On Sept. 10, 2024, Prosper Town Council approved the upcoming fiscal budget. The budget, totaling $102.6 million, will cover the period from Oct. 1, 2024, to Sept. 30, 2025.
According to the town, $52.8 million will be used to maintain public services and $42.9 million will be allocated to support solid waste, drainage, water and sewer utilities. The additional funds will be used for the crime control and prevention district ($3.3 million) and fire control and the emergency medical services district ($3.5 million).
The budget also includes allocating a significant portion of the $210 million approved by voters in November 2020 to be allocated for infrastructure development by 2025. Additionally, the budget lays the groundwork for a bond election in November 2025 to further improve the town’s infrastructure.
Projects include ensuring US 380 and Dallas North Tollway are ready for development, developing long-term strategies for land use, landscaping, lighting and traffic, as well as leveraging partnerships with TxDOT, NTTA and private development.
The town council also approved lowering the property tax rate to $0.505 per $100 of taxable value — the lowest value since 2006. The homestead exemption will also be increased from 15% to 17.5%, providing additional targeted tax relief.
According to the town, the adoption of the budget aligns with the town council’s strategic visioning priorities, including the acceleration of infrastructure, with plans to issue over 70% of the $210 million authorized in November 2020 by 2025.
The budget also focuses on developing Downtown Prosper as a destination, with numerous new businesses and projects underway, along with special events and attractions. It ensures that the town’s commercial corridors are prepared for development, featuring continued commercial growth including new hospitals and national retail chains that contribute to the town’s tax base.
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