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 increasing revenues and expenditures in the amount of $81,290.00 in the 2019 CO Bond in Transit. The interest earnings being appropriated are to complete the original amount allocated for the renovation project of El Metro Transit Center Building Maintenance Improvements in the amount of $1,694,575.00. Funding is available in the 2019 CO Transit Bond.
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PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
The appropriate interest earnings will be used to complete the original $1,694,575.00 allocated for El Metro Transit Center Building Maintenance Improvements previously approved July 27, 2026. At the time of the bond sale funding availability was insufficient to meet the allocation; however, city financial advisors indicated that interest earnings accumulated throughout the year would allow the city to finalize the required funding.
Contractor, Cobalt Construction, has indicated that construction contract time for this project is approximately two hundred and forty (240) working days.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends this Public Hearing and Introductory Ordinance approved.
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Fiscal Impact
Fiscal Year: 2026
Budgeted Y/N?: N
Source of Funds: 2019 CO Bond
Account #: 518-9874-363-1000
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
Appropriate Earned Interest $81,290.00
Revenue: Interest Earnings 518-9874-363-1000 Project # 19TRIN $81,290.00
Expense:19 CO Transit 518-9874-533-2010 Project # 19TRCS $81,290.00
Amended Budget $1,703,737.65