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Posted on: March 26, 2020

COVID-19 Affects City Budget

COVID affects Stocks

Key information was shared during the March 25 Management Team meeting that impacts all of Team Plano. The 2020-21 Budget for the City of Plano will feel the COVID-19 pinch. However, Plano is still budgeted well enough to sustain the City’s Excellence standards, according to Budget Director Karen Rhodes-Whitley. Her report to the group also covered the fact the coronavirus is likely to throw us into a recession. The City goals are:

  • To maintain our $2.8 billion infrastructure and AAA Bond Rating
  • To retain our quality personnel
  • Continue to provide excellent quality services and programs

All of Team Plano is encouraged to be even better stewards of our resources during the pending financial downturn. What we do this year with spending WILL affect next year’s budget. COVID-19 is having definite economic effects on the City’s bottom line:

  • 50% decline in hotel/motel money is predicted
  • 10-20% decline in sales tax
  • Expect a decline in fees from building and development, municipal court and recreation centers
  • Senate Bill 2, the Property Tax Relief Bill, is a voter-approved rate of 3.5% (formerly 8%) will affect how we pay for City services

The City has had a Budget Contingency Plan in place since 1991. Beginning in April, the Plan will be updated.

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