Title
Conduct Second Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2013-14
Summary
MEETING DATE: September 17, 2013
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Conduct second public hearing
· Conduct a record vote to adopt the budget
ITEM SUMMARY:
- Proposed budget for all operating funds and CIP projects for FY2013-14 totaled more than $303.0 million (excluding interfund transfers).
- Proposed budget for component unit funds for FY2013-14 are as follows:
Collin County Airport Development Corp $4,521,873
McKinney Convention & Visitors Bureau 485,652
MEDC Debt Service Fund 3,155,328
MEDC Bond Reserve Fund 0
McKinney Economic Development Corp 8,866,011
McKinney Community Development Corp 9,465,000
McKinney Housing Finance Corp 8,600
· The tax rate will be $0.5855 per $100 assessed value.
BACKGROUND INFORMATION:
· The City Charter provides that "Upon receipt of the City Manager's estimate, the City Council shall pass the appropriation ordinance in accordance with state law, using the City Manager's estimate as a basis. Provision shall be made for public hearings upon the appropriation ordinance before the City Council, sitting as a committee of the whole".
· The first public hearing held on September 3, 2013 Council Meeting satisfied the Charter requirement.
· Following the first public hearing, the appropriation ordinance is to be published (published on September 8, 2013).
· A second public hearing will be scheduled at least ten days after publication.
· Any changes the Council wishes to make may be incorporated in the appropriation ordinance before the second public hearing and final adoption action by the Council.
· Following the second public hearing, and final adoption of the appropriation ordinance, the City Council shall consider and pass an ordinance ratifying the increased revenue from property taxes, an ordinance levying the taxes for the current year and an ordinance to change fees/rates for City services.
SPECIAL CONSIDERATIONS:
- Budget Discussions - Budget-planning discussions were held on June 14, 2013, and August 2, 2013.
- Budget Ordinance - Public hearings (September 3, 2013 and September 17, 2013) and vote adopt the annual budget (September 17, 2013).
- Ordinance ratifying the increased property tax revenue - Ordinance and declaration (September 17, 2013).
- Ordinance levying property tax rate - Vote adopt the ordinance levying the property tax rate (September 17, 2013).
- Ordinance changing rates/fees for City services - Adoption (September 17, 2013).
FINANCIAL SUMMARY: None.
BOARD OR COMMISSION RECOMMENDATION: None.