title
Consider/Discuss/Act on Appointment of Members and Providing Direction and Charge to the 2015 Bond Election Committee
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: March 17, 2015
DEPARTMENT: Financial Services
CONTACT: Tom Muehlenbeck, Interim City Manager
Rodney Rhoades, Chief Financial Officer
Sandy Hart, City Secretary
RECOMMENDED CITY COUNCIL ACTION:
· Council discussion and recommendation on Bond Committee:
o Members
o Charge and direction for process
o Communication Strategy
o Consensus on calendar
o Communication strategy for Parks/CDC funded projects and De-Authorization of 2010 Parks Bond funding
ITEM SUMMARY:
· Staff has identified approximately $220 million in bonding capacity within the adopted FY 15 tax rate of .5830 over the next 10 years. $160 million of this capacity will require voter authorization of which staff has tentatively identified:
o $64.1 million for Roads
o $22.5 million for Public Safety Facilities
o $21.7 million for Facilities
o $50 million for Airport related improvements
o $2 million for Drainage
BACKGROUND INFORMATION:
· At the February 23rd Work Session, Council directed staff to prepare a list of potential members to participate in a bond study committee.
· It is anticipated that the members will represent all areas of the city.
· Staff anticipates that meetings will begin toward the later part of March and will run through the end of April.
· Conservative growth assumptions were used to determine that over the next 10 years the City of McKinney should have the capacity to issue $220.6 million in debt. There is currently just over $60 million in voter authorized debt to be issued from the 2006 and 2010 bond elections leaving an additional $160 in "non-voter authorized" to be considered by the voters.
FINANCIAL SUMMARY:
· Models are built with the assumption that a .5830 tax rate will be maintained over the next 10 years.
BOARD OR COMMISSION RECOMMENDATION: N/A