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McKinney staff outline proposed budget and tax rate as city plans response to $15 million federal funding withdrawal
Summary
City Manager Paul Grimes told the McKinney Economic Development Corporation board that the proposed FY26 budget reflects a 2.88% increase over the no-new-revenue rate and a proposed tax rate of 0.412; he also said $15 million in federal funding for the "Lower 5 Plaza" subgrade crossing was withdrawn and city leaders will evaluate options.
McKinney City Manager Paul Grimes told the McKinney Economic Development Corporation board on July 15 that staff have proposed a fiscal year 2026 budget and a proposed tax rate and that the city is evaluating alternatives after federal funding for a downtown infrastructure project was withdrawn.
"We have proposed a budget that is plus 2.88%," Grimes said. He told the board the city's total budget is roughly $950,000,000, with a general fund operating budget around $231,000,000, and that the proposed tax rate is 0.412. Grimes said the formal tax-rate setting and budget adoption are scheduled for the City Council public hearing and meeting on Sept. 2.
The City Manager also…
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