Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2012 - 2013 Annual Budget and Amending the 2013 - 2017 Capital Improvements Program to Provide Funds for the Stacy Road Lanes 5 and 6 Project
Summary
MEETING DATE: May 21, 2013
DEPARTMENT: Development Services/Engineering
CONTACT: Matt Richardson, PE, CIP Manager
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Ordinance.
ITEM SUMMARY:
· This Ordinance amends the Fiscal Year 2012 - 2013 annual budget and the 2013 - 2017 CIP budget by transferring $20,000 from the Street Construction fund balance to a CIP project called Stacy Road Lanes 5 and 6 (ST3204).
BACKGROUND INFORMATION:
· This project is one of three McKinney projects that were selected to receive Regional Toll Revenue (RTR) financing by the Regional Transportation Council (RTC). This will be done through a Local Project Advance Funding Agreement (LPAFA) with the Texas Department of Transportation (TxDOT).
· The estimated total cost for design and construction is $1,600,000. The City share of that total cost is $320,000 according to the LPAFA.
· The Capital Improvements Program (ST3204) includes a budget of $300,000 in City funds.
· This budget amendment allocates the remaining $20,000 needed for the City share.
· A concurrent agenda item authorizes the LPAFA with TxDOT.
FINANCIAL SUMMARY:
· The attached financial summary details the transfer of funds in the amount of $20,000 from the Street Construction fund balance to a CIP project called Stacy Road Lanes 5 and 6 (ST3204).
BOARD OR COMMISSION RECOMMENDATION:
· N/A