HomeMy WebLinkAbout2016-02-22 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
February 22, 2016
The Board of Directors of the Euless Development Corporation met on Monday, February
22, 2016, 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 Council Member Tim Stinneford
Council Member Linda Eilenfeldt
Citizen Member Sonja Adams
Citizen Member Carmen Deithloff
Citizen Member Wayne Marrs
City Manager Loretta Getchell, 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
Board Members Not Present:
Deputy City Manager Bob Freeman, First Vice President
Council Member Jeremy Tompkins
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 10, 2015
Director Marrs motioned to approve the minutes of the August 10, 2015, as presented.
Seconded by Director Stinneford, the motion carried by a unanimous vote.
ITEM NO. 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING
SEPTEMBER 30, 2015
Treasurer Janina Jewell introduced Sarah Dempsey, Partner, Weaver LLC, who presented
the Financial Report for the Euless Development Corporation (EDC) for the year ending
September 30, 2015.
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,
and no audit adjustments or passed adjustments were made.
EDC Meeting Minutes Page 2 of 3 February 22, 2016
Director Stinneford motioned to accept the Euless Development Corporation Independent
Auditor's Report from Weaver LLC for the year ending September 30, 2015. Seconded by
Director Eilenfeldt, the motion carried unanimously.
ITEM NO. 4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2015
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December
31, 2015, and stated that the sales tax collections through the end of December were
$1,301,862, which represents approximately 28 percent of budget. She added that
operating and capital expenditures were within budget at $1,571,479, or approximately
28 percent of appropriations. She advised that the year to date capital expenditures are
$790,799, and include expenditures associated with park and library enhancements.
The operating fund ending balance as of December 31, 2015, is $2,219,582.
The remaining balance in the capital projects fund for projects not yet completed is
$534,324. 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 $418,696 Available for allocation to future
projects.
Debt Service Fund $44,508 Available for debt payment
(Due March 15, 2016)
Debt Reserve Fund $912,034 Excess over reserve to be
(Reserve level $169,076) 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:
- Currently in the design phase for the 60/90 fields and expect to send out to bid
late spring/early summer.
Library Administrator Sherry Knight presented a report related to library services:
- In process of purchasing items funded through capital requests.
- Upcoming events:
o March — STEM Camp
o April — Shark Week
o Summer reading event kick off— HEB Reads
o Technology Help program
EDC Meeting Minutes Page 3 of 3 February 22, 2016
Discussion ensued regarding the future of libraries.
Planning and Economic Development Director Mike Collins presented an economic
development updated related to the Glade Parks and Midtown development, including the
addition of a movie theatre,the lifestyle center, and the Lazy Dog Restaurant at Glade Parks.
ITEM NO. 6 ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:22 p.m.
APPROVED: ATTEST:
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Lin a Martin ( �Kf Sutter
Chairman Sdcretary