The URL can be used to link to this page

Home My WebLink About2022-02-21 EDC MinutesEULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES February 21, 2022 The Board of Directors of the Euless Development Corporation met on Monday, February 21, 2022, 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 Tern Tim Stinneford Council Member Jeremy Tompkins Council Member Eddie Price (arrived at 5:32 p.m.) Citizen Member Carmen Deithloff Citizen Member Peter Jones Citizen Member Jason Turner City Manager Loretta Getchell, President Deputy City Manager Chris Barker, First Vice President Director of Planning and Economic Development Michael Warrix, Finance Director Janina Jewell, Treasurer City Secretary Kim Sutter, Board Secretary Assistant City Manager Wes Rhodes Director of Parks and Community Services Ray McDonald Library Director Sherry Knight Member absent: Citizen Member Jason Turner ITEM NO. 1. CALL TO ORDER Chairman Martin called the meeting to order at 5:30 p.m. Second Vice President ITEM NO. 2 APPROVED MINUTES OF AUGUST 9, 2021 Director Stinneford motioned to approve the minutes of the August 9, 2021 meeting. Seconded by Director Deithloff, the motion carried by a unanimous vote. ITEM NO. 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING SEPTEMBER 30, 2021 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, 2021. 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 EDC Meeting Minutes Page 2 of 3 February 21, 2022 possible. She further advised that no significant deficiencies or material weaknesses were identified, and no audit adjustments were made. Director Stinneford motioned to accept the Euless Development Corporation Independent Auditor's Report from Weaver L.L.P. for the fiscal year ending September 30, 2021. Seconded by Director Jones, the motion carried unanimously. ITEM NO.4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING DECEMBER 31, 2021 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December 31, 2021, and stated that the sales tax collections through the end of December were $1,618,729, which represents approximately 28 percent of budget. She added that operating and capital expenditures were within budget at $1,748,692 or approximately 26 percent of appropriations, and includes year to date capital expenditures of $821,637. The operating fund ending balance as of December 31, 2021, is $5,448,048. The remaining balance in the capital projects fund for projects not yet completed is $1,397,580. The designated balance includes funding for the Texas Star Sports Complex Phase VII design and construction, miscellaneous park improvements, irrigation projects, Blessing Branch Park improvements, incentives, and contingencies. Treasurer Jewell reviewed the balances of the following funds: Fund Balance Undesignated Capital Projects Fund $118,453 Available for allocation to future projects. Debt Service Fund $110,749 Available for debt payment Debt Reserve Fund *$401,125 Excess reserves will be used to pay final debt service payments. *amount required by covenant is $401,125. ITEM NO. 5 HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS Director of Parks and Community Services Ray McDonald presented the Parks update, including the Texas Star Phase VIII project, Blessings Branch, Wilshire Park renovations, and Bob Eden and Heritage Park Trail repairs. Library Director Sherry Knight presented a brief overview of the library services including English as a Second Language (ESL) classes, serving as a host site for the AARP Income Tax Preparation program, and digital product offerings. Additionally, she advised that library staff will be participating in the May 21 kick-off event for HEB Reads, a summer reading program. Planning and Economic Development Director Michael Warrix presented an economic development update and advised of the addition of several new commercial businesses to the City. EDC Meeting Minutes Page 3 of 3 February 21, 2022 ITEM NO. 6 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:06 p.m. // �,,A% -_ X r-in WaM7 i n Chairman ATTEST: 1e k i 7VJ� kW Sutter Secretary