HomeMy WebLinkAbout2023-08-07 EDC MinutesEULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
August 7, 2023
The Board of Directors of the Euless Development Corporation met on Monday, August 7,
2023, 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
Council Member Tim Stinneford
Council Member Jeremy Tompkins
Citizen Member Carmen Deithloff
Citizen Member Pete Jones
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
Assistant City Manager Wes Rhodes
Library Director Sherry Knight
Director of Parks and Community Services Duane Strawn
Absent:
Mayor Pro Tern Eddie Price
Citizen Member Jason Turner
Visitor:
Dad Easton
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 February 27, 2023 meeting as
presented. Seconded by Director Jones, the motioned carried. by a unanimous vote.
ITEM NO. 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
JUNE 30, 2023
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30,
2023, including revenues and expenditures as follows:
Beginning Fund Balance for FY 2022/23
Revenues
Sales Tax Collections
Interest Income
$7,305,323
$5,461,578 (79 percent of budget)
$53,608
EDC Meeting Minutes Page 2 of 4 August 7, 2023
Other Revenue $85,028
Total Revenues $5,600,214
Expenditures
Parks
$1,444,631
Library
$766,230
Economic Development
$178,915
Other
$727,325
Capital Expenditures
$4,966,936
Total Expenditures
$8,084,037 (73 percent of appropriations)
Ending Fund Balance
$4,821,500
She reviewed the capital expenditure projects, and also advised that the remaining
balance in the capital projects fund for existing projects is $3,709,465. The designated
balance consists of funding for the Texas Star Sports Complex Phase VII design and
construction, Wilshire Park improvements, Carr Park Trail connection, Kiddie Carr Park
improvements, Midway Park Pickleball courts, Parks at Texas Star North additional
parking lot, trail lighting, miscellaneous park improvements, irrigation projects, Blessing
Branch Park improvements, incentives, and contingencies. Undesignated capital
projects funds in the amount of $240,852 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 $227,112
Debt Reserve Fund Balance *$401,125
*amount required by bond covenant is $401,125
ITEM NO.4. HELD PUBLIC HEARING FOR FISCAL YEAR 2023-2024 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 5:35 p.m. to receive comments related to the
proposed Fiscal Year 2023-2024 budget.
Treasurer Jewell advised that the-EDC Operating Budget is expected to end Fiscal Year
2023 with a fund balance of $4,572,225, which is almost $1,294,463 more 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 2024. She reviewed the Fiscal Year
2024 proposed operating budget and advised that sales .tax revenues are expected to
increase by three (3) percent over the current year budget.
She advised that the expenditures for Fiscal Year 2024 are $5,408,028, and the projected
revenues are. $7,231,673.
Treasurer Jewell outlined the FY2023 approved and the FY2024 recommended capital
expenditures associated with the capital projects and requested each, Director present
their requested items to the Board:
EDC Meeting Minutes Page 3 of 4 August 7, 2023
FY2023 FY2023 FY2024
Budget Projected Proposed
FY 2023 Approved Capital Expenditures $5,693,985 $4,943,639 *$750,346
FY 2024 Recommended Capital Expenditures **$1,163,432
Total Capital Expenditures $1,913,778 1
*Art, EDC Facility Improvements, Access Control Hardware for Library, ano Utility Vehicle (one -time carry over.)
**RFID Equipment, Greenhouse Roof Replacement, New Park's' Master Plan, Multi -Purpose Hard Court,
Transfer to CIP for Miscellaneous Park Improvements, and Parks at Texas Star Lighting.
Treasurer Jewell stated that with the approval of the proposed budget, the fund would
have a projected ending fund balance of $4,482,092, which exceeds the 60 days of
working capital of $888,991.
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.
Darl Easton, 1005 Fayette Drive, Euless, inquired about the excess fund balance and the
plan to allocate the funding in future years.
City Manager Getchell responded that the funds were returned to the EDC from
previously approved projects. She advised that once the proposed Park's Master Plan is
complete the funding will be re -appropriated in accordance with the Plan.
There being no others requesting to speak, Chair Martin closed the public hearing at 5:54
p.m.
ITEM NO. 5. AMENDED THE FISCAL YEAR 2022-2023 EDC BUDGET AND
APPROVED FISCAL YEAR 2023-2024 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 2022-2023 EDC budget
and approve the Fiscal Year 2023-2024 EDC Operating and Capital Budget as presented.
Seconded by Director Jones, the motioned carried by a unanimous vote.
ITEM NO. 6. HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS.
Director of Parks and Community Services Duane Strawn provided an update related to The
Parks at Texas Star North (formerly Softball World) for new offices, additional parking, the
entry arch, and irrigation improvements. Additionally, he advised of the new lighting
installation at the Pickleball Courts, trail lighting, design changes to the Wilshire Park
EDC Meeting Minutes Page 4 of 4 August 7, 2023
improvements, improvements to the aquatic parks, and he reviewed the status of
miscellaneous park projects.
Library Director Sherry Knight presented an update and highlighted a number of the library
accomplishments, including events hosted over the summer. Additionally, she advised of
several upcoming events.
Director of Planning and Economic Development Michael Warrix provided a development
update, including the addition of several new restaurants and businesses located throughout
the City and a new multi -family development located near the Westdale Hills development.
ITEM NO.7. ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:15 p.,n.
APPROVED:
Linda NfAn,"Cfi it
ATTEST:-)
Kim"Sutter, Secretary