HomeMy WebLinkAbout2021-08-09 EDC MinutesEULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
August 9, 2021
The Board of Directors of the Euless Development Corporation met on Monday, August 9,
2021, 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 Linda Martin, Chairman
Mayor Pro Tern Tim Stinneford
Council Member Jeremy Tompkins
Council Member Eddie Price
Citizen Member Carmen Deithloff
City Manager Loretta Getchell, President
Deputy City Manager Chris Barker, First Vice President
Director of Planning and Economic Development Michael Warrix, 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
Building Official Don Sheffield
Absent:
Citizen Member Jason Turner
ITEM NO. 1. CALL TO ORDER
Chair Linda Martin called the meeting to order at 5:30 p.m.
ITEM NO. 2 APPROVED MEETING MINUTES
Director Stinneford motioned to approve the minutes of the March 8, 2021 meeting as
presented. Seconded by Director Deithloff, the motioned carried by a unanimous vote.
ITEM NO. 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
JUNE 30, 2021
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30,
2021, including revenues and expenditures as follows:
Beginning Fund Balance for FY 2020/21
Revenues
Sales Tax Collections
Interest Income
Other Revenue
Total Revenues
$3,596,344
$4,322,810 (88 percent of budget)
$2,001
$65,311
$4, 390,122
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Expenditures
Parks
$1,231,385
Library
$754,353
Economic Development
$167,086
Other
$637,400
Capital Expenditures
$237,994
Total Expenditures
$3,028,218 (55 percent of appropriations)
Ending Fund Balance
$4,958,248
She reviewed the capital expenditures and advised that the capital expenditures total
$237,994.
The remaining balance in the capital projects fund for existing projects is $768,512. The
designated balance consists of funding for the 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 $120,854 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 $211,421
Debt Reserve Fund Balance *$401,125
"amount required by bond covenant is $401,125
ITEM NO.4. HELD PUBLIC HEARING FOR FISCAL YEAR 2021-2022 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 5:37 p.m. to receive comments related to the
proposed Fiscal Year 2021-2022 budget.
Treasurer Janina Jewell advised that the EDC Operating Budget is expected to end Fiscal
Year 2021 with a fund balance of $4,500,651, which is almost $1.4 million higher than
originally estimated. This is due to increased sale tax revenues and capital purchases
that are not yet complete that will carry forward into Fiscal Year 2022. She reviewed the
Fiscal Year 2022 proposed operating budget and advised that sales tax revenues are
expected to increase by 18 percent over the current year budget. Additionally, she
advised that the proposed budget reinstates funding to pre-COVID-19 levels and restores
new funding for the art program and the depreciation fund.
She advised that the expenditures for Fiscal Year 2022 are $4,912,583, and the projected
revenues are $5,877,968.
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Treasurer Jewell outlined the FY2021 approved and the FY2022 recommended capital
expenditures associated with the capital projects:
FY2021
Budget
FY2021
Projected
FY2022
Proposed
FY 2021 Approved Capital Expenditures
$5,466,650
$4,958,430
$637,089
FY 2022 Recommended Capital Expenditures
*$1,167,715
Total Capital Expenditures
$1,804,804
*fencing for Parks at Texas Star South, repainting water slides at aquatics park, Blessing Branch Park,
miscellaneous park improvements, one-time lump sum salary adjustment, transfer to Equipment
Replacement Fund and transfers to Capital Projects Fund to cash flow proposed projects.
Treasurer Jewell stated that with the approval of the proposed budget, the fund would
have a projected ending fund balance of $3,661,232, which exceeds the 60 days of
working capital ($807,548). The fund balance will be needed to address several capital
projects that will require funding over the next five years.
Treasurer Jewell advised that the proposed Debt Reserve Fund is fully funded in the
amount of $401,125.
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 5:44 p.m.
ITEM NO. 5. AMENDED THE FISCAL YEAR 2020-2021 EDC BUDGET AND
APPROVED FISCAL YEAR 2021-2022 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 2020-2021 EDC budget
and approve the Fiscal Year 2021-2022 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 Price, 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 provided an update related to the
Blessing Branch Trail Project, Wilshire Park Project, and the The Parks at Texas Star North
(formerly Softball World). He advised that the summer camps are complete and the aquatics
park will be open on the weekends through Labor Day weekend.
Library Director Sherry Knight presented an overview of library usage statistics, including
internal circulation, number of new patrons per month, and visits per day. She also
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presented pictures depicting how the library space is being utilized following the extensive
reconstruction of the library.
Director of Planning and Economic Development Michael Warrix provided a development
update, including the status of commercial and residential developments within the City.
ITEM NO. 11. ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:36 p.m.
APPROVED:
ATTEST: _
Sutter, Secretary