The URL can be used to link to this page

Home My WebLink About2014-08-11 EDC MinutesEULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES August 11, 2014 The Board of Directors of the Euless Development Corporation met on Monday, August 11, 2014, in the Precouncil Conference Room at City Hall in the Municipal Complex, 201 North Ector Drive, Euless, Texas. The following persons were in attendance: Council Member Linda Martin, Chairman Council Member Tim Stinneford Council Member Jeremy Tompkins Citizen Member Sonja Adams 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 Janina Jewell, Treasurer City Secretary Kim Sutter, Board Secretary Assistant City Manager Chris Barker Director of Parks and Community Services Ray McDonald Library Administrator Sherry Knight Absent: Council Member Glenn Porterfield ITEM NO. 1. CALL TO ORDER Vice Chairman Linda Martin called the meeting to order at 5:30 p.m. ITEM NO. 2 APPROVED MEETING MINUTES Wayne Marrs motioned to approve the minutes of the February 24, 2014, meeting as presented. Seconded by Tim Stinneford, the motioned carried by a unanimous vote. ITEM NO. 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2013 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30, 2014, including revenues and expenditures as follows: Beginning Fund Balance for FY 2013/14 Revenues Sales Tax Collections $1,826,851 3,166,045 in percent of budget) (104.4% of FYTD budget) Interest income 656 Transfer from EDC Reserve 4739 Total Revenues $3,171,440 EDC Meeting Minutes Page 2 of 5 August 11, 2014 Expenditures Parks 922,405 Library 711,035 Economic Development 236,190 Other 837,853 Capital Expenditures 184,596 Total Expenditures $2,892,079 Ending Fund Balance $2,370,778 (59 percent cf appropriations) The remaining balance in the capital projects fund for existing projects is $596,856. The designated balance consists of monies for miscellaneous park improvements, irrigation projects, incentives, contingencies, and Phase IV improvements to the Texas Star Sports Complex. Undesignated capital projects funds in the amount of $417,722 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 $665,793 Debt Reserve Fund Balance $910,986 Amount required by bond covenant is $902,064 ITEM NO. 4. HELD PUBLIC HEARING FOR FISCAL YEAR 2014 -2015 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 Linda Martin opened the public hearing at 5:35 p.m. to receive comments related to the proposed Fiscal Year 2014 -2015 budget. Finance Director Janina Jewell referred to the Fiscal Year 2015 budget document distributed to Board members prior to the meeting, and reviewed the Fiscal Year 2014 budget currently in effect. She stated that the projected revenues for the FY 2014 original budget included projected sales tax collections and related interest earnings of $4,100,532 and expenditures totaling $4,938,641. Due to increased sales tax collections, the projected revenue for FY 2014 is $4,268,998, or a 4.1 percent increase from original budget estimates. Additionally, due to a stronger economy, there was an increase in rebates and incentives of just over $35,000. As a result, the board is asked to consider a budget amendment to meet the contractual obligations related to the increased rebates and incentives. The FY 2014 projected operating fund balance is $2,016,937, which is $763,629 over budget estimates due to the increase in revenues. The FY 2015 budget includes total revenues of $4,444,038. The projected revenue is based on estimated revenue collections through the end of FY 2014, with a three percent (3 %) growth factor and additional revenue from anticipated development. The FY 2015 budget includes total expenditures of $5,495,565, which provides funding for park personnel, maintenance and improvements, library personnel and materials, EDC Meeting Minutes Page 3 of 5 August 11, 2014 economic development personnel, incentives, and public art, and operating expenditures, debt service and funding for capital expenditures. A list of capital expenditures for FY 2014 and FY 2015 are included in the proposed budget and total $1,058,381. With the approval of the budget, the fund would have an estimated ending fund balance of $965,410 which would exceed the recommended reserve level of $500,000. The projected ending fund balance for the FY 2014 Capital Projects Budget is $417,898. Funding for any projects not completed by the end of the fiscal year will be carried forward into the next budget year. The fiscal year 2015 Capital Projects Budget includes funding for park irrigation in the amount of $25,000, and incentives and contingences in the amount of $25,000 for total expenditures of $50,000. The projected ending fund balance for the FY 2015 Capital Projects Budget is $419,898. Following discussion amongst the Board, Chair Martin asked to hear from any proponents or opponents of the proposed budget. Darl Easton, 1005 Fayette Drive, Euless, requested clarification as to a breakdown of the personnel line item, including the specific funded positions, and also for a breakdown of the debt service. Deputy City Manager Getchell and Finance Director Jewell responded to the questions raised and advised that the personnel line item includes salary and benefits and the debt service includes bond payments related to the Library and the Parks at Texas Star. There being no others wishing to speak, Chair Martin closed the public hearing at 6:10 p.m. ITEM NO. 5. APPROVED AN AMENDMENT TO THE FISCAL YEAR 2013-2014 OPERATING BUDGET TO PROVIDE FOR ECONOMIC DEVELOPMENT IN THE AMOUNT OF $1,123,794 AND CONSIDER APPROVAL OF THE FISCAL YEAR 2014 -2015 OPERATING AND CAPITAL BUDGET WHICH PROVIDES FUNDING FOR ONGOING PARK AND PARK FACILITY PROJECTS IN THE AMOUNT OF $2,477,193, LIBRARY IMPROVEMENT PROJECTS IN THE AMOUNT OF $1,101,995, AND ECONOMIC DEVELOPMENT PROJECTS IN THE AMOUNT OF $1,002,774 AND PROVIDES FOR DEBT SERVICE RELATED TO SUCH PROJECTS IN THE AMOUNT OF $913,603. Wayne Marrs motioned to approve the Fiscal Year 2014-2015 EDC Operating and Capital Budget as presented. Seconded by Sonja Adams, the motioned carried by a unanimous vote. Tim Stinneford motion to approve an amendment to the Fiscal Year 2013 -2014 operating budget to provide for economic development in the amount of $1,123,794. Seconded by Wayne Marrs, the motion carried by a unanimous vote. EDC Meeting Minutes Page 4 of 5 August 11, 2014 ITEM NO. 6. HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS. Director of Parks and Community Services Ray McDonald reported on the following items: FY 2013 -2014 completed projects: - Heritage Park painting - Villages of Bear Creek dog park lighting - Purchase of pickle ball court Projects in process: - McCormick Park decorative light fixture replacement - Gazebo improvements Additionally, he reported the attendance numbers for the recreation center, the fitness center and the senior center as well as the indoor and outdoor aquatic centers. He reported that the July 2014 aquatic center visits exceeded the July 2013 visits. Mr. McDonald reported that the City has been awarded an $112,000 Green Ribbon grant, administered by the Texas Department of Transportation (TXDOT) $112,000. He advised that the grant will be used to fund a landscaping project at intersection of Bear Creek Parkway and the State Highway 183 service road. Library Administrator Sherry Knight reported on the following items: FY 2013 -2014 projects: - Purchase of new display units - AudioNisual upgrades underway - Security camera funds - Wallpaper replacement in library lobby FY 2014 -2015 - Addition of library document station - Addition of more e-books Ms. Knight reviewed the summer program and events offered this past summer including attendance numbers, and reported on the fall program and activities offerings. Planning and Economic Development Director Mike Collins presented an update related to the Glade Parks development, including road construction, residential development, and commercial development. City Manager Gary McKamie advised of the additional residential developments in the city. Wayne Marrs commended the city for their efforts related to the new development that is occurring throughout the city. EDC Meeting Minutes Page 5 of 5 August 11, 2014 ITEM NO. 7 ADJOURN There being no further business before the Board, the meeting was adjoumed at 6:53 p.m. APPROVED: ATTEST: Linda actin, Chairma