File #: 14-863    Name: FY15 Budget - First Public Hearing
Type: Agenda Item Status: Approved
In control: City Council Regular Meeting
On agenda: 9/2/2014 Final action: 9/2/2014
Title: Conduct First Public Hearing on the Budget Appropriation Ordinance for FY 2014-15
Attachments: 1. Draft Ordinance, 2. Fee Change Requests, 3. Draft Fee Change Ordinance-Redline, 4. Water WW Rate Schedules, 5. Presentation
Title
Conduct First Public Hearing on the Budget Appropriation Ordinance for FY 2014-15
 
Summary
MEETING DATE:      September 2, 2014
 
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 2014-15.
    • Announce second Public Hearing & Budget Adoption: September 16, 2014, 6:00 p.m. at the Council Chambers
  • ITEM SUMMARY:
    • Proposed budget for all operating funds and CIP projects for FY 2014-15 totaled more than $321.2 million (excluding interfund transfers).
    • Proposed budget for component unit funds for FY2014-15 are as follows:
o      McKinney Convention & Visitors Bureau      $606,335
o      MEDC Debt Service Fund      $2,397,837
o      MCDC Debt Service Fund      $840,000
o      McKinney Economic Development Corp      $8,615,692
o      McKinney Community Development Corp      $33,782,680
o      McKinney Housing Finance Corp      $8,600
    • The proposed tax rate is $0.58300 per $100 of assessed value. The proposed tax rate is $0.0025 less than the current year rate of $0.58550.
  • 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 on September 2, 2014 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 16, 2014.
    • 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 June 20, 2014, and August 8, 2014.
    • Budget Ordinance - Public hearings (September 2, 2014 and September 16, 2014) and vote adopt the annual budget (September 16, 2014).
    • Ordinance ratifying the increased property tax revenue - Ordinance and declaration (September 16, 2014).
    • Ordinance levying property tax rate - Vote adopt the ordinance levying the property tax rate (September 16, 2014).
    • Ordinance changing rates/fees for City services - Adoption (September 16, 2014).
 
FINANCIAL SUMMARY:       None.