Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2021-2022 Annual Budget to Provide Funds for the Purpose of Gap Funding the McKinney Silos Art Mural Project (GR2109)
Summary
COUNCIL GOAL: Quality of Life
MEETING DATE: January 4, 2022
DEPARTMENT: MPAC / Main Street
CONTACT: Amy Rosenthal, Program Director
RECOMMENDED CITY COUNCIL ACTION:
• Approval of ordinance to amend the FY2022 budget
ITEM SUMMARY:
• This Ordinance amends expenditures in the FY2021-2022 Annual Budget by transferring $398,000 from Hotel/Motel Fund Balance and appropriating in the Public Art Fund for the McKinney Silos Art Mural Project (GR2109) to serve as project gap funding.
• This Ordinance also amends expenditures in the FY2021-2022 Annual Budget by appropriating $90,000 of TCA grant funds in the Public Art Fund for the McKinney Silos Art Mural Project (GR2109)
• This project is eligible for the use of Hotel/Motel taxes.
• HOT taxes will only serve as gap funding between grants and donations secured for the project and the actual project costs.
BACKGROUND INFORMATION:
• In June 2021 Council authorized a transfer of $380,000 from the Hotel/Motel Tax Fund to serve as gap funding for the initial sitework and artist agreement.
• There is a companion agenda item on this meeting for Western Specialty Contractors for Design / Build (D/B) Services Related to the Phase 1 Construction Services and Engineering of the McKinney Silos Restoration Project (GR2109)
FINANCIAL SUMMARY:
• This ordinance amends the FY2021-2022 annual budget by appropriating $488,000 in the Public Art Fund for the McKinney Silos Art Mural Project.
• The total estimated McKinney Silos Art Mural project budget is $868,000:
• The City will be responsible for future maintenance cost of the mural and silos.
BOARD OR COMMISSION RECOMMENDATION:
• McKinney Main Street and McKinney Arts Commission have both provided support for this project.