File #: 18-430    Name: Budget Amendment - Land
Type: Agenda Item Status: Approved
In control: McKinney Economic Development Corporation
On agenda: 5/15/2018 Final action: 5/15/2018
Title: Consider/Discuss/Act on Amending the McKinney Economic Development Corporation FY2017-18 Budget for Land Acquisition

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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.