HomeMy WebLinkAbout2016-08-15 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
August 15, 2016
The Board of Directors of the Euless Development Corporation met on Monday, August 15,
2016, in the Precouncil Conference Room at City Hall in the Municipal Complex, 201 North
Ector Drive, Euless, Texas.
The following persons were in attendance:
Council Member Linda Martin, Chair
Council Member Tim Stinneford (arrived at 5:35 p.m.)
Council Member Jeremy Tompkins
Council Member Linda Eilenfeldt
Citizen Member Sonja Adams
Citizen Member Carmen Deithloff
Citizen Member Wayne Marrs
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
Chair Linda Martin called the meeting to order at 5:33 p.m.
ITEM NO. 2 APPROVED MEETING MINUTES
Director Marrs motioned to approve the minutes of the February 22, 2016, as presented.
Seconded by Director Adams, the motioned carried by a unanimous vote.
ITEM NO. 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
JUNE 30, 2016
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30,
2016, including revenues and expenditures as follows:
Beginning Fund Balance for FY 2015/16 $2,489,610
Revenues
Sales Tax Collections 3,777,949 (81 percent of budget)
Interest Income 13,669
Total Revenues $3,781,618
Expenditures
Parks 1,123,152
Library 696,642
EDC Meeting Minutes Page 2 of 4 August 15, 2016
Economic Development 168,359
Other 450,618
Capital Expenditures 862,197
Total Expenditures $3,300,968 (58 percent of appropriations)
Ending Fund Balance $2,970,260
The remaining balance in the capital projects fund for existing projects is $579,114. The
designated balance consists of monies for miscellaneous park improvements, irrigation
projects, incentives, contingencies, and Phase IV improvements to the Texas Star Sports
Complex. Undesignated capital projects funds in the amount of $420,317 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 $127,160
Debt Reserve Fund Balance *$186,984
*Excess reserves of$730,000 was transferred to the TSSC C/P fund as appropriated in FY15-16
budget.
ITEM NO. 4. HELD PUBLIC HEARING FOR FISCAL YEAR 2016-2017 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 5:51 p.m. to receive comments related to the
proposed Fiscal Year 2016-2017 budget.
City Manager Loretta Getchell presented an overview of the proposed budget. She advised
that the proposed budget includes salary and benefits for current personnel, as well as the
addition of an Athletic Coordinator, a 3.25 percent pay plan increase for employees,
increased funding for health insurance costs which are up approximately 14 percent.
Baseline funding for the library has been increased to allow for additional electronic
materials and Science Technology Engineering Math (STEM) kits, a reduction in debt
service, an increase in incentives/rebates attributed to strong sales tax collections, the
addition of a maintenance budget for EDC facilities, and funding for capital improvements
projects.
Treasurer Janina Jewell referred to the proposed Fiscal Year 2017 budget document
distributed to Board members prior to the meeting, and reviewed the Fiscal Year 2016
budget currently in effect. She stated that the projected revenues for the FY2016 original
budget included projected sales tax collections and related interest earnings of
$4,652,104 and expenditures totaling $5,650,489. Due to increased sales tax collections,
the projected revenue for FY2016 is $5,052,550.
Treasurer Janina Jewell advised that the FY2016 budget included total expenditures of
$4,097,391, which provides funding for park personnel, maintenance and improvements,
library personnel and materials, economic development personnel, incentives, and public
EDC Meeting Minutes Page 3 of 4 August 15, 2016
art, and operating expenditures, debt service and funding for capital expenditures. The
projected expenditures for FY2016 is $4,118,906.
Treasurer Janina Jewell reviewed the FY2016 proposed operating budget and provided
an explanation regarding the increases and decreases between the FY2016 projected
and the FY2017 proposed expenditures. She advised that the expenditures for FY2017
is $4,227,346, and the projected revenues are $5,311,100. She stated that the sales tax
revenues for the FY2017 budget are based on FY2016 projections with an increase of 14
percent due to new retail development.
Director of Parks and Community Services Ray McDonald and Library Administrator
presented the FY2017 proposed capital requests.
Treasurer Jewell outlined the FY2016 approved and the FY2017 recommended capital
expenditures associated with the capital projects:
FY2016 FY2016 FY2017
Budget Projected Proposed
FY 2016 Approved Capital Expenditures $1,553,098 $880,198 $ 672,900
FY 2017 Recommended Capital Expenditures $2,398,665
Total Capital Expenditures $3,071,565
Ms. Jewell stated that with the approval of the proposed budget, the fund would have a
projected ending fund balance of $555,345, which would exceed the recommended
reserve level of$500,000.
Following discussion among the Board, Chair Martin asked to hear from any proponents
or opponents of the proposed budget.
There being no others wishing to speak, Chair Martin closed the public hearing at 6:44
p.m.
ITEM NO. 5. APPROVED THE FISCAL YEAR 2016-2017 OPERATING AND
CAPITAL BUDGET WHICH PROVIDES FUNDING FOR ONGOING
PARK AND PARK FACILITY PROJECTS IN THE AMOUNT OF
$3,462,297, LIBRARY IMPROVEMENT PROJECTS IN THE
AMOUNT OF $2,303,013, AND ECONOMIC DEVELOPMENT
PROJECTS IN THE AMOUNT OF $1,527,001 AND PROVIDES FOR
DEBT SERVICE AND ADMINISTRATIVE FEES RELATED TO
SUCH PROJECTS IN THE AMOUNT OF $53,516.
Director Adams motioned to approve the Fiscal Year 2016-2017 EDC Operating and Capital
Budget which provides funding for ongoing park and park facility projects in the amount of
$3,462,297, library improvement projects in the amount of $2,303,013, and economic
development projects in the amount of $1,527,001 and provide for debt service and
administrative fees related to such projects in the amount of$53,516. Seconded by Director
Marrs, the motioned carried by a unanimous vote.
EDC Meeting Minutes Page 4 of 4 August 15, 2016
ITEM NO. 6. HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS.
Library Administrator Sherry Knight presented statistical data related to library inventory,
circulation rate, library visits, and e-books. Additionally, she advised that 1,370 patrons
participated in HEB Reads and she reviewed the upcoming library activities and events.
Planning and Economic Development Director Mike Collins presented an update related to
the Glade Parks development, Harwood Crossing, Midtown development (Founder's Parc),
and the proposed senior housing development.
ITEM NO. 7 ADJOURN
There being no further business before the Board, the meeting was adjourned at 7:11 p.m.
APPROVED: ATTEST:,
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