Title
Conduct Second Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2017-18
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: September 19, 2017
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Conduct the second Public Hearing on the Budget Appropriation Ordinance for Fiscal Year 2017-18.
* Conduct a record vote to adopt the budget.
* Approve the ordinance.
ITEM SUMMARY:
* Proposed budget for all operating funds and CIP projects for FY 2017-18 total $406.7 million.
* Proposed budget for component unit funds for FY2017-18 are as follows:
o McKinney Convention & Visitors Bureau $724,994
o MEDC Debt Service Fund $2,312,218
o McKinney Economic Development Corp $12,019,315
o McKinney Community Development Corp $11,251,740
o McKinney Housing Finance Corp $68,650
* The proposed tax rate is $0.540199 per $100 of assessed value. The proposed tax rate is over three cents 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 on September 5, 2017 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 19, 2017.
* 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...
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