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Home My WebLink About2024-08-12 EDC MinutesEULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES August 12, 2024 The Board of Directors of the Euless Development Corporation met on Monday, August 12, 2024, 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 Eddie Price Council Member Tim Stinneford Council Member Jeremy Tompkins Citizen Member Peter Jones Citizen Member Carmen Miller 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 Library Director Sherry Knight Director of Parks and Community Services Duane Strawn Absent: Citizen Member Jason Turner Visitor: Sandy Jones Zariyan Stark 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 26, 2024 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, 2024 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30, 2024, including revenues and expenditures as follows: Beginning Fund Balance for FY 2023/24 Revenues Sales Tax Collections $5,440,464 $5,436,798 (77 percent of budget) EDC Meeting Minutes Page 2 of 4 August 12, 2024 Interest Income $152,408 Other Revenue $82,450 Total Revenues $5,671,656 Expenditures Parks $1,562,354 Library $886,242 Economic Development $193 799 Other $621,576 Capital Expenditures $1,039,214 Total Expenditures $4,303,185 (59 percent of appropriations) Ending Fund Balance $6,808,935 She reviewed the capital expenditure projects, and also advised that the remaining balance in the capital projects fund for existing projects is $1,192,405. The designated balance consists of funding for the Texas Star Sports Complex Phase VII design and construction, Wilshire Park improvements, miscellaneous park improvements, irrigation projects, Blessing Branch Park improvements, Aquatic Park Facility upgrades, trail lighting at Mid -Cities, incentives, and contingencies. Undesignated capital projects funds in the amount of $1,634,136 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 $235,382 Debt Reserve Fund Balance *$401,125 *amount required by bond covenant is $401, 075 Director Carmen Miller requested clarification related to the statement of revenue and expenditures when comparing actual expenses to the approved budget. City Manager Getchell advised that the differences are attributed to the carry over amounts, and provided an example of the art fund and capital items. ITEM NO.4. HELD PUBLIC HEARING FOR FISCAL YEAR 2024-2025 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 2024-2025 budget. Treasurer Jewell advised that the EDC Operating Budget is projected to end Fiscal Year 2024 with a fund balance of $6,491,918, which is almost $1,141,587 more than originally estimated. This is mainly due to increased sale tax revenues, interest income and capital purchases that are not yet complete that will carry forward into Fiscal Year 2025. She reviewed the Fiscal Year 2025 proposed operating budget and advised that sales tax revenues are projected to increase by three (3) percent over the current year budget. EDC Meeting Minutes Page 3 of 4 August 12, 2024 She advised that the expenditures for Fiscal Year 2025 are $5,911,934, and the projected revenues are $7,503,154. Treasurer Jewell outlined the FY2024 approved and the FY2025 recommended capital expenditures associated with the capital projects and each Director presented their requested items to the Board: FY2024 FY2024 FY2025 Budget Projected Proposed FY 2024 Approved Capital Expenditures $1,913,778 $1,121,853 *$791,925 FY 2025 Recommended Capital Expenditures $5,293,327 Total Capital Expenditures $6,085,252 *Access Control Hardware — Library, Art, Remainder of Parks Master Plan Treasurer Jewell stated that with the approval of the proposed budget, the fund would have a projected ending fund balance of $1,997,886, which exceeds the 60 days of working capital of $971,825. 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. Director of Parks and Community Services Duane Strawn responded to a question from Zariyan Stark, 1102 Winston Drive, Euless, and advised that the proposed playground shade structures are expected to increase the life of the playground equipment. There being no others requesting to speak, Chair Martin closed the public hearing at 6:04 p.m. ITEM NO. 5. AMENDED THE FISCAL YEAR 2023-2024 EDC BUDGET AND APPROVED FISCAL YEAR 2024-2025 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 2023-2024 EDC budget and approve the Fiscal Year 2024-2025 EDC Operating and Capital Budget as presented. Seconded by Director Miller, 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 update to the Parks Master Plan, Midway Volleyball Court, Main Greenhouse roof replacement, Wilshire Park Ribbon Cutting, Parks at Texas Star Lighting upgrade, Parks and Texas Star new offices, Parks at Texas Star Entry Arch, and Blessing Branch Park trail EDC Meeting Minutes Page 4 of 4 August 12, 2024 lighting. He advised that Phase 1 (data collection) of the Parks Master Plan, Phase 1 is complete and Phase 2 (creating action plan) is expected to be complete the end of the year. He advised that the City Council will meet with the consultant on Wednesday, September 11, 2024, and the EDC Members are invited to attend. Library Director Sherry Knight presented a Library update and highlighted a couple of events hosted over the summer, including HEB Reads! and a summer outreach to include HEB Aquatic Centers in an effort to reach out to children and their families. Additionally, she advised of two new programming offerings as a result of partnering with the Euless Garden Club and Bank of America ("Girls Who Code"), and reported that the Euless Library Foundation Fall Booksale will be held Saturday, October 5, 10 a.m. to 4 p.m. Director Tompkins recognized and expressed his appreciation for the summer programming offerings. Director of Planning and Economic Development Michael Warrix provided a Development update, including the Watercolor mixed used development, the opening of several new restaurants in the Glade Parks development, including Cold Beers and Cheeseburgers (former Walk-On's Sports Bistreaux location). The opening of Raising Canes, HTeaO (Main Street), 6Stones campus, and the Cambria Hotel. Additionally, he reported on several projects including the East-West Connector project (Highway 360 and Harwood Road), the construction of two residential subdivisions, and advised that site plans are under review for a Holiday Inn Express and the H-E-B grocery store. ITEM NO. 7. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:36 p.m. APPROVED: Linda Martin, Chair ATTEST: Sutter, ecreta �iry