The annual budget guides the city’s plan for providing the services, facilities and infrastructure that helped make McKinney the best place to live in 2014.
This budget has been developed with the goal of continually increasing the quality of life prompted by the citizens of McKinney in accordance with the stated goals and priorities of the City Council. The city budget helps identify future needs, sets objectives for the coming year, and defines the purposes and resources to achieve those objectives.
Balanced Accounting for Growt
City staff recently presented the proposed fiscal year 2016-17 budget to the City Council. As with every year, it is balanced accounting for growth while providing a wide range of quality public services to our community through efficient and effective fiscal practices.
Formally Adoption in September
The proposed budget totals $381.8 million, with $127.7 million budgeted in General Fund, and the balance in other funds. The City Council is reviewing the final budget and will formally adopt it this month. These items are public hearings, so be sure to check the city’s website for meeting information and to watch online.
Additionally, city administration has requested a tax reduction from the current rate of 58.3 cents per 100.00 to 57.7 cents per 100.00. City Council has asked staff to explore options for an even further reduction prior to setting the tax rate, taking into consideration the need to continue to provide services to current and future residents moving into McKinney.
Distinguished Budget Presentation Award
City staff and the Council take pride in acting as stewards of the financial resources of the city. This year, we are proud to say the city earned the Distinguished Budget Presentation Award for the 32nd consecutive year. In order to earn the award, budget documents must receive a proficient rating in four nationally recognized guidelines and the fourteen mandatory criteria within those categories for effective budgets, which include a policy document, financial plan, operations guide and a communications device.
Expanding Financial Transparency
Furthermore, as a city, we have continued our efforts to achieve a high level of financial transparency so residents can easily understand how their tax dollars are spent. The city’s interactive online tool makes financial information easier to access, search and understand. Since we launched the interactive online tool last year, users have been able to digitally access the city’s financial records, annual budget compared to actual revenues and expenses, and more than $1.1 billion of checks issued across five fiscal years. The city’s use of the OpenGov tool continues to be used as a model of transparency for other cities across not only the state of Texas, but the country.
I encourage residents to seek out and learn more about how their tax dollars are spent and I hope they find these tools convenient and informative as they play an active role in their community.