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Mar 26, 2008 6:24 pm US/Central
Plano Navigating Through Rough Financial Times
PLANO (CBS 11 / TXA 21) ―
As already tough economic times continue to get worse, cities across Texas are finding ways to cut back.
The City of Plano is facing a forecasted defect of $17 million for the 2008 - 2009 budget year.
Officials at the Central Appraisal District predict a flat and or decrease in home values. Last year and the year before, home values had gone up almost 5 and 3 percent.
Karen Rhodes, Plano's Director of Budget and Research, said "That means absolutely zero dollars will be coming in on assessed property value."
Rhodes said that could mean some maintenance of streets and buildings may be delayed. But, immediate things like potholes will continue to get fixed.
According to Rhodes, the city is taking proactive measures to help navigate through these rough financial waters.
Their first step was to enact a hiring freeze for at least three months. "Currently we have 66 positions open. That totals $3 million. In order to offset some of our $17 million defect, we have decided to have a slow down in hiring," said Rhodes.
Plano sales revenues have been declining for the last five months, so city officials asked residents to spend more money in their city. But residents say they don't have the extra money to spend.
Steve Jones, owner of Plano bakery Cakes Amore, said he is feeling the pressure on his pocketbook. "Simple things like flour and eggs have tripled, quadrupled in price," he said.
Rhodes said the city will avoid drastic measures, such as layoffs and tax increases.
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