City Council approves a 1.5-cent property tax reduction
McKINNEY, Texas (Sept. 18, 2018) – 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 the 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 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 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 & 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.
For additional information on the city’s budget, visit www.mckinneytexas.org/budget.