Discussion and possible action to ratify/approve the creation of an expenditure line item (3900-7230-001-474503) for the fairgrounds parking lot improvements and transfer from the Fairground Construction in Progress fund (3900-7230-001-474501) for an amount not to exceed $60,000, by order Texas local Government Code Sec. 111.0705. BUDGET FOR EXPENDITURES FROM PROCEEDS OF BONDS OR OTHER OBLIGATIONS, and any other matters incident thereto.
Issue: Webb County Fairground requires a parking lot improvement expenditure line item to segregate expenditures within the Fairgrounds 2019 Bond Series fund. Phase I parking lot improvements need to start immediately in order to initiate parking lot preparations for phase II and upcoming scheduled events at the Webb County Fairgrounds on February the 24th.
Solution: Approve the ratification to create a new expenditure line item and budget to account for the related expenditures for the parking lot site improvements for phase I through III.
Result: Have the appropriate expenditure line item and budget to segregate and report the associated expenditures for the Webb County Parking lot improvements within the eligible bond series.