Title
Consider/Discuss/Act on an Ordinance Amending Budget Appropriations for Fiscal Year 2011-2012
Summary
MEETING DATE: September 4, 2012
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approve the Budget Amendment
ITEM SUMMARY:
· As required by the City Charter, the City Manager has prepared an amendment to certain appropriations and expenditures in the 2011-2012 Budget and submitted same to the City Council for its approval.
· The Budget Amendment totals $1,286,077.
· McKinney Economic Development Corporation (MEDC) requests $1,246,077 for Debt Service Payments. The funds will be transferred from MEDC Operating Fund into MEDC Debt Service Fund.
· McKinney Performing Arts Center (MPAC) requests $40,000 for outdoor signage. $20,000 of the expense will be funded by a grant from the McKinney Community Development Corporation (MCDC). The remaining $20,000 is to be transferred from MPAC Fund Balance which originated from a 2008 donation by Emerson Process Management specifically for this signage project.
BACKGROUND INFORMATION: N/A
FINANCIAL SUMMARY:
· Increase MEDC Debt Service Fund revenues and expenditures by $1,246,077
· Increase MPAC Fund expenditures by $40,000
· Increase MPAC Fund revenues by $20,000
· Decrease MPAC Fund Balance by $20,000
BOARD OR COMMISSION RECOMMENDATION: N/A