From
Kathleen Mercer
Title
Ordinance amending the FY 2017/2018 Capital Improvement Projects Budget; The Epic Center Capital Projects Fund in the total amount of $5,142,000.
Presenter
Kathleen C. Mercer, Director of Budget and Purchasing
Recommended Action
Approve
Analysis
During the initial building phase City staff was unable to fully fund several items including the contingency account. The initial recommendation was to borrow an additional $2,500,000, but due to better than expected sales tax, the Epic project will not require any additional borrowing and is able to fully fund the remaining items with cash. During the FY 2017/2018 budget process the City Council approved $3,700,000 of surplus sales to be transferred to the Epic Capital Projects Fund. Current City Council approval is to appropriate all available cash in the amount of $5,142,000 in order to finish out the Epic Center.
This item was presented to the Finance and Government Committee on November 7, 2017 and received recommendation for approval by the City Council.
Financial Consideration
Funding in the amount of $5,142,000 is available by approving an ordinance transferring and appropriating from the unobligated fund balance in the Epic Capital Projects Fund (320893) to WO #01512001-03 (The Epic Center).
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2017/2018 CAPITAL IMPROVEMENT PROJECTS BUDGET FUND BY TRANSFERRING AND APPROPRIATING $5,142,000 FROM THE UNOBLIGATED FUND BALANCE IN THE EPIC CAPITAL PROJECTS FUND (320893) TO WO #01512001-03 (THE EPIC CENTER)
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. THAT THE FY 2017/2018 Capital Improvement Projects Budget be amended by transferring and appropriating $5,142,000 from the unobligated fund balance in the Epic Capital Projects Fund (320893) to WO #01512001-03 (The Epic Center)
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 7TH DAY OF NOVEMBER, 2017.