HomeMy WebLinkAbout2020-08-10 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
August 10, 2020
The Board of Directors of the Euless Development Corporation met on Monday, August 10,
2020. All members of the Board participated in the meeting via video conferencing unless
noted below.
The following persons were in attendance:
Mayor Linda Martin, Chairman
Council Member Tim Stinneford
Mayor Pro Tem Jeremy Tompkins
Council Member Eddie Price
Citizen Member Sonja Adams
Citizen Member Carmen Deithloff (in person, City Hall)
Citizen Member Jason Turner
City Manager Loretta Getchell, President
Deputy City Manager Chris Barker, First Vice President
Finance Director Janina Jewell, Treasurer
City Secretary Kim Sutter, Board Secretary
Absent:
Director of Planning and Economic Development Mike Collins, Second Vice President
Director of Parks and Community Services Ray McDonald
Library Administrator Sherry Knight
ITEM NO. 1. CALL TO ORDER
Chair Linda Martin called the meeting to order at 6:00 p.m.
ITEM NO. 2 APPROVED MEETING MINUTES
Director Stinneford motioned to approve the minutes of the February 24, 2020 meeting as
presented. Seconded by Director Tompkins, the motioned carried by a unanimous vote.
ITEM NO. 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
JUNE 30, 2019
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30,
2020, including revenues and expenditures as follows:
Beginning Fund Balance for FY 2019/20 $3,352,724
Revenues
Sales Tax Collections $4,066,484 (75 percent of budget)
Interest Income $18,763
Other Revenue $55,185
Total Revenues $4,140,432
EDC Meeting Minutes Page 2 of 4 August 10, 2020
Expenditures
Parks $1,040,304
Library $682,483
Economic Development $169,247
Other $624,153
Capital Expenditures $1,589,449
Total Expenditures $4,105,636 (57 percent of appropriations)
Ending Fund Balance $3,387,520
She reviewed the capital expenditures and advised that the capital expenditures total
$1,589,449.
The remaining balance in the capital projects fund for existing projects is $4,785,180. The
designated balance consists of funding for the library remodel design and construction,
Texas Star Sports Complex Phase VII design and construction, miscellaneous park
improvements, irrigation projects, Carr Park improvements, incentives, and
contingencies. Undesignated capital projects funds in the amount of $129,100 remain
available for allocation to future projects.
Additionally, she reviewed the activity related to the debt service and debt reserve funds
and provided the current fund balances:
Debt Service Fund Balance $244,936
Debt Reserve Fund Balance *$391,500
*amount required by bond covenant is $391,463
ITEM NO. 4. HELD PUBLIC HEARING FOR FISCAL YEAR 2020-2021 BUDGET
WHICH PROVIDES CONTINUED FUNDING FOR PARKS AND
PARK FACILITIES, LIBRARY IMPROVEMENTS AND ECONOMIC
DEVELOPMENT PROJECTS AS SET FORTH IN THE OFFICIAL
BALLOT DATED JANUARY 16, 1993.
Chair Martin opened the public hearing at 6:06 p.m. to receive comments related to the
proposed Fiscal Year 2020-2021 budget.
Treasurer Janina Jewell reviewed the FY2021 proposed operating budget and advised
that sales tax revenues are expected to drop by 10 percent from the current year budget
due the impact of the COVID-19 global pandemic. She advised that the proposed budget
includes salary and benefits for current personnel; however, two currently vacant
positions will be unfilled until economic conditions improve. The budget also reflects a
decrease in debt service and increases primarily for library materials and building
maintenance.
She advised that the expenditures for FY2020 are $4,671,893, and the projected
revenues are $4,985,335.
Treasurer Jewell stated that with the approval of the proposed budget, the fund would
have a projected ending fund balance of $1,452,706, which would exceed the
recommended reserve level of $767,982.
EDC Meeting Minutes Page 3 of 4 August 10, 2020
Treasurer Jewell outlined the FY2020 approved and the FY2021 recommended capital
expenditures associated with the capital projects:
FY2020 FY2020 FY2021
Budget Projected Proposed
FY 2020 Approved Capital Expenditures $2,448,109 $2,020,618 $424,757
FY 2021 Recommended Capital Expenditures $370,000
Total Capital Expenditures $794,757
Director Deithloff requested an explanation for the increase in maintenance by $20,000.
City Manager Getchell advised that additional maintenance is required for the repair of
Corporation owned facilities.
Chair Martin asked to hear from any proponents followed by opponents of the proposed
budget. There being no one requesting to speak, Chair Martin closed the public hearing
at 6:14 p.m.
ITEM NO. 5. AMENDED THE FISCAL YEAR 2019-2020 EDC BUDGET AND
APPROVED FISCAL YEAR 2020-2021 OPERATING AND CAPITAL
BUDGET, WHICH PROVIDES FUNDING FOR ONGOING PARK
AND PARK FACILITY PROJECTS, LIBRARY IMPROVEMENT,
AND ECONOMIC DEVELOPMENT PROJECTS AND PROVIDES
FOR DEBT SERVICE AND ADMINISTRATIVE FEES RELATED TO
SUCH PROJECTS.
Director Stinneford motioned to approve amending the Fiscal Year 2019-2020 EDC budget
and approve the Fiscal Year 2020-2021 EDC Operating and Capital Budget, which provides
funding for ongoing park and park facility projects, library improvement projects, and
economic development projects, and provides for debt service and administrative fees
related to such projects. Seconded by Director Deithloff, the motioned carried by a
unanimous vote.
ITEM NO. 6. HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS.
Deputy City Manager Chris Barker the presented the Parks, Library, and Economic
development updates.
Parks
• Parks at Texas Star Phase VII —spring completion date
• Family Life Senior Center remains closed
Library
• Remains closed with curbside and locker service
• Library tour sign up for select groups
Economic Development
• Commercial development
EDC Meeting Minutes Page 4 of 4 August 10, 2020
• Residential development
• Euless Junior High School renovation nearing completion
ITEM NO. 11. ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:21 p.m.
APPROVED: ATTEST:
ytui
•
Linda Martin, Chair -' i Sutter, Secretary