HomeMy WebLinkAbout2017-02-27 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
February 27, 2017
The Board of Directors of the Euless Development Corporation met on Monday, February
27, 2017, 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
Council Member Linda Eilenfeldt
Council Member Jeremy Tompkins
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
Members Absent:
Council Member Tim Stinneford
Deputy City Manager Bob Freeman, First Vice President
ITEM NO. 1. CALL TO ORDER
Chairman Linda Martin called the meeting to order at 5:30 p.m.
ITEM NO. 2 APPROVED MINUTES OF AUGUST 15, 2016
Director Marrs motioned to approve the minutes of the August 15, 2016, as presented.
Seconded by Director Diethloff, the motion carried by a unanimous vote.
ITEM NO. 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING
SEPTEMBER 30, 2016
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, 2016.
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 27, 2017
Finance Director Janina Jewell recognized Assistant Finance Director Jackie Theriot and
Accountant 11 Ross Fairlco for their role and efforts in preparing for the audit.
Director Marrs motioned to accept the Euless Development Corporation Independent
Auditor's Report from Weaver LLC for the year ending September 30, 2016. Seconded by
Director Adams, the motion carried unanimously.
ITEM NO. 4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2016
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December
31, 2016, and stated that the sales tax collections through the end of December were
$1,344,118, which represents approximately 25 percent of budget. She added that
operating and capital expenditures were within budget at $2,945,093, or approximately
40 percent of appropriations. She advised that the year to date capital expenditures are
$2,158,919, and include expenditures associated with park and library enhancements.
The operating fund ending balance as of December 31, 2016, is $1,465,220.
The remaining balance in the capital projects fund for projects not yet completed is
$1,737,994. 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, Library remodel design, and Library construction. .
Treasurer Jewell reviewed the balances of the following funds:
Fund Balance
Undesignated Capital Projects Fund $448,413 Available for allocation to future
projects.
Debt Service Fund $13,916 Available for debt payment
Debt Reserve Fund $170,224 Excess over reserve to be
(Reserve level $46,716) 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:
- Renovation of baseball fields expected to be complete and in use by mid-April.
- Renovated five (5) baseball fields to include synthetic turf infields.
- Will meet with Bedford, Euless Soccer Association (BESA)to discuss future plans
of organization and what city can do to assist.
Director Marrs recognized Director of Parks and Community Services McDonald for efforts
related to the growth and development of the parks system over the years.
Library Administrator Sherry Knight presented a report related to library services:
EDC Meeting Minutes Page 3 of 3 February 27, 2017
- Presented an overview of the planned library renovation, including the goals and
objectives of the project, the timeline, and plans for temporary operations during
the remodel.
Library Administrator Knight responded to questions from the members related to
renovation.
Planning and Economic Development Director Mike Collins presented an economic
development updated related to the Glade Parks, the Kroger expansion, Target renovation,
and the Founders Parc (Midtown)development.
ITEM NO. 6 ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:09 p.m.
APPROVED: ATTEST:
Cz
-z'
ei r-id-a—"a in im utter
Chairman Secretary