Legislation Details

File #: 18-193    Name: Budget Amendment
Type: Agenda Item Status: Approved
In control: McKinney Economic Development Corporation
On agenda: 2/20/2018 Final action: 2/20/2018
Title: Consider/Discuss/Act on Amending the McKinney Economic Development Corporation FY18 Budget for Land Acquisition

title

Consider/Discuss/Act on Amending the McKinney Economic Development Corporation FY18 Budget for Land Acquisition

summary

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