Title
Conduct Second Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2020-21
Summary
COUNCIL GOAL: Financially Sound Government
(4A: Provide Funding and Organizational Framework to Ensure Continual Economic Improvements)
MEETING DATE: September 15, 2020
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 2020-21.
* 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 2019-20 total $641 million.
* Proposed budget for component unit funds for FY2020-21 are as follows:
o McKinney Convention & Visitors Bureau $920,089
o MEDC Debt Service Fund $3,965,083
o McKinney Economic Development Corp $15,697,100
o McKinney Community Development Corp $12,514,295
* The proposed tax rate is $0.508645 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 1, 2020 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 15, 2020.
* 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 proper...
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