Agenda Information Sheet
DEPARTMENT: Water and Wastewater Utilities
CM/ ACM: Howard Martin
Date: August 22, 2016
SUBJECT
Title
Recommend approval of amending the Fiscal Year 2015-2016 Budget and Annual Program of Services of the City of Denton to allow for adjustments to the Water Fund of one million dollars ($1,000,000) and the Wastewater Fund of eight hundred sixty-five thousand dollars ($865,000).
Body
BACKGROUND
Ordinance 2015-170 was approved by City Council on June 16, 2015 establishing an economic development program grant between the City of Denton, the board of directors of Tax Increment Reinvestment Zone number two of Denton, and Denton-Tarrant PRW, LLC. Included in Ordinance 2015-170 is a "Reimbursement Grant" for up to $1,000,000 in infrastructure financing for water improvements and up to $865,000 for sewer improvements. These payments will be funded by Water and Wastewater Development Plan line funding. The Development Plan line funding is a component of the Water and Wastewater Fund balance (reserves). The expenditure of Development Plan Line funding was not included in the Water and Wastewater FY 2015-2016 Operating Budget. A budget amendment would increase the expenditure budget for the Water Fund from $46,681,823 to $47,681,823 and from $32,340,185 to $33,205,185 for the Wastewater Fund to allow for the reimbursement grant expense from the Development Plan Line funding.
RECOMMENDATION
Staff recommends approval of the budget amendment.
PRIOR ACTION/REVIEW (Council, Boards, Commissions)
On June 8, 2015, the Public Utilities Board received a report and held a discussion in closed session on the economic incentive agreement with Denton-Tarrant PRW, LLC. On June 16, 2015, the City Council adopted Ordinance 2015-170 allowing reimbursement to Denton-Tarrant PRW, LLC through Development Plan Line funding for up to $1,000,000 from the Water Fund and up to $865,000 from the Wastewater Fund in accordance with the City's Infrastructure Financing...
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