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Consider/Discuss/Act on Amending the McKinney Economic Development Corporation FY2017-18 Budget for Land Acquisition
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COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: May 15, 2018
DEPARTMENT: MEDC
CONTACT: Abby Liu, Interim President
RECOMMENDED ACTION:
• Staff recommends approval of the budget amendment.
ITEM SUMMARY:
• This budget amendment authorizes the transfer of funds for potential future land acquisitions.
• This budget amendment will allocate $14,500,000 from fund balance to land acquisition.
BACKGROUND INFORMATION:
• On July 18, 2017, the MEDC approved the FY18 Annual Budget.
• On September 19, 2017, the City Council adopted the FY18 Annual Budget as follows:
o MEDC Debt Service Fund $ 2,312,218
o McKinney Economic Development Corp $12,019,315
FINANCIAL SUMMARY:
• $14,500,000 will be transferred from fund balance to account 059-1257-466-9001 Land Acquisitions.