HomeMy WebLinkAbout2015-03-16 EDC MinutesEULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
March 16, 2015
The Board of Directors of the Euless Development Corporation met on Monday, March 16,
2015, 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 Linda Eilenfeldt
Council Member Tim Stinneford
Council Member Jeremy Tompkins
Citizen Member Sonja Adams
Citizen Member Carmen Deithloff
Citizen Member Wayne Marrs (arrived at 5:58 p.m.)
City Manager Loretta Getchell, President
Deputy City Manager Bob Freeman, 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
ITEM NO. 1. CALL TO ORDER
Chairman Linda Martin called the meeting to order at 5:45 p.m.
ITEM NO. 2 APPROVED MINUTES OF AUGUST 11, 2014, AND JANUARY 15,
2015 MEETINGS
Linda Eilenfeldt motioned to approve the minutes of the August 11, 2014, and the January
15, 2015, meetings as presented. Seconded by Tim Stinneford, the motion carried by a
unanimous vote.
ITEM NO. 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING
SEPTEMBER 30, 2014.
Treasurer Janina Jewell introduced Sarah Dempsey, Senior Manager, Weaver LLC, who
presented the Financial Report for the Euless Development Corporation (EDC) for the year
ending September 30, 2014.
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.
EDC Meeting Minutes Page 2 of 3 March 16, 2015
Tim Stinneford motioned to accept the Euless Development Corporation Independent
Auditors Report from Weaver L, L.0 for the year ending September 30, 2014. Seconded by
Linda Eilenfeldt, the motion carried unanimously.
ITEM NO. 4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2014.
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December
31, 2014, and stated that the sales tax collections through the end of December were
$1,163,351, which represents approximately 26 percent of budget. She added that
operating expenditures were within budget at $995,220, or approximately 18 percent of
appropriations. She advised that the year to date capital expenditures are $117,344, and
include expenditures associated with park enhancements, library enhancements, facility
rental payments and refurbishment to the building at 1100 Westpark Way.
The operating fund ending balance as of December 31, 2014, is $2,479,482.
The remaining balance in the capital projects fund for projects not yet completed is
$607,046. The designated balance consists of monies for the miscellaneous park
improvements, irrigation projects, incentives, contingencies, and phase IV improvements
to the Texas Star Sports Complex.
Treasurer Jewell reviewed the balances of the following funds:
Fund
Balance
Undesignated Capital Projects Fund
$417,883
Available for allocation to future
projects.
Debt Service Fund
$228,776
Available for debt payment
Debt Reserve Fund
(Reserve level $906,803)
$911,866
Excess over reserve to be
transferred to EDC operating fund
at the end of the fiscal year.
ITEM NO. 5 HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS:
Director of Parks and Community Services Ray McDonald provided an update related to the
parks and community services projects:
- South Euless swimming pool demolition
- Purchase of bus
Library Administrator Sherry Knight presented a report related to library services:
- Security cameras to be installed
- Addition of library document station
- Upcoming music performance series
- 3D printer demonstration
EDC Meeting Minutes Page 3 of 3 March 16, 2015
Planning and Economic Development Director Mike Collins presented an economic
development updated related to the Glade Parks development.
ITEM NO.6 ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:04 p.m.
APPROVED: ATTEST: .
•
Lin:'" art' K m ufter
Chairman Secretary