate, called the no-new-revenue rate.
Looking ahead: Over the summer, council will discuss the proposed budget and hear community input before adopting the budget for the next fiscal year, which starts Oct. 1.