File #: 13-1089    Name: Airport Budget Amendment
Type: Ordinance Status: Approved
In control: City Council Regular Meeting
On agenda: 10/15/2013 Final action: 10/15/2013
Title: Consider/Discuss/Act on an Ordinance Amending the Airport Budget to Reflect Changes in Revenues and Expenditures Resulting from the Purchase of the Assets at the Airport
Attachments: 1. Ordinance, 2. Spreadsheet, 3. Airport Budget Summary
title
Consider/Discuss/Act on an Ordinance Amending the Airport Budget to Reflect Changes in Revenues and Expenditures Resulting from the Purchase of the Assets at the Airport
 
summary
MEETING DATE:      October 15, 2013
 
DEPARTMENT:       Airport
 
CONTACT:            Ken Wiegand
 
RECOMMENDED CITY COUNCIL ACTION:
·      Approve Ordinance Amending the Airport Budget
 
ITEM SUMMARY:       
·      On September 3, 2013, City Council approved Resolution 2013-09-144 (R) authorizing the City Manager to execute an Asset Purchase Agreement among McKinney Airport Properties, Inc.; McKinney Aviation I, LTD; Tres Airport Partners, LP; Collin County Regional Investments, LP; and the City of McKinney, Texas.
·      The City has executed the Asset Purchase Agreement and will acquire leases, several hangar buildings, personal property and a terminal building.
·      The City will be hiring and running the FBO which will require the addition of employees and equipment to run the operation.
 
BACKGROUND INFORMATION: N/A
 
FINANCIAL SUMMARY:
·      The attached budget amendment #41210 shows current budgeted airport revenues of $1,140,458 and the proposed airport revenues of $10,737,113.
·      The attached budget amendment #41210 shows current budgeted airport allocations of $4,521,873 and the proposed airport allocations of $14,300,675.
 
BOARD OR COMMISSION RECOMMENDATION:      None