Title
Consider, Discuss and Act on the McKinney Main Street Budget for FY 2010-2011
Summary
MEETING DATE: September 21, 2010
DEPARTMENT: McKinney Main Street
CONTACT: Ty Lake, Main Street Director
RECOMMENDED CITY COUNCIL ACTION:
• Request Approval of the McKinney Main Street budget for FY 2010-11.
ITEM SUMMARY:
• The proposed City of McKinney FY 2010-11 Main Street Budget is provided.
• Details include salary and benefits, travel and training, office supplies, communication and promotional.
• Final approval of the City of McKinney FY 2010-11 Main Street Budget will take place in September 2010.
BACKGROUND INFORMATION:
• In January 2004, McKinney was accepted as an Urban Main Street city and has received both state and national recognition since.
• City council approved Resolution 203.07.105 (R) supporting McKinney Main Street’s second application for Urban Main Street status and a recommitment to the program’s requirements including financial support and the hiring of two full-time City of McKinney staff members.
• The Texas Historical Commission (THC) Main Street Office provides training and assistance in design, promotion, economic restructuring and organization.
• The Main Street Staff consists of Ty Lake, Main Street Director (hired in 8/05) and Merry Caroline Canter, Staff Assistant (hired in 7/07).
FINANCIAL SUMMARY:
• During FY 09-10, City Council approved $126,000 in public funds.
• MEDC contributes $25,000 to public funds which was approved for three years. We are currently on a second year, with year three concluding at the end of 2011. At that time Main Street will request continued funding from MEDC in the amount of $25,000.
• In the spirit of pure public/private partnership, the Main Street board projected cash revenues of $350,000 during FY 09-10.
• From October 2009 through July of 2010, McKinney Main Street has raised in excess of $220,000. This amount does not include funds to be raised for this year’s 2-day Oktoberfest and final Image Campaign participation funds. This number does not include in-kind contributions (End of Year Estimate $355,000).
• In the continued spirit of public/private partnership, the Main Street Board will vote in September on the private side budget which projects cash revenue and donations of $370,000 from the community.
• With administrative costs ensured with public funds, all privately raised funds will be dedicated to economic development efforts in increasing foot traffic to downtown McKinney through the Main Street 4-point approach (Promotion, Organization, Economic Redevelopment and Design).
BOARD OR COMMISSION RECOMMENDATION:
• Review and Consider the FY 2010-11 Public Budget