October 15, 2012 - City of Laredo

DATE:
10-15-12
SUBJECT: MOTION
COUNCIL COMMUNICATION
Authorizing the City Manager to execute a contract with the Laredo Development
Foundation in the amount of $273,394.00 for FY 2012-2013. Funding is available in the
General Fund in the amount of $206,754.00, and the Bridge Fund in the amount of
$66,640.00
INITIATED BY: STAFF SOURCE:
Cynthia Collazo Ronnie Acosta, CD Director
Deputy City Manager
PREVIOUS COUNCIL ACTION:
Appropriations approved on September 17, 2012 Council meeting through the adoption of the FY
201 2-20 13 Budget.
BACKGROUND:
Data was requested from this agency. Performance standards, goals and objectives, financial statements,
bylaws, articles of incorporation, purchasing policies, insurance, etc., were submitted and are on file. All
information regarding this agency was submitted to the City Secretary's Office and filed at the Nonprofit
Management and Volunteer Center.
FINANCIAL:
The contract total is $273,394.00 and the source of revenues are in the General Fund, and Bridge
Fund from the following accounts:
Laredo Development Foundation 10 1-98 10-593-5204 $ 190,094.00(General Fund)
553-4012-533-5200 $ 18,750.00(Bridge Fund)
553-4010-533-5204 $ 64,550.00(Bridge Fund)
TOTAL $ 273,394.00
COMMITTEE RECOMENDATION:
NA
STAFF RECOMMENDATION:
City Council to approve the motion.