The McKinney City Manager has proposed a $641 million total budget for fiscal year 2021 that would reduce the city's property tax rate.
The budget includes $159 million in the general fund and would lower the city's property tax rate from 0.515600 to 0.508645, meaning property owners would pay $0.508645 for every $100 of assessed property value.
The rate reduction allows about $1.7 million to remain with the taxpayers, and the lower property tax rate is equal to the No New Revenue Rate.
McKinney residents and stakeholders can view the city's presentation of the proposed budget at www.mckinneytexas.org/budget and can provide feedback before the final budget is scheduled for adoption on Sept. 15.
Public hearings will take place at 6 p.m. on Sept. 1 and Sept. 15 at City Hall, 222 North Tennessee Street.
"City staff has worked hard to balance the budget in these times of economic uncertainty," City Manager Paul Grimes said. "While we anticipate a degree of lost sales tax revenue and various fees and continued economic uncertainty this next year, we have developed a fiscally prudent plan to offset those losses while providing a wide range of quality public services for our fast-growing community."
