TITLE
HOLD a public hearing and consider an ordinance amending the FY 2013-2014 Annual Budget and Plan of Municipal Services of the City of Killeen relating to the Downtown Improvements, Phase II project by increasing the capital improvement revenue and expense accounts.
SUMMARY
AGENDA ITEM
FISCAL YEAR 2013-2014 BUDGET AMENDMENT
ORIGINATING DEPARTMENT
Public Works - Transportation Division
BACKGROUND INFORMATION
On May 29, 2012, the City Council passed a resolution authorizing the award of a construction contract bid for the Downtown Streetscaping and Andy K. Wells Trail Extension project (CCM/R 12-015R). This first phase of Downtown Improvements was substantially completed in early 2014.
On January 2, 2014, the Killeen Economic Development Corporation (KEDC) approved a Performance Agreement with Solix, Inc. to lease a building at 402 East Avenue D, which will serve as a customer care center and will include call center operations. As part of that agreement, the KEDC will pay the City of Killeen a portion of the Downtown Improvements, Phase II project to extend Avenue D two blocks east to 10th Street and improve drainage on 10th Street (the "Project").
DISCUSSION/CONCLUSION
The City of Killeen approves the Capital Improvement Project budget along with the Annual Budget and Plan of Municipal Services in September on an annual basis. Article VIII, Section 71 of the City Charter requires any amendment to the budget to be approved by City Council.
The proposed budget amendment ordinance would allocate the KEDC matching funds to cover a portion of the Project; funds in the amount of $300,000 will be advanced to the City.
FISCAL IMPACT
With the approval of this budget amendment, the capital improvement revenue and expense accounts will be increased in the amount of $300,000.
RECOMMENDATION
City staff recommends that the City Council approve this ordinance amending the FY 2013-2014 General Fund Budget.