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Home My WebLink AboutEDC Minutes 2012-08-13EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES August 13, 2012 The Board of Directors of the Euless Development Corporation met on Monday, August 13, 2012, in the Precouncil Conference Room at City Hall in the Municipal Complex, 201 North Ector Drive, Euless, Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Council Member Glenn Porterfield Council Member. Tim Stinneford arrived at 5:35 p.m. Council Member Linda Martin, Vice Chairman Citizen Member Carmen Deithloff Citizen Member Wayne Marrs City Manager Gary McKamie, President Deputy City Manager Loretta Getchell, First Vice President Director of Economic Development Mike Collins, Second Vice President Finance Director Vicki Rodriquez, Treasurer City Secretary Kim Sutter, Board Secretary Assistant City Manager Chris Barker Director of Parks and Community Services Ray McDonald Library Administrator Kate Lyon Citizen Member Sonja Adams was not present. Visitor: Darl Easton ITEM NO. 1. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:34 p.m. ITEM NO. 2 APPROVED MEETING MINUTES Wayne Marrs motioned to approve the minutes of the April 23, 2012, meeting as presented. Seconded by Carmen Deithloff, the motioned carried by a unanimous vote (Tim Stinneford was not present for the vote). ITEM NO. 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2012 Treasurer Vicki Rodriquez reviewed the Financial Report for the quarter ending June 30, 2012, including revenues and expenditures as follows: Beginning Fund Balance for FY 2011112 Revenues Sales Tax Collections Interest Income Rents and Royalties $1,324,156 2,676,032 (78 percent of budget) 647 60,681 EDC Meeting Minutes Page 2 of 4 August 13, 2012 Expenditures Parks 576,329 Library 716,564 Economic Development 111,827 Other 737,864 Capital Expenditures 161,566 Total Expenditures $2,304,150 (62 percent of appropriations) Ending Fund Balance $1,757,366 The remaining balance in the capital projects fund for existing projects is $1,107,072. The designated balance consists of monies for miscellaneous park improvements, Texas Star Sports Complex Improvements Phase IV, irrigation projects, incentives, and contingencies. Undesignated capital projects funds in the amount of $480,928 remain available for allocation to future projects. ITEM NO. 4. HELD PUBLIC HEARING FOR FISCAL YEAR 2012 -2013 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. Mayor Saleh opened the public hearing at 5:41 p.m. to receive comments related to the proposed Fiscal Year 2012 -2013 budget. Finance Director Vicki Rodriquez referred to the Fiscal Year 2013 budget document distributed to Board members prior to the meeting, and reviewed the Fiscal Year 2012 budget currently in effect. She stated that the projected revenues for the FY 2012 original budget included projected sales tax collections and related interest earnings of $3,724,729 or 7 percent over initial budget estimates, and expenditures totaling $960,268. Due to increased revenues and expenditure savings, the ending fund balance for FY 2012 is projected to be $1,702,448, which is $599,501 greater than initially budgeted. The FY 2013 budget includes total revenues of $3,713,616. The projected revenue is based on estimated revenue collections through the end of FY 2012, with a 2 percent growth factor and additional revenue from anticipated development. The FY 2013 budget includes total expenditures of $4,208,930, which provides funding for park personnel, maintenance and improvements, library personnel and materials, economic development personnel, incentives, and public art, and operating expenditures, debt service and funding for capital expenditures. A list of capital expenditures for FY 2012 and FY 2013 are included in the proposed budget and total $694,304. With the approval of the budget, the fund would have an estimated ending fund balance of $1,207,134, which would exceed the recommended reserve level of $500,000. The projected ending fund balance for the FY 2012 Capital Projects Budget is $481,775. Funding for any projects not completed by the end of the fiscal year will be carried forward into the next budaet year. The fiscal year 2013 Capital Proiects Budaet EDC Meeting Minutes Page 3 of 4 August 13, 2012 Texas Star Sports Complex in the amount of $346,217, and incentives and contingences in the amount of $25,000 for total expenditures of $371,217. The projected ending fund balance for the FY 2013 Capital Projects Budget is $438,058. Darl Easton, 1005 Fayette Drive, addressed the Board regarding the availability of the materials reviewed at the meeting. There being no proponents or opponents, Chairman Saleh closed the public hearing at 5:56 p.m. ITEM NO. 5. APPROVED FISCAL YEAR 2012 -2013 OPERATING AND CAPITAL BUDGET WHICH PROVIDES FUNDING FOR ONGOING PARK AND PARK FACILITY PROJECTS IN THE AMOUNT OF $1,499,717, LIBRARY IMPROVEMENT PROJECTS IN THE AMOUNT OF $1,009,008, AND ECONOMIC DEVELOPMENT PROJECTS IN THE AMOUNT OF $791,791 AND PROVIDES FOR DEBT SERVICE RELATED TO SUCH PROJECTS IN THE AMOUNT OF $908,414. Glenn Porterfield motioned to approve the Fiscal Year 2012 -2013 EDC Operating and Capital Budget as presented. Seconded by Tim Stinneford, the motioned carried by a unanimous vote. ITEM NO. 6. HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS. Director of Parks and Community Services Ray McDonald announced the opening of the Euless History Museum at the Ruth Millican Center on Saturday, September 8, 2012, 1 to 5 p.m. and advised that a new marquee sign has been installed at the location. Additionally, he reported on the installation of new street marketing banners, and the opening of bids related to the parking lot improvements at The Parks at Texas Star which will add approximately 200 new parking spaces as well as some fencing and improvements to the access route. Library Administrator Kate Lyon reported on the following items: - Summer Reading Program — 980 children participated; - 27 teen volunteers ages 12 to 27 clocked 354 volunteer hours; - 104 youth programs with a total attendance of 4,488; - Verlon Thompson concert, Friday, August 17, 7 p.m.; - Great Promise concert, Monday, September 10, 7 p.m.; - Purls of Wisdom donated 600 handmade preemie caps to the March of Dimes; and - Adult Reading Club, over 800 entries received for prizes. Planning and Economic Development Director Mike Collins reported on development in the industrial area south of Highway 10, and a proposed zoning change to facilitate the possible expansion of Ferguson Enterprises. EDC Meeting Minutes Page 4 of 4 August 13, 2012 ITEM NO. 7 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:20 p.m. APPROVED: 1/ Ci tri:_ (7: Vali Mary Lib Shceh I im +utter Chairman Secretary ATTEST: