File #: 15-850    Name: FY16 Budget - First Public Hearing
Type: Agenda Item Status: Approved
In control: City Council Regular Meeting
On agenda: 9/1/2015 Final action:
Title: Conduct First Public Hearing on the Budget Appropriation Ordinance for FY 2015-16
Attachments: 1. Draft Ordinance, 2. Presentation

Title

Conduct First Public Hearing on the Budget Appropriation Ordinance for FY 2015-16

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     September 1, 2015

 

DEPARTMENT:                      Financial Services

 

CONTACT:                                            Rodney Rhoades, Chief Financial Officer

 

 

RECOMMENDED CITY COUNCIL ACTION:

  • Conduct the first Public Hearing on the Budget Appropriation Ordinance for Fiscal Year 2015-16.
  • Announce second Public Hearing & Budget Adoption: September 15, 2015, 6:00 p.m. at the Council Chambers
  •  
  • ITEM SUMMARY:
  • Proposed budget for all operating funds and CIP projects for FY 2015-16 total $295.3 million.
  • Proposed budget for component unit funds for FY2015-16 are as follows:

o                     McKinney Convention & Visitors Bureau                     $547,803

o                     MEDC Debt Service Fund                     $2,398,037

o                     McKinney Economic Development Corp                     $ 9,027,396

o                     McKinney Community Development Corp                     $ 9,803,044

o                     McKinney Housing Finance Corp                     $ 68,650

  • The proposed tax rate is $0.58300 per $100 of assessed value. The proposed tax rate remains the same as the current year rate.
  •  
  • BACKGROUND INFORMATION:
  • The City Charter provides that “The City Council shall pass the appropriation ordinance in accordance with state law. Provision shall be made for public hearings upon the appropriation ordinance before the City Council”.
  • The first public hearing on September 1, 2015 Council Meeting satisfied the Charter requirement.
  • Following the first public hearing, the appropriation ordinance is to be published.
  • A second public hearing must 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 to be held on September 15, 2015.
  • Budget adoption must be by record vote.
  • 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 July 20, 2015, August 7, 2015 & August 31, 2015.
  • Budget Ordinance - Public hearings (September 1, 2015 and September 15, 2015) and vote adopt the annual budget (September 15, 2015).
  • Ordinance ratifying the increased property tax revenue - Ordinance and declaration (September 15, 2015).
  • Ordinance levying property tax rate - Vote adopt the ordinance levying the property tax rate (September 15, 2015).
  • Ordinance changing rates/fees for City services - Adoption (September 15, 2015).

 

FINANCIAL SUMMARY:                      None.