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Discussion and Direction Regarding a Potential 2019 Municipal Bond Election
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: October 1, 2018
DEPARTMENT: City Manager’s Office
CONTACT: Paul G. Grimes, City Manager | Trevor Minyard, Assistant to the City Manager
RECOMMENDED CITY COUNCIL ACTION:
• N/A
ITEM SUMMARY:
• During the Fiscal Year 2018-2019 budget deliberations, members of the City Council requested a work session to be scheduled to review the potential of a 2019 Municipal Bond Election.
• The attached presentation is intended to give an introduction to the City Council of what steps are recommended for the calling of a bond election. In addition, the corresponding financial estimates associated with such a decision are included for discussion.
BACKGROUND INFORMATION:
• In 2015 the voters of McKinney elected to approve approximately $100 million of general obligation bonds for a variety of projects in McKinney. These projects included public safety facilities, improvements to municipal facilities, flood protection projects, streets funding, and the revocation of parks bond funding.
• The vast majority of the funding for these projects will be expended by 2020, and the City Council directed staff to begin preparing for discussions surrounding a future bond election.
FINANCIAL SUMMARY:
• N/A.
BOARD OR COMMISSION RECOMMENDATION:
• N/A