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HomeMy WebLinkAbout2020-02-24 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES February 24, 2020 The Board of Directors of the Euless Development Corporation met on Monday, February 24, 2020, in the Travis Room at the Texas Star Conference Centre, 1400 Texas Star Parkway, Euless, Texas. The following persons were in attendance: Mayor Linda Martin, Chairman Mayor Pro Tem Jeremy Tompkins Council Member Tim Stinneford Council Member Eddie Price Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Jason Turner(arrived at 5:35 p.m.) City Manager Loretta Getchell, President Deputy City Manager Bob Freeman, First Vice President Director of Planning and Economic Development Mike Collins, Second Vice President Finance Director Janina Jewell, Treasurer City Secretary Kim Sutter, Board Secretary Director of Parks and Community Services Ray McDonald Library Administrator Sherry Knight Assistant Finance Director Jackie Theriot Accounting Manager Ross Fairclo ITEM NO. 1. CALL TO ORDER Chairman Linda Martin called the meeting to order at 5:31 p.m. ITEM NO. 2 APPROVED MINUTES OF NOVEMBER 12, 2019 Director Stinneford motioned to approve the minutes of the November 12, 2019 meeting. Seconded by Director Adams the motion carried by a unanimous vote. ITEM NO. 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING SEPTEMBER 30, 2019 Treasurer Janina Jewell introduced Sarah Dempsey, Partner, Weaver L.L.P., to present the findings of the annual audit for the fiscal year ending September 30, 2019. Ms. Dempsey stated that the audit was conducted in accordance with generally accepted auditing standards and received an Unmodified Opinion, the highest level of assurance possible. She further advised that no significant or material weaknesses were identified, and no audit adjustments were made. EDC Meeting Minutes Page 2 of 3 February 22, 2020 Director Stinneford motioned to accept the Euless Development Corporation Independent Auditor's Report from Weaver L.L.P. for the year ending September 30, 2019. Seconded by Director Diethloff, the motion carried unanimously. ITEM NO. 4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING DECEMBER 31, 2019 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December 31, 2019, and stated that the sales tax collections through the end of December were $1,364,284, which represents approximately 25 percent of budget. She added that operating and capital expenditures were within budget at$2,389,103 or approximately 33 percent of appropriations. She advised that the year to date capital expenditures are $1,515,668. The operating fund ending balance as of December 31, 2019, is $2,345,282. The remaining balance in the capital projects fund for projects not yet completed is $5,521,581. The designated balance includes funding for the library remodel design, Texas Star Sports Complex VIII design and construction, miscellaneous park improvements, irrigation projects, Carr Park improvements, incentives, and contingencies. Treasurer Jewell reviewed the balances of the following funds: Fund Balance Undesignated Capital Projects Fund $100,034 Available for allocation to future projects. Debt Service Fund $101,781 Available for debt payment Debt Reserve Fund *$391,500 Excess reserves will be used to pay (Reserve level $40,572) final debt service payments. *amount required by covenant is $391,463. Director Adams requested an explanation with regard to the reduction in sales tax collections in the prior year. President Getchell advised that the reduction is attributed to a decrease in sales tax collections related to the construction/industrial sector; however, the city is seeing an increase from the retail sales tax collections due to the addition of new retail businesses. Director Deithloff inquired about the allocation of hotel occupancy taxes (HOT). President Getchell advised that the hotel occupancy tax revenue is restricted for uses that promote tourism and historical preservations and cannot be used to fund operations. ITEM NO. 5 HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS Director of Parks and Community Services Ray McDonald provided an update related to the progress of the renovations of the Texas Star Sports Complex, Carr Park, Wilshire Park, EDC Meeting Minutes Page 3 of 3 February 22, 2020 and Heritage Park. He advised that the renovations of the Texas Star Sports Complex are 75 percent complete and Carr Park is will be completed in time for the April 11, 2020, rededication ceremony to be held from 11 a.m. to 2 p.m. Additionally, he reported that the Wilshire swimming pool demolition is complete and discussions are underway regarding possible renovations to the park. He reported that the renovations to Heritage Park are 80 percent complete, including the installation of new playground equipment. Library Administrator Sherry Knight presented a brief overview of the library services, including the status of the library renovation. She advised that the library is expected to the open to the public in the late spring (late June 2020). She advised that the main objectives of the library renovations were to address the buildings deficiencies and improve library operations. Additionally, she presented an update related to the RFID and reclassification process, the fundraising for the bubble wall, and the receipt of the Texas Municipal Library Directors Achievement Award for the 15th consecutive year. Planning and Economic Development Director Mike Collins presented an economic development update related to Glade Parks, Founders Parc (Midtown), developments at State Highway 360 at Harwood Road, and two new residential developments. ITEM NO. 6 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:03 p.m. APPROVED: ATTEST: 51/4- Y-4 L' a`IGartin C� im Sutter _- Chairman Secretary