Title
Conduct Public Hearing to Consider/Discuss/Act on the Adoption of the Budget Appropriation Ordinance for FY 2022-23
Summary
COUNCIL GOAL: Financially Sound Government
(4A: Provide Funding and Organizational Framework to Ensure Continual Economic Improvements)
MEETING DATE: September 6, 2022
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Conduct the Public Hearing on the Budget Appropriation Ordinance for Fiscal Year 2022-23.
* 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 Fiscal Year 2022-23 total $652 million.
* Proposed budget for component unit funds for Fiscal Year 2022-23 are as follows:
o McKinney Convention & Visitors Bureau $1,036,134
o MEDC Debt Service Fund $2,472,224
o McKinney Economic Development Corp $22,115,338
o McKinney Community Development Corp $23,706,555
o McKinney Housing Finance Corp $392,845
* The proposed tax rate is $0.457485 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 Public Hearing on September 6, 2022, Council meeting satisfied the Charter requirement.
* The appropriation ordinance is to be published once before adoption.
* Any changes the Council wishes to make may be incorporated in the appropriation ordinance before the final adoption action by the Council on September 6, 2022.
* Budget adoption must be by record vote.
* Following the 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...
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