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Consider/Discuss/Act on Amending the McKinney Economic Development Corporation FY18 Budget for Land Acquisition
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COUNCIL GOAL: Direction for strategic and Economic Growth
MEETING DATE: February 20, 2018
DEPARTMENT: Finance
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED ACTION:
• Staff recommends approval of the budget amendment
ITEM SUMMARY:
• This budget amendment authorizes the transfer of funds for potential future land acquisitions.
• The budget amendment will allocate $18,000,000 from fund balance to land acquisition.
BACKGROUND INFORMATION:
• On July 18, 2017, the MEDC approved the FY 18 Annual Budget.
• On September 19, 2017, the City Council adopted the FY 18 Annual Budget that incorporated the budget MEDC funds for FY2017-18 as follows:
o MEDC Debt Service Fun $2,312,218
o McKinney Economic Development Corp $12,019,315
FINANCIAL SUMMARY:
• $18,000,000 will be transferred from fund balance to account 059-1257-466-9001 Land Acquisitions