Title
Consider/Discuss/Act on Appointing a 2024 Municipal Bond Committee
Summary
COUNCIL GOAL: Operational Excellence & Financially Sound Government
MEETING DATE: September 19, 2023
DEPARTMENT: City Manager’s Office
CONTACT: Trevor Minyard, Director of Strategic Services
RECOMMENDED CITY COUNCIL ACTION:
• If desired, appoint a 2024 municipal bond committee.
ITEM SUMMARY:
• During the September 5th, 2023 City Council Work Session, the City Council was presented options on establishing a bond committee for a potential municipal bond election in May 2024.
• The presentation materials from the September 5th, 2023 City Council Work Session have been attached for reference.
BACKGROUND INFORMATION:
• In 2019 the voters of McKinney elected to approve approximately $350 million of general obligation bonds for a variety of projects in McKinney. These projects included public safety facilities, improvements to municipal facilities, streets funding, and parks bond funding.
• Most of the funding for these projects will be expended by 2024, and the City Council directed staff to begin preparing for discussions surrounding a future bond election.
• During the Fiscal Year 2023-24 budget deliberations, members of the City Council requested a work session to be scheduled to review the potential of a 2024 Municipal Bond Election.
FINANCIAL SUMMARY:
• N/A
BOARD OR COMMISSION RECOMMENDATION:
• N/A