File #: 18-772    Name: FY19 Budget - 2nd PH & Adoption
Type: Agenda Item Status: Agenda Ready
In control: City Council Special Meeting
On agenda: 9/17/2018 Final action:
Title: Conduct Second Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2018-19
Attachments: 1. Ordinance, 2. Presentation

Title

Conduct Second Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2018-19

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

(4A: Provide Funding and Organizational Framework to Ensure Continual Economic Improvements)

 

MEETING DATE:                     September 17, 2018

 

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 2018-19.
  • Conduct a record vote to adopt the budget.
  • Approve the ordinance to adopt the budget.
  •  
  • ITEM SUMMARY:
  • Proposed budget for all operating funds and CIP projects for FY 2018-19 total $470.2 million.
  • Proposed budget for component unit funds for FY2018-19 are as follows:

o                     McKinney Convention & Visitors Bureau                     $740,990

o                     MEDC Debt Service Fund                     $4,766,245

o                     McKinney Economic Development Corp                     $15,280,478

o                     McKinney Community Development Corp                     $10,888,235

o                     McKinney Housing Finance Corp                     $68,680

  • The proposed tax rate is $0.525170 per $100 of assessed value.
  •  
  • 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 4, 2018 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 17, 2018.
  • 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 and tax discussions were held on August 6, 2018, August 10, 2018 & August 21, 2018.
  • Budget Ordinance - Public hearings (September 4, 2018 and September 17, 2018) and vote adopt the annual budget (September 17, 2018).
  • Ordinance ratifying the increased property tax revenue - Ordinance and declaration (September 17, 2018).
  • Ordinance levying property tax rate - Vote adopt the ordinance levying the property tax rate (September 17, 2018).
  • Ordinance changing rates/fees for City services - Adoption (September 17, 2018).

 

FINANCIAL SUMMARY:                      None.