title
Consider/Discuss the 2019 Citizen Bond Committee’s Recommendations for a May 2019 Bond Election
Summary
COUNCIL GOAL: Financially Sound Government; Operational Excellence
MEETING DATE: January 15th, 2019
DEPARTMENT: City Manager’s Office
CONTACT: Paul Grimes, City Manager
RECOMMENDED CITY COUNCIL ACTION:
• Provide direction to Staff to prepare for the calling of a municipal bond election at the next regularly scheduled City Council Meeting.
ITEM SUMMARY:
• The 2019 Bond Committee is providing a recommendation to the City Council for a potential May 2019 bond election. The recommendation includes various funding levels for different areas, examples of projects, and a discussion relating to the impact on the current City of McKinney tax rate.
BACKGROUND INFORMATION:
• During the August 10th, 2018 Budget Workshop, the City Council discussed the current status of the City’s debt capacity and ongoing capital improvement plan. After reviewing said information, the City Council directed Staff to develop a presentation to review the process of establishing a bond committee.
• On October 16th, 2018, the City Council was presented the steps for establishing a bond committee, and directed Staff to begin the bond committee process by naming 35 members of the community to said committee.
• The City Council established bond committee met four times to discuss various projects within the community and to arrive at the current recommendation. These meeting dates were;
o November 14th, 2018
o November 27th, 2018
o December 11th, 2018
o January 9th, 2018
FINANCIAL SUMMARY:
• The 2019 Bond Committee is recommending a $350 million bond package to the McKinney City Council.
• Recommended areas of funding include;
o $100 Million for Transportation
o $91 Million for Parks
o $75 Million for Public Safety
o $50 Million towards a Municipal Community Complex
o $34 Million towards a Public Works Facility
BOARD OR COMMISSION RECOMMENDATION:
• N/A