Ord 11-37
Ord 11-37
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 08/17/2016
- Title:
- Consider approval of a request to amend the City of Texas City’s fiscal year 2015-16 budget.
- Submitted For:
- Laura Boyd
- Submitted By:
- Laura Boyd, Finance
- Department:
- Finance
Information
ACTION REQUEST (Brief Summary)
Consider approval of a request to amend the City of Texas City’s fiscal year 2015-16 budget.
BACKGROUND
In October 2011, $4.2 million of Texas City Economic Development Corporation's (TCEDC) funds was committed to pay part of the Tanger Outlet Mall sales tax rebate.
Since the opening of the mall in 2012, TCEDC has rebated $4,893,471.39 in sales tax revenue to Tanger Outlet Mall. Consequently, the funds committed in 2011 no longer need to be committed.
According to GASB-54, committed funds can only be de-committed by action of the governing body.
This budget amendment will also be taken to the board of TCEDC.
ANALYSIS
Budget amendment is as follows:
Texas City Economic Development Corporation:
Unassigned Fund Balance $4,200,000
Committed Fund Balance ($4,200,000)
Texas City Economic Development Corporation:
Unassigned Fund Balance $4,200,000
Committed Fund Balance ($4,200,000)