TITLE
HOLD a public hearing and consider an ordinance amending the FY 2017 Annual Budget and Plan of Municipal Services of the City of Killeen to authorize expenditure of Killeen Economic Development Corporation funds for Air Service Development initiatives and projects at the Killeen Fort Hood Regional Airport.
SUMMARY
AGENDA ITEM
FY 2017 Budget Amendment for Air Service Development (ASD) initiatives and projects at the Killeen Fort Hood Regional Airport (KFHRA).
ORIGINATING DEPARTMENT
Aviation
BACKGROUND INFORMATION
The Killeen Economic Development Corporation (KEDC) and the City of Killeen have entered into a performance agreement to provide Air Service Development funds to the Killeen-Fort Hood Regional Airport.
DISCUSSION/CONCLUSION
A budget amendment is required to authorize the expenditure of these funds.
FISCAL IMPACT
The performance agreement with KEDC will provide revenue to the Aviation Enterprise Fund of up to $90,000. This revenue was not budgeted in the FY 2017 budget; therefore, the additional expenditure of the $90,000 will have no impact upon the projected year end fund balance for the KFHRA Enterprise Fund. The budget amendment will do the following:
|
Revenues |
|
Account Number |
Description |
Budget |
Change |
Amended |
|
525-0000-362.20-31 |
Contribution/Donation |
$0 |
$90,000 |
$90,000 |
|
Expenses |
|
Account Number |
Description |
Budget |
Change |
Amended |
|
525-0505-521.44-26 |
Promotion/Advertising |
$19,999 |
$90,000 |
$109,999 |
RECOMMENDATION
Staff recommends City Council approve the ordinance amending the FY 2017 Annual Budget and Plan of Municipal.