HomeMy WebLinkAbout2007-02-26 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
FEBRUARY 26, 2007
The Board of Directors of the Euless Development Corporation met on Monday, February
26, 2007, in the Precouncil Conference Room of City Hall, 201 North Ector Drive, Euless
Texas.
The following persons were in attendance:
Mayor Mary Lib Saleh, Chairman
Council Member Carl Tyson, Vice Chairman
Council Member Charlie Miller
Citizen Member Sonja Adams
Citizen Member Carmen Deithloff
City Manager Joe Hennig, President
Deputy City Manager Gary McKamie, First Vice President
Director of Economic Development Bill Ridgway, Second Vice President
Assistant City Manager Loretta Getchell, Treasurer
City Secretary Susan Crim, Secretary
Library Administrator Kate Lyon
Brad Jay of Weaver and Tidwell
Citizen Member Wayne Marrs was not present.
CALL TO ORDER
Chairman Mary Lib Saleh called the meeting to order at 5:20 p.m.
APPROVAL OF MINUTES OF AUGUST 14, 2006
Upon motion by Carl Tyson and second by Sonja Adams, the minutes of the August 14,
2006, meeting were approved by unanimous vote.
FISCAL YEAR 2006 COMPREHENSIVE ANNUAL AUDIT
Assistant City Manager Loretta Getchell introduced Brad Jay, Weaver and Tidwell, LLP,
who presented the Financial Report for the Euless Development Corporation for the year
ended September 30, 2006. Mr. Jay stated his firm has had a long relationship with the
City of Euless and that the City's staff does a great job of keeping the records in order
which makes their job much easier. He said the audit was conducted in accordance with
generally accepted auditing standards and received an Unqualified Opinion, the highest
EULESS DEVELOPMENT CORPORATION FEBRUARY 26,2007 PAGE 2
possible rating. He reviewed the highlights and gave an overview of the Euless
Development Corporation's financial standing. He pointed out the financial highlights
were an ending fund balance of $3,354,828, of which $2,002,889 had been available for
spending at the corporation's discretion (unreserved fund balance), $950,618 was
reserved for debt service and an additional $401,321 was designated for capital projects.
The Corporation's bonds payable decreased $550,000 or 7% due to principal payments.
He stated the Balance Sheet indicated the General Fund Balance was $2,953,507, the
Capital Projects Fund Balance was $401,321 for a Total Governmental Fund Balance of
$3,354,828.
Upon motion by Sonja Adams and second by Carmen Deithloff, the Euless Development
Corporation Independent Auditor's Report from Weaver and Tidwell, LLP, for the year
ended September 30, 2006, was accepted by unanimous vote.
REVIEW OF FINANCIAL REPORT, QUARTER ENDING DECEMBER 31, 2006
Loretta Getchell reviewed the Financial Report for the quarter ending December 31,
2006, indicating that sales tax revenues totaled $816,203 which represents 27% of
budget, and operating expenditures were within budget at$941,519.
She stated the remaining balance in the capital project fund for projects not yet
completed is $463,509, primarily for remaining park amenities, Midway Park Trail and
park structure improvements. Undesignated capital project funds in the amount of
$107,307 remain available for future allocation to approved projects.
REPORTS ON CURRENT AND UPCOMING PROJECTS
Director of Economic Development Bill Ridgway reported that the City has leads for a
corporate headquarter and a bank at a major intersection. He said they were both very
complimentary of our Planning and Development Department. He reported that Kent
Donahue's land plan for Glade Parks is expected in April. He said that Burk Collins
development, Vineyard Village, is 94% leased. Mr. Ridgway said they are concerned
about the corner where Jumpin John's and Aladdin Car Wash are located, because
they have both closed down. The landlord doubled their lease but has indicated he has
no intention of selling the property. He reported there is still no lease on the former
Winn Dixie building. He said Incredible Pizza should be open by mid-April.
Library Administrator Kate Lyon reported that they have been busy with a month-long
Dr. Seuse celebration, the Tea Merchants visit, planning for the celebration of National
Library Week coming up in April and the Library Foundation fund-raiser hosting Elmer
Kelton. She also reported that Sherry Knight, the Assistant Library Administrator would
begin working part-time at the end of March. Ms. Lyon reported that the technology for
the down-loadable books is not ready for our Library to begin furnishing them, but that
they will look at them again next year. She stated that the Library is in need of more
study rooms. They have only one and it is used by 3 or 4 people at a time. She said
what they need is 4 or 5 rooms that will hold a maximum of 2 people and keep the room
EULESS DEVELOPMENT CORPORATION FEBRUARY 26, 2007 PAGE 3
that holds 3 or 4 people. Councilman Tyson asked if the genealogy computers could
be made available for general use when they are not being used for genealogy
research. Ms. Lyon said they are used for genealogy purposes most of the time.
City Manager Joe Hennig reported that most of the Park amenities are progressing well
and that the barbeque grills and picnic tables have been upgraded throughout the
parks. They are still working on plans for a dog park.
ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:20
p.m.
APPROVED: ATTEST:
. W, �i/ Limit
Mary Li./ aleh Susan Cri
Chairman Secretary