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Home My WebLink About2024-02-26 EDC MinutesEULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES February 26, 2024 The Board of Directors of the Euless Development Corporation met on Monday, February 26, 2024, 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 Eddie Price Council Member Tim Stinneford Council Member Jeremy Tompkins Citizen Member Peter Jones Citizen Member Carmen Miller Citizen Member Jason Turner (arrived at 5:43) 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/ Chief Governance Officer Kim Sutter, Board Secretary Library Director Sherry Knight Director of Parks and Community Services Duane Strawn ITEM NO. 1. CALL TO ORDER Chairman Martin called the meeting to order at 5:30 p.m. ITEM NO. 2 APPROVED MINUTES OF NOVEMBER 27, 2023 Director Stinneford motioned to approve the minutes of the November 27, 2023 meeting. Seconded by Director Jones, the motion carried by a unanimous vote. ITEM NO. 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING SEPTEMBER 30, 2023 Treasurer Janina Jewell introduced Sarah Dempsey, Audit Partner, Weaver L.L.P., to present the findings of the annual audit for the fiscal year ending September 30, 2023. 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 deficiencies or material weaknesses were identified, and no audit adjustments or passed adjustments were made. EDC Meeting Minutes Page 2 of 3 February 26, 2024 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, 2023. Seconded by Director Price, the motion carried unanimously. ITEM NO.4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING DECEMBER 31, 2023 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December 31, 2023, and stated that sales tax collections through the end of December were $1,912,326, which represents approximately 27 percent of budget. She added that operating and capital expenditures were within budget at $1,889,820 or approximately 26 percent of appropriations, and includes year to date capital expenditures of $836,535. The operating fund ending balance as of December 31, 2023, is $5,519,250. The remaining balance in the capital projects fund for projects not yet completed is $2,690,476. The designated balance includes funding for the Texas Star Sports Complex Phase VII design and construction, miscellaneous park improvements, irrigation projects, Wilshire Park improvements, Blessing Branch Park improvements, Aquatic Park facility upgrades, Mid -Cities trail lighting, Parks at Texas Star lighting upgrades, incentives, and contingencies. Treasurer Jewell reviewed the balances of the following funds: Fund Balance Undesignated Capital Projects Fund $1,535,849 Available for allocation to future projects. Debt Service Fund $116,122 Available for debt payment Debt Reserve Fund *$401,125 *amount required by covenant is $401,075. ITEM NO. 5 HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS Director of Parks and Community Services Duane Strawn presented the Parks update, including the aquatics park upgrades, Mid -Cities Boulevard trail lighting, completion of outdoor pickleball courts, Blessings Branch Trail improvements, Wilshire Park renovations, and the addition of Midway Park outdoor volleyball courts. Additionally, he advised of the status of the greenhouse roof replacement, the lighting conversion at The Parks at Texas Star, and the status of the Parks Master Plan update. Library Director Sherry Knight presented the Library update, including the status of two EDC funded projects; 1) RFID equipment, and 2) additional access control points. Additionally, she advised of the expansion of the educational family place play space, upcoming events, and the addition of the Legacy Lab available to patrons wishing to digitize their memories stored in older and out of date formats. EDC Meeting Minutes Page 3 of 3 February 26, 2024 Planning and Economic Development Director Michael Warrix presented an economic development update and advised of the addition and progress of several commercial and new residential developments in the City. ITEM NO. 8 ADJOURNED There being no further business before the Board, the meeting was adjourned at 6:05 p.m. APPROVED: n� LYcTa-Martin Can ATTEST: i utter Secretary