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(9)(e)
CITY COMMISSION REGULAR MTG
Meeting Date:
09/21/2022
Amend the fiscal year 2021/2022 budget
Submitted For:
Laura Boyd
Submitted By:
Laura Boyd, Finance
Department:
Finance
Information
ACTION REQUEST
Consider approval of a request to amend the fiscal year 2021-2022 budget to transfer funds to pay for demolition of substandard structures by Texas City Economic Development Corporation.
BACKGROUND (Brief Summary)
From Management Services:
At the direction of the Mayor and City Commission, the City Attorney along with the Neighborhood Services Department and the Community Development Department have been actively abating substandard homes and business structures throughout the Community. This effort has resulted in up to approximately one hundred (100) structures being abated throughout the City within the current fiscal year. In order to fund the demolitions, staff is recommending amendments/adjustments to the 2021/2022 TCEDC budget. Staff recommends authorization to transfer $579,309 dollars from #801-050-53111 (Business Incentive) plus an additional $47,865 from account # 801-050-53060 (Expense-Administrative) to account # 801-050-53110 (Demolition), resulting in a grand total of $627,174 being transferred to fund demolition projects scheduled for the current fiscal year.
This amendment was brought before the TCEDC board at their meeting on September 21, 2022.
RECOMMENDATION
Budget Amendment is required to transfer amounts greater than or equal to $50,000, since the original, budgeted use of funds has changed.
Texas City Economic Development Corporation (801) Corporations (050):
Demolition $627,174.00
Business Incentive ($579,309.00)
Expense-Administrative ($47,865.00)
Fiscal Impact
Attachments
Ordinance
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