SUBJECT
title
Public Hearing and Introductory Ordinance of the City of Laredo, Texas, amending the City of Laredo’s FY 2025-2026 annual budget by appropriating revenues and expenditures in the estimated amount of $600,228.00 in the 2025 Tax Note. The interest earnings being appropriated are to complete the amount originally allocated during the sale of the 2025 Tax Note for the McPherson -Shiloh Intersection Improvements-Southeast section in the amount of $468,065.00, and the remaining $132,163.00 will be placed in the 2025 Tax Note reserve for allowable expenses under the 2025-O-169 ordinance. Funding is available in the 2025 Tax Note.
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PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The appropriated interest earnings will be used to complete the original $500,000.00 allocation for the McPherson-Shiloh Intersection Improvements (Southeast section) previously approved. At the time of the bond sale, available funding was insufficient to fully meet the allocation; however, the city’s financial advisors indicated that interest earnings accumulated throughout the year would allow the City to finalize the required funding.
The Engineering Department has indicated the project is scheduled to begin in October 2026. Therefore, it is necessary for the City to have the full funding in place prior to the start of construction.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
That this Public Hearing and Introductory Ordinance is approved.
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Fiscal Impact
Fiscal Year: 2026
Budgeted Y/N?: N
Source of Funds: 2025 Tax Note
Account #: 479
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
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|
Original |
Proposed |
Amended |
|
|
Budget |
Amendment |
Budget |
|
Revenues: Interest Earnings |
|
|
|
|
479-0000-363-1000 25TNIN |
$0 |
$600,228 |
$600,228 |
|
Expenditures: |
|
|
|
|
Reserve: 479-9810-534-9900 |
$0 |
$132,163 |
$132,163 |
|
McPherson-479-2210-515-9301 SP2604 |
$31,935 |
$468,065 |
$500,000 |