Title
Resolution - A Resolution of the City of Mansfield, Texas Expressing the Intent of the City of Mansfield, Texas to Finance Capital Expenditures with the Proceeds of Future Debt Obligations for the Purpose of Funding Public Improvements including Streets, Public Safety Dispatch Facilities and a Public Safety Tactical Training Facility
Requested Action
City Council authorize by resolution the reimbursement of General funds from future debt obligations to enable the City of Mansfield, Texas to begin the planning, designing, acquiring, constructing, reconstructing or the renovating of public property.
Recommendation
Staff recommends the approval of the Resolution.
Description/History
During the discussions of the capital improvement program for Fiscal Year 2013 and beyond the City Staff and the City Council reviewed the capital improvement needs of the City of Mansfield, Texas. Many improvements were identified during these discussions. City Staff and Council agreed to prioritize the improvements based upon the needs of the City over the next several years. A list of priorities was developed and the immediate needs were identified by City Staff and City Council. Much discussion occurred over the funding of the capital. The City Council as well as City Staff agreed to move forward with funding a list of projects for this next year.
The approval of this resolution allows the City to spend current general fund dollars in advance of receiving the bond proceeds for purpose funding the listed projects. The City of Mansfield, Texas will be issuing debt to repay the General Fund for the costs incurred to begin the improvements. The improvements listed are not a complete list of the expected improvements. However, in an effort to be timely, staff is recommending that funding be appropriated for the following improvements with the remaining funding for the other projects to occur later this calendar year.
Immediate funding - $2,700,000.
Streets - $1,400,000
Public Safety Dispatch System and Facilities - $1,100,000
Public Safety Tactical training facilities - $200,000
Justification
The Funds will be used to make improvements to the City thoroughfare system and Public Safety Facilities. The improvements will be used for the betterment of the Public and the Public's safety.
Funding Source
General Fund Property Taxes
Prepared By
Peter Phillis, CPA, Director of Business Services
817-276-4261