Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2017-2018 Annual Budget and the 2018 - 2022 Capital Improvement Program to Provide Funding for the Airport Land Acquisition Project (AI1801)
Summary
COUNCIL GOAL: Maximize the Development Potential of the McKinney National Airport
MEETING DATE: February 6, 2018
DEPARTMENT: Finance
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
• Staff recommends approval of the ordinance.
ITEM SUMMARY:
• This Ordinance amends the Fiscal Year 2017-2018 Annual Budget and the 2018 - 2022 Capital Improvement Program to provide funding for the Airport Land Acquisition Project (AI1801).
• The budget will be amended as follows:
o $8,000,000 - General Fund
o $4,500,000 - Risk/Insurance
o $7,000,000 - Facilities Construction Fund
o $3,000,000 - TIRZ 2-Airport Fund
o A total of $22,500,000 will be transferred to the Airport Construction Fund, which will be appropriated in the project.
BACKGROUND INFORMATION:
• At the City Council meeting on December 19, 2017, Council approved to authorize the City Manager to execute a purchase and sales agreement with BTCR LP, Prairie Flight LP, and MADMT LP collectively, for approximately 190 acres conditioned on certain modifications discussed in Executive Session.
FINANCIAL SUMMARY:
• This Ordinance amends the Fiscal Year 2017-2018 Annual Budget and the 2018 - 2022 Capital Improvement Program to provide funding for the Airport Land Acquisition Project (AI1801).
• The budget will be amended as follows:
o $8,000,000 - General Fund
o $4,500,000 - Risk/Insurance
o $7,000,000 - Facilities Construction Fund
o $3,000,000 - TIRZ 2-Airport Fund
o A total of $22,500,000 will be transferred to the Airport Construction Fund, which will be appropriated in the project.
BOARD OR COMMISSION RECOMMENDATION:
• N/A