Title
Consider/Discuss/Act on the McKinney Community Development Corporation Budget for Fiscal Year 2010-2011
Summary
MEETING DATE: September 21, 2010
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, Executive Director
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the McKinney Community Development Corporation (MCDC) proposed budget for FY 2010-11
ITEM SUMMARY:
• MCDC Discretionary fund percentage will be reduced from 15% to 10%
• MCDC Economic Development fund percentage will be increased from 15% to 20%
BACKGROUND INFORMATION:
• The MCDC Board of Directors voted to approve the Proposed FY 2010-11 Budget at the August 19, 2010 Regular Board Meeting
FINANCIAL SUMMARY:
• MCDC sales tax revenue for FY 2010-2011 is projected to remain flat at $8,000,000
BOARD OR COMMISSION RECOMMENDATION:
• Board recommends approval of the FY 2010-2011 Budget as presented