Title
Conduct Second Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2014-15
Summary
MEETING DATE: September 16, 2014
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Conduct the second Public Hearing on the Budget Appropriation Ordinance for FY2014-15.
* Conduct a record vote to adopt the budget.
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 (published on September 7, 2014).
* 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...
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