AGENDA CAPTION:
Title
Consider approval of Ordinance 2021-60, on the first of two readings, amending the City’s 2020-2021 Fiscal Year budget in the total amount of $18,923,548 for the Tax Increment Reinvestment Zone #5 Board approved Downtown Electric Cab Microtransit Project, purchase of four buses with FTA funds and adjusting the Electric budget due to Winter Storm Uri; and declaring an effective date.
Body
Meeting date: August 3, 2021
Department: Finance-Marie Kalka, Finance Director
Amount & Source of Funding
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Funds Available: Click or tap here to enter text.
Account Nam
Fiscal Note:
Prior Council Action: September 15, 2020 original budget adopted; February 24, 2021 Budget Amendment #1; May 4, 2021 Budget Amendment #2; July 6, 2021 Budget Amendment #3; August 3, 2021 Budget Amendment #4
City Council Strategic Initiative: [Please select from the dropdown menu below]
Sustainability
Downtown Vitality
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☒ Economic Development - Choose an item.
☐ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☐ Neighborhoods & Housing - Choose an item.
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☒ Transportation - Multimodal transportaion network to improve accessibility and mobility, minimize congestion and reduce pollution
☐ Core Services
☐ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
The TIRZ #5 Board added the Electric Cab Downtown Shuttle Pilot to the approved list of projects in March 2021, with funding amount of $500,000. This action supports Council's adoption of Parking Advisory Board Recommendation Resolution 2019-01RR on October 15, 2019 (Part 4). This budget amendment formally adds the $500,000 to the current city budget, allowing the funds to be encumbered for the project contract.
The City has received Federal DOT dollars in the amount of $423,548 for the purchase of four 25’ buses. This budget amendment appropriates the necessary funds with the offsetting federal revenue to allocate for the purchase.
Winter Storm Uri that hit the City back in February 2021 required excessive funds to be expended in the Electric Fund to pay for fuel, transmission and ERCOT costs. Fortunately, during this same storm the Ferguson plant, which the City owns a share of, created additional unbudgeted revenue. This budget amendment increases revenues for the Ferguson plant by $18,000,000 and increases appropriations for the additional costs by the same amount.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
Staff recommends that Ordinance 2021-XX be approved amending the FY20-21 budget.