The budget mentions a need for dedicated funding for economic development. Why did the City transfer $13M from the ED fund into the General Fund in the ... (continued below)
Q: The budget mentions a need for dedicated funding for economic development (ED). Why did the City transfer $13M from the ED fund into the General Fund in the 2014-2015 budget? If that $13M were still in the ED fund, would we still have the need for more.



A: The $13 million that was in the Economic Development Fund was used by the city to meet fund balance targets needed to maintain the city’s Aaa bond rating. It was not available to be spent. Since the $13 million was needed to maintain fund balance targets and was not available for spending on economic development projects, it was transferred to the General Fund to more appropriately reflect its use as fund balance.



Irving does not have a dedicated mechanism to fund economic development projects. Some cities in North Texas dedicate a portion of their sales tax or property tax revenue to economic development. The Economic Development Strategic Plan and Long Term Financial Plan recommend identifying a consistent and reliable funding source for economic development to help the city remain competitive in the region and promote a vibrant economy.

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1. Can you please explain the statement at the top of the cover page? It says property tax revenue in this budget is $3M lower than last year however the budget shows property ... (continued below)
2. The full cost of salaries and benefits is budgeted at 100 percent. In the past we have budgeted less than 100 percent based on our actual experience each year with ... (continued below)
3. This budget highlights $30M for streets to be allocated in annual portions beginning in the 2017-2018 budget. Why aren't we starting this in this 2016-2017 ... (continued below)
4. Why was our bond rating for water and sewer bonds downgraded by Moody's?
5. Is the $500K budget allocation for an "innovations center" and the $1M allocation for an "entrepreneurial center" applying to the same project?
6. There is $515K budgeted for a golf tournament and a tennis tournament. $215K is budgeted to be recovered meaning we will spend a net $300K for ... (continued below)
7. What is the Heritage Crossing project budgeted for $940K?
8. What makes up the Land and Other Capital costs in the Economic Development fund?
9. What is the "CEO for Cities" program mentioned in many department budgets? Combining all the budgeted items, what is the total cost for this item?
10. The budget mentions a need for dedicated funding for economic development. Why did the City transfer $13M from the ED fund into the General Fund in the ... (continued below)
11. How do our development fees compare to McKinney, Frisco, Southlake, Flower Mound and Plano? Should we increase our commercial development fees because of our diminishing ... (continued below)
12. It appears general fund spending in this budget is increasing by $18M. Am I reading that right?
13. How was the payment to Comerica Bank funded that paid off the Heritage Crossing debt? Were there bonds sold to do that? Were the bonds sold as water ... (continued below)
14. How much of the 19 percent increase in the sewer rates can be attributed to increased charges from the Trinity River Authority (TRA)? Is there documentation of that somewhere for the public?
15. Residential property values have risen this year in Irving by 6.9 percent. If I have the average valued home, does that mean if the Council maintains the current rate ... (continued below)
16. The budget mentions the new housing developments in North Irving as the reason for the need for new trash routes, more equipment and staff for ... (continued below)