Earlier this month the city set a tax rate ceiling of $0.5025 per $100 valuation, and this proposed tax rate comes in more than $0.01 lower than the current tax rate of $0.5086.
The city is also proposing a $618 million total budget for the upcoming fiscal year, which includes $171 million in the city’s general fund, the release stated.
“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 in the release. “McKinney is continuing its strong growth trajectory, even as we continue to wrestle with the challenges of the global pandemic. We believe this budget will enable the city to balance the growing needs of the community with the equal desire to minimize the tax burden on our residents and businesses.”
Ahead of the public hearing, residents and stakeholders can view the city’s proposed budget presentation at www.mckinneytexas.org/budget and can provide feedback before the budget is scheduled for adoption Sept. 7.