Agenda No. 5.
CITY COUNCIL MEMORANDUM
| City Council Meeting: | June 23, 2020 |
| Department: | Executive Team |
| Subject: | Ordinance No. 20-T-21 - Consideration and/or action approving an Ordinance by the City Council of the City of Schertz, Texas authorizing an adjustment to the Fiscal Year 2019-2020 Budget to increase the budget amount by $5,000.00 for the Hal Baldwin Scholarship, repealing all ordinances or parts of ordinances in conflict with this ordinance; and providing an effective date. First Reading (M. Browne/S. Gonzalez) |
BACKGROUND
Scholarship money is budgeted for the Hal Baldwin Scholarship each fiscal year. Historically, the Hal Baldwin Scholarship Committee has awarded up to $5,000 to scholarship recipients. This year, due to the caliber and the quality of the applications received, the Committee made the recommendation to City Council to award $10,000 to scholarship recipients (one $5,000 scholarship and two $2,500 scholarships) and at the June 9 Council meeting, Council approved Resolution 20-R-59, which authorized distribution of the scholarship funds to the three recipients.
With approval of this ordinance, the remaining $5,000 that is needed for scholarship distribution will be transferred from the Hal Baldwin Scholarship Fund Balance, which has a current balance of $114,156.43.
With approval of this ordinance, the remaining $5,000 that is needed for scholarship distribution will be transferred from the Hal Baldwin Scholarship Fund Balance, which has a current balance of $114,156.43.
GOAL
To distribute scholarship funds to the three recommended recipients.
COMMUNITY BENEFIT
The Hal Baldwin Scholarship serves a public purpose by encouraging and assisting graduating high school seniors from Schertz pursue their interest in public service at the collegiate level.
SUMMARY OF RECOMMENDED ACTION
City Staff recommends that the City Council approve Ordinance 20-T-21 on first reading.
FISCAL IMPACT
The City shall increase the budget for the Hal Baldwin Scholarship by $5,000.00 and offset the increase with a transfer of $5,000.00 from the $114,156.43 Hal Baldwin Scholarship Fund Balance.
RECOMMENDATION
City Staff recommends that the City Council approve Ordinance 20-T-21 to adjust the budget for the Hal Baldwin Scholarship to award scholarship funds to three Schertz students.