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Consider/Discuss/Act on Ordinance Calling for a November 3, 2015 Special Bond Election
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: August 18, 2015
DEPARTMENT: Financial Services
CONTACT: Tom Muehlenbeck, Interim City Manager
Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Council approval of ordinance calling the November 3, 2015 Special Bond Election to include:
o Seven (7) propositions
o Designation of Election Day Vote Centers (Exhibit A)
o Polling Places for Early Voting (Exhibit B)
ITEM SUMMARY:
* Staff has identified approximately $220 million in bonding capacity within the adopted FY 15 tax rate of .5830 over the next 10 years. $160 million of this capacity will require voter authorization of which staff has tentatively identified:
o $64.1 million for Roads
o $22.5 million for Public Safety Facilities
o $11.7 million for Facilities
o $10 million for Downtown Parking
o $50 million for Airport related improvements
o $2 million for Drainage
o Revocation of authority to issue $13.4 million in 2006 and 2010 Parks Bonds
BACKGROUND INFORMATION:
* On July 20th staff presented the City Council with recommended proposition language for consideration.
* Staff and the Council Sub-Committee completed work on proposed recommendations for a November 3rd bond election earlier this year.
* Council directed staff to prepare a list of potential members to participate in a bond study committee.
* Committee meetings took place in May with a recommendation to Council on May 18th.
* Conservative growth assumptions were used to determine that over the next 10 years the City of McKinney should have the capacity to issue $220.6 million in debt. There is currently just over $60 million in voter authorized debt to be issued from the 2006 and 2010 bond elections leaving an additional $160 in "non-voter authorized" to be considered by the voters.
FINANCIAL SUMMARY:
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