Title
Conduct First Public Hearing on the Budget Appropriation Ordinance for FY 2013-14
Summary
MEETING DATE: September 3, 2013
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Conduct public hearing.
* Approval of ordinance on first reading.
* Schedule second Public Hearing and vote adoption of the ordinance for September 17, 2013.
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 proposed tax rate remains the same at $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.
* 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 (planned for September 17, 2013) by the Council.
* Following the second public hearing, and final adoption of the appropriation ordinance, the City Council sha...
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