Financial policy and how best to track and spend public money will be a focus Tuesday for the Killeen City Council on Election Day.
As the council takes its next steps toward increased accountability, council members and city staff will look to track the implementation of 26 financial recommendations from Houston-based McConnell & Jones, the accounting firm that completed a city management audit Sept. 5.
According to a city presentation, the “basic framework for the fiscal management of the city” will be discussed, as well as an assortment of local and state laws and policies for evaluating current financial activities, proposals for future programs and to ensure a positive fiscal outlook.
The council will consider two options for refunding $30,295,000 in outstanding bonds, which will save the city $2.2 million over the life of the bonds, according to a city memorandum.
The recommended option can accomplish the savings without extending the term of the debt, the memo said.
The council also will consider revenues from passenger and facility charges, as well as a grant, to cover several improvement projects at the Killeen-Fort Hood Regional Airport. There is no negative impact to the airport operating fund because the grant produces 90 percent of the funding and the PFC money produces 10 percent, a city memo said.
Funding will be available as follows: $540,000 in the Airport Improvement Project grant; $1.33 million for Passenger Facility Charge projects; and $1.6 million for Customer Facility Charge projects. A budget amendment is required.
Additionally, an agreement with Garver LLC will be considered in the amount of $599,400 for design, bidding, administration and construction of passenger boarding bridges at the airport. The city memo said this too will have no negative impact on the airport fund.
In other business the council will consider: updating ride-sharing regulations on taxi companies and amending local city ordinance, and a Rosewood Drive extension/Heritage Oaks Hike and Bike Trail right-of-way acquisition.
The workshop begins at 5 p.m. at the city Utility Collections’ Building, 210 W. Avenue C.
Go to http://bit.ly/2hGjSIj for more information and to read the agenda.