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Posted on: September 18, 2018

McKinney City Council approves budget, lowers property tax rate

McKinney City Council voted to approve the Fiscal Year 2019 budget of $470.2 million and also lowered the city’s property tax rate. The more than a 1.5-cent reduction brought the current rate of 0.540199 down to 0.525170. The proposed rate means property owners would pay $0.525170 for every $100 of assessed property value. The rate reduction results in about $3.2 million to remain with taxpayers.

The general fund revenues and expenditures are proposed at $149,102,970 for the fiscal year, which runs from Oct. 1, 2018 through Sept. 30, 2019. The fund balance remains strong, with a projected $52,492,804 FY 2019 ending balance, or 35% of appropriations, which exceeds the 25% requirement.

“This year’s budget maintains the essential services that residents and businesses rely on every day and increases resources to improve public safety, while reducing the property tax rate for residents,” said Mayor George Fuller.

The total budget also addresses staffing needs with more than 55 additional city staff members approved to be added to the General Fund next fiscal year, which includes 14 additional staff in the Police Department, 20 in the Fire Department, nine in Parks and Recreation and three in Development Services.

“Our Finance staff, once again, has done a terrific job in crafting a budget that meets the near- and long-term needs of the community while leaving as much as possible with the taxpayers. In a growing community. There are many demands – some of them competing – and credit goes to our entire team for building a budget that balances these demands.” said City Manager Paul Grimes.

 Additional information on the city’s budget.

About McKinney

McKinney, Texas, is unique by nature. As one of the fastest growing cities in America, McKinney has a current population of 180,000. The city was #1 on the list of Best Places to Live in America in 2014, published by Money Magazine. Established in 1848, the city is located 30 miles north of Dallas and is the county seat of Collin County. McKinney offers award-winning schools, a vibrant historic downtown, diverse housing options, a robust economy and a uniquely beautiful natural setting, with rolling hills and lush trees.

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