Title
Conduct Second Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2016-17
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: September 20, 2016
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Interim Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Conduct the second Public Hearing on the Budget Appropriation Ordinance for Fiscal Year 2016-17.
* Conduct a record vote to adopt the budget.
* Approve the ordinance.
ITEM SUMMARY:
* Proposed budget for all operating funds and CIP projects for FY 2016-17 total $383.6 million.
* Proposed budget for component unit funds for FY2016-17 are as follows:
o McKinney Convention & Visitors Bureau $652,913
o MEDC Debt Service Fund $2,406,987
o McKinney Economic Development Corp $11,652,420
o McKinney Community Development Corp $10,731,729
o McKinney Housing Finance Corp $68,650
* The proposed tax rate is $0.57300 per $100 of assessed value. The proposed tax rate is one cent lower than last year.
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 was held on September 6, 2016, at the City Council Meeting and satisfied the Charter requirement.
* Following the first public hearing, the appropriation ordinance is to be published (published on September 11, 2016).
* 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 20, 2016.
* 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 ord...
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