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Plano's total budget for Fiscal Year 2019-20 is $601,378,855.
You can learn about Plano's budget and finance process on the Budget and Finance page.
Plano's total General Fund Budget for Fiscal Year 2019-20 is $333,973,522.
Plano's current Ad Valorem tax rate is: 44.82 cents per $100 of assessed valuation. The General Fund is 33.72 cents and the General Obligation Debt Fund is 11.10 cents.
Ad valorem is the tax computed from the assessed valuation of land and improvements.
The sales tax rate in Plano is 8.25%
The City of Plano receives 1% of the receipts from retail sales of taxable items.
An operating budget is the plans of current expenditures and the proposed means of financing them. The annual operating budget is the primary means by which most of the financing, acquisition, spending, and service delivery activities of the City are controlled.
The use of annual operating budgets is required by State law.
The City of Plano maintains a separate five-year Community Investment Program categorized as follows: General Obligation CIP (these projects include Municipal Facilities, Park Improvements, Recreation Centers, Street Improvements and Street Enhancements), Water and Sewer CIP, Park Fee Program, Municipal Drainage CIP, DART Local Assistance/Congestion Management Program and Capital Maintenance.
General Obligation (G.O.) Bonds are debt instruments much like a house mortgage, generally for a period of 20 years.
The City of Plano uses General Obligation Bonds to fund major infrastructure projects. The City identifies a major project (e.g. a fire station) or several similar projects (e.g. five road intersections) and determines that to complete the project(s) in a timely manner a debt issuance is needed. (The City does not maintain large amounts of cash to finance these larger capital projects.)
An Enterprise fund is established to account for operations that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges.
An Internal Service fund is used to account for the financing of goods or services provided by one City department or cost center to other City departments, on a cost-reimbursement basis.
Capital Outlay is an expenditure which results in the acquisition of or addition to fixed assets.
A Capital Outlay has to meet the following criteria: (1) has an anticipated useful life of more than one year; (2) can be permanently identified as an individual unit of property; (3) belongs to one of the following categories: Land, Buildings, Structures & Improvements, Equipment; (4) constitutes a tangible, permanent addition to the value of City assets; (5) cost generally exceeds at least $5,000; (6) does not constitute repair or maintenance; and (7) is not readily susceptible to loss.
A Fiscal Year is a twelve-month period designated as the operating year for accounting and budgeting purposes in an organization.
The City of Plano has specified October 1 to September 30 as its fiscal year.
Copies of the City of Plano's budget books are available for viewing in the any of the five City of Plano Library locations, or you can contact the Budget & Research Department for more information.