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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />enda Item No.: <br />inating Department: Presented By: ~ <br />16. <br />Finance Gcne ~lndcrson <br />=7-23-20122 <br />RECOMMENDED MOTION: <br />budget amendment as presented. <br />Move to approve the PEDC <br />POLICY ISSUE(S): <br />Fiscal management <br />BACKGROUND: <br />.-\t a specialli, callcd meetuig on )une 29, 2012, the PFllC Board voted to amend and increase the 2011-12 <br />PI~,DC budget by $1,450,000. 1'he source of thesc funds is eaisting cash reserves held b}' PEnC, and thc <br />purpose of the budget inerease is to pav PEDC's complete share of the Flighway 19/24 Widening Project. <br />1'his cash prepayment is designed to prevent any restrictions or complications on the issuance of future <br />bond debt by PFDC. <br />'I"he Ilighway 19/24 Widening Project totals ovci $33,000,000 and requires local match of $5,377,269. The <br />local match is beuig proeided byl cash contributions from Delta Count}' and the City of Coopex and via a <br />low interest loan bv tlie Statc Infiastructure Bank to the Sulphur River Regional Nlobilitv Authority <br />(SuRRl\t\). Funding for SuRRN1A to make its loan payments is being provided equally by PEDC, the City <br />of PaYis, and Lamar Count}'. PEDC is opting to pay theu sharc up fronr. The Citv and Count}' will be paying <br />their obligation over a 20 year period as approved earlier by the Cit}' Council and Commissioners Court. <br />BOARD/ COMMISSION RECOMMENDATION: <br />EXHIBITS: <br />Resolution and budget summary. <br />FISCAL NOTES: <br />BUDGET INFO: <br />ACTION: <br />Minute Order <br />~ Financial Report <br />Expense <br />~ <br />HZ <br />~ Department Report Resolution <br />Budgeted Amt. <br />$ <br />~ Presentation ❑ Ordinance <br />yTD Actual <br />$ <br />~ Public Hearing ❑ Other <br />ammee <br />Acct. <br />N <br />Acct. mber <br />55 Kevlsecl b/LU/1L <br />City of Paris <br />