Title
Discuss and consider action to approve an ordinance on first reading with the caption reading: AN ORDINANCE OF THE CITY OF PFLUGERVILLE, TEXAS, ADOPTING THE FOURTH AMENDMENT TO THE FISCAL YEAR 2015 BUDGET FOR THE CITY OF PFLUGERVILLE; AND PROVIDING AN EFFECTIVE DATE.
Summary
Since 2007, the City has completed three debt issuances on behalf of the Pflugerville Community Development Corporation (PCDC) for infrastructure projects. The projects include road, water and wastewater infrastructure projects related to 130 Commerce Center Phase 1, Pfluger Farm Lane, and Impact Way. Once completed, all infrastructure was dedicated to the City.
The FY15 annual debt service payment including principal and interest on all PCDC issuances is $790,689. In January 2015, the City was reimbursed by PCDC for the interest only payment due February 1st in the amount of $210,344. The FY15 remaining payment of principal and interest of $580,345 is due August 1, 2015. Since the projects completed by PCDC added infrastructure to the water, wastewater and street infrastructure systems of the city, the payment will be allocated proportionately to each system. Attachment A provides a summary of the allocation to each system.
Prior City Council Action
The fiscal year 2015 budget was approved on September 23, 2014. This is the fourth amendment to the fiscal year 2015 budget.
Deadline for City Council Action
There is no deadline for action.
Fiscal Impact
The fiscal impact is included in the attached summary.
Staff Recommendation
Discuss and take action as appropriate.
Drafter
Lauri Gillam
Assistant City Manager