2018-095 McKenna Trust and Park Land Dedication FundsDate: July 27, 2018 Report No. 2018-095
INFORMAL STAFF REPORT
TO MAYOR AND CITY COUNCIL
SUBJECT:
The purpose of this report is to provide the City Council with details regarding the McKenna
Trust Fund and the Park Land Dedication and Development Funds.
BACKGROUND:
During the July 17th Council meeting there were questions asked about PARD’s special revenue
funds. This report will provide a detailed explanation of the funds, current and estimated
expenditures, and budget highlights.
DISCUSSION:
The McKenna Trust Fund is used to account for interest received from the George McKenna
Trust, which was established in 1958 and currently is managed by JP Morgan Chase Bank. One
half of the net income from this trust is distributed to Cook Children’s Hospital in Fort Worth
and one half of the net income is distributed to the City of Denton for use only in maintaining,
developing, preserving, and improving the George McKenna Park in the City.
McKenna Trust Fund Expenditures
FY 2017-18 - No funds were spent from this fund.
FY 2018-19 - $80,000 is anticipated to be used toward playground or pavilion
replacement at McKenna Park.
The Parks Land Dedication and Development Trust Funds are funds received from developers
which provide for neighborhood parks and projects within a maximum 1 mile radius of the
development or platting.
Park Land Dedication Expenditures
FY 2017-18 - $49,787 was transferred to the Villages of Carmel property purchase and
$51,903 to the American Legion Hall renovation project.
FY 2018-19 - Estimating using funds towards the following projects: Industrial Park,
North Lakes Dog Park, Briercliff Park improvements, and any additional projects
identified.
Park Land Development Expenditures
FY 2017-18 - $40,000 was transferred to Lake Forest Park improvements, $45,000 to
park roof repairs, $236,522 to American Legion Hall renovation, and $32,515 to Sequoia
Park trail extension.
FY 2018-19 - Estimating using funds towards the following projects: Industrial Park,
North Lakes Dog Park, Carl Young and Quakertown restrooms, South Lakes Park
parking lot, Denia Park improvements, Briercliff Park improvements, and any additional
projects identified.
Date: July 27, 2018 Report No. 2018-095
Budget Highlights
Please do not hesitate to contact me if you have any further questions about these funds.
STAFF CONTACT:
Heather Gray, Parks and Recreation Business Manager
(940) 349-7611
Heather.Gray@cityofdenton.com