(7)(e)
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 09/19/2018
- Title:
- Amend fiscal year 2017-2018 budget
- Submitted For:
- Laura Boyd
- Submitted By:
- Laura Boyd, Finance
- Department:
- Finance
Information
ACTION REQUEST (Brief Summary)
Consider and take action on Ordinance No. 18-25, amending the City's fiscal year 2017-2018 budget to appropriate funds from Texas City Economic Development Corporation to 2018 Construction Fund for sewer line project.
BACKGROUND
The City is constructing a sewer line from the northeast side of the city to the wastewater treatment plant. The total project cost is estimated at $4.7 million. $2 million will be funded from certificates of obligation and $2.7 million will be funded by a transfer from Texas City Economic Development Corporation (TCEDC). TCEDC board approved this funding via Resolution 18-11 at their meeting on August 29, 2018.
ANALYSIS
The funding will come from TCEDC's unassigned fund balance.
Budget Amendment:
Texas City Economic Development Corporation (Fund 801):
Transfer to Construction Fund 2018 (Fund 412) $2,700,000.00
Construction Fund 2018 (Fund 412):
Transfer from TCEDC $2,700,000.00
Budget Amendment:
Texas City Economic Development Corporation (Fund 801):
Transfer to Construction Fund 2018 (Fund 412) $2,700,000.00
Construction Fund 2018 (Fund 412):
Transfer from TCEDC $2,700,000.00