Finance

Responsibilities of the Finance Department

Accounting and Treasury

The Finance Department is responsible for processing accounts payable, accounts receivable, and payroll; collecting, analyzing, and reporting financial data; reporting such data to Town management, creditors, and the general public in accordance with generally accepted accounting principles; and investment portfolio and debt management.

Lodging Tax

The Finance Department is responsible for the collection of the Town’s 2.35% lodging tax. The department administers and enforces the Town’s tax laws by educating the public about the Town’s Taxation Code and conducting audits of companies that do business in Frisco.

Sales Tax

On July 1st, 2005, the Town transitioned to self-collection of sales tax. Any Town sales tax due (2.0%) for all reporting periods following July 1st, 2005, shall be remitted directly to the Town. For more information please visit the Town’s sales tax page.

Short Term Rental Excise Tax

On April 5, 2022 registered voters in Frisco decided to raise the tax rate only on short-term rentals by 5%. The new excise tax is effective June 1st, 2022. For more information please visit the Town’s Short Term Rental page.

Real Estate Investment Fees (REIF)

Finance is responsible for the collection and administration of the 1% transfer tax. Any property sold within Frisco town limits is subject to this tax with a few exceptions. There are exemptions available for qualified transfers and buyers. Homebuyers must submit an application for an exemption to the REIF and the application must be approved prior to closing on the property.

Qualified purchasers may apply for the “Locals’ Exemption,” upon meeting residency and income requirements and should refer to the local exemption checklist and income charts to help determine eligibility.

Utility Billing

The Finance Department is responsible for water billing, as well as providing customer service and information to those inquiring about Town-issued water bills. Direct payment options are available; for more information, visit the water billing page.

Budget

The Finance Director is responsible for managing the Town’s budget process, including both operational and capital budgets, and administering approved budgets. The Finance Director also conducts internal operational analysis and manages the Town’s performance measurement efforts in order to measure the effectiveness and efficiency of programs administered and funded by the Town of Frisco.

For complete information on the annual budget and all funds, please visit the Town’s budget page.