PROSPERTIMES Friday July 7, 2017 | Prosper, Texas
VOL. 1 | NO. 10
Town sees rating upgrades from Moody’s and S&P Town of Prosper Both Moody’s and Standard & Poor, the two major credit rating houses that provide in-depth reviews, analyses and ratings for municipalities, have each upgraded Prosper to their second highest level. “In much the same way consumers look at their credit scores as a barometer on their credit worthiness, cities and towns look to Moody’s and S&P for their ratings,” says Kelly Neal, Prosper’s Director of Finance. “Consumers, of course, want a higher score because it ensures the best interest rates on loans. In a similar way, cities and towns are more attractive to investors and thus get better interest rates on debt when the ratings are higher. These two upgrades put us in a very enviable position.” Moody’s has upgraded the Town of Prosper from Aa to Aa1, one level below the credit house’s highest rating. At the same time, S&P has upgraded the Town from AA to AA+, again, one level below that agency’s highest designation. “The Town is in very good financial health for several reasons, and the rating upgrades reflect that,” said Neal. “Managing budgets in a conservative, wellplanned, disciplined manner pays off in higher ratings, which in turn, translate into better interest rates on our general obligation debt as well as certificates of obligation.” see Town Upgrades, page 4
Town Council increases homestead exemption to 10 percent Town of Prosper Prosper’s Town Council voted to approve raising the homestead exemption from 7.5 percent to 10 percent, effective immediately. The higher exemption, which serves to lower the tax exposure for property taxes levied by the town of Prosper, was approved during the Regular Session of the town council meeting of June 27. Council authorized the initial exemption in the fall of 2015. “Homeowner tax relief is something everyone on Council agrees on,” says Prosper Mayor Ray Smith. “The value of virtually all homes and property in Proper is rising, so increasing the exemption made perfect sense. People can take advantage of the higher exemption and either save money or redirect it to other purposes.” The exemption, by state statute, is applicable only to homes that serve as the primary residence for the applicant, and only one exemption is applicable. The minimum reduction in value of residential properties is $5,000. The exemption is not applicable to commercial concerns or income-producing properties. The increase places Prosper’s 10 percent exemption as the second highest in Collin County. Of the 27 municipalities in Collin County, only eight offer a homestead exemption. “The Council and staff now have two years of experience with how to manage the Town’s budget while offering an exemption,” added Smith. “Remaining prudent in our spending and conservative in our financial outlook have proven to be key in our ability to provide a higher level of tax relief.” Property tax revenue is split between the General Fund, from which the maintenance and operations of the Town is derived, and the Interest and Sinking Fund, from which debt is paid. The tax rate of 52 cents per $100 valuation, which has see Homestead, page 2
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Pride in the Sky sails through fourth year
Joyce Godwin/PROSPER TIMES
Joyce Godwin Joyce@ CedarbrookMedia.com Close to 10,000 people came to Frontier Park in Prosper on Saturday to get a head start of the birthday of America with a great selection of activities for all ages. From bounce houses and large rolling balls in the Kids’ Zone to live music, a large selection of trucks and a car show capped off with a stellar
fireworks show. Denise Parsons said she and her family have lived in Prosper 11 years and she remembers well the beginning of Pride in the Sky. “It has grown tremendously,” she said. “What used to be a little get together has turned into this huge, big deal.” With all the growth and additions to Pride in the Sky, Denise says her favorite part is still the fireworks. Sponsored by Cedarbrook Media and the Town of Prosper along with
a number of others who’ve come together to make this a reality for the community, Pride in the Sky this year spread out to cover several acres of Frontier Park. Live music continued throughout the event from the pavilion and vendors lined the areas for convenient shopping opportunities. Celina residents Jerry and Carissa Ledesma were there with their daughter Isadora who is almost 2. “This is our first time here,” Jerry
Ledesma said. “This is awesome because there are so many different things going on and it’s all spread out. We will definitely come back to this next year.” Event organizers Heather and Jason Reynolds, publishers and owners of Cedarbrook Media, have been putting on events for several years. They started Pride in the Sky four years ago, and are excited to see what it has become. See Pride In The Sky page 3
Mighty Eagle Band students receive Outstanding Performer Award
This is a photo of the letters and medals received for Brandon Richardson and Kade Smith from the UIL 2017 Texas State Solo-Ensemble Solo Contest in which both students received the title of Outstanding Performer.
It’s always a big deal at Prosper High School when someone competes at the University Interscholastic League and brings home a state medal and it’s no different in the case of Kade Smith, who graduated this year, and Brandon Richardson, a junior, who learned last week of their state award. Smith and Richardson have both
been members of the Mighty Eagle Band. Richardson plays trumpet and Smith plays the Baritone Saxophone. Each scored a one, the highest score possi-ble, in the 2017 Texas State Solo-Ensemble Solo Contest with their respective horns. But the biggest surprise came last week with the news that each of the young men was selected as Outstanding
Kade Smith
Brandon Richardson
Performer from the contest. Dr. Bradley Kent, State Director of Music, put it in perspective in his letter to the two performers advising them of the selection. “Of the approximately 100,000 students participating in the re-gional UIL music contests and the 25,000 musicians who performed at TSSEC, only two percent to three percent of the solo performances earned the distinguished honor of being
recognized as an OUTSTANDING PERFORMER,” wrote Kent. “This achievement is truly a mark of musical excellence.” Since Smith and Richardson are state winners, their pictures will be displayed on the side of the building at school, along with others who’ve achieved similar feats for state-level recognition over a large number of years. see Mighty Eagly Band, page 2
Prosper couple bids town farewell as they prepare to adopt Columbian orphans Lisa Ferguson Special to the Prosper Times
Michael and Meghann Head sit together in a corridor at Prestonwood Church in Prosper.
Joyce Godwin/PROSPER TIMES
Like most expectant parents, Meghann and Michael Head are anxiously awaiting the arrival of the newest members of their family. The trouble is, they do not yet know when that may happen. The Prosper couple has spent about a year preparing to adopt as many as four children – possibly a group of siblings — from an orphanage in Columbia. They’ve been told by representatives from the Gladney Center for Adoption that it could be see Head-ing Out, page 4
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