McKinney City Council voted to approve the Fiscal Year 2020 budget of $585 million and also lowered the city’s property tax rate. The 1-cent reduction brought the current property tax rate from 0.525170 to 0.515600. The proposed rate means property owners would pay $0.515600 for every $100 of assessed property value. The rate reduction results in about $2.2 million to remain with the taxpayers.
The general fund revenues and expenditures are proposed at $157,910,917 for the fiscal year, which runs from Oct. 1, 2019 through Sept. 30, 2020. The fund balance remains strong, with a projected $52,072,697 FY 2020 ending balance, or 33 percent of appropriations, which exceeds the 25 percent 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 35 additional city staff members approved to be added to the General Fund next fiscal year, which includes nine additional staff in the Police Department, six in the Fire Department, four in Parks and Recreation, and three in Development Services.
"This budget combines the efforts and input from citizens, City Council, and city staff to plan for the future while maintaining a high level of service our businesses and residents expect,” City Manager Paul Grimes said.
For additional information on the city’s budget, visit www.mckinneytexas.org/budget.