HomeMy WebLinkAbout2002-08-12 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
AUGUST 12, 2002
The Board of Directors of the Euless Development Corporation met on Monday, August
12, 2002, in the Conference Room of Building A at the Municipal Complex, 201 North
Ector Drive, Euless Texas.
The following persons were in attendance:
Mayor Pro Tern Carl Tyson, Vice Chairman
Council Member Veva Lou Massey
Council Member Bob Edwards
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
Director of Fiscal &Administrative Services Loretta Getchell, Treasurer
City Secretary Susan Crim, Secretary
Director of Public Works Ron Young
Interim Director of Parks and Leisure Services Ray McDonald
Library Administrator JoAnn Rogers
Fleet and Facility Administrator Kyle McAdams
Special Projects Manager Lou Baum
Mayor Mary Lib Saleh, Chairman, and Citizen Member Wayne Marrs were not present.
CALL TO ORDER
Vice Chairman Carl Tyson called the meeting to order at 5:45 p.m.
APPROVAL OF MINUTES OF MAY 13, 2002 AND JUNE 25, 2002 MEETINGS
Upon motion by Bob Edwards and second by Veva Lou Massey, the minutes of the May
13, 2002 and the June 25, 2002 meetings were approved by unanimous vote.
REVIEW OF FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2002
Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending June 30,
2002, and stated that there were no expenditures in the capital projects fund for this
quarter. The remaining balance in the capital project fund for projects not yet completed
EULESS DEVELOPMENT CORPORATION AUGUST 12,2002 PAGE 2
is $256,456, primarily money for the hike-bike trail and a variety of park improvements.
These projects are ongoing.
Ms. Getchell reported that sales tax collections as of the third quarter were $1,656,043,
which represented 73% of budget. Operating expenditures were within budget at
$1,353,188. She stated that undesignated capital project funds in the amount of
$140,036 remain available for future allocation to approved projects. She noted that
the Debt Reserve Fund had a balance of $950,618, which is the amount required by
this Board to be maintained, and she stated that interest income in excess of the
required reserve would be transferred to the operating fund at year end.
PUBLIC HEARING ON FISCAL YEAR 2002-2003 BUDGET
Vice Chairman Tyson opened a public hearing for the Fiscal Year 2002-2003 Euless
Development Corporation budget. Loretta Getchell stated that proposed sales tax
collections are slightly lower than current year projected receipts due to the loss of several
businesses. There are no significant changes in the three major sections of the budget,
Parks, Library and Economic Development. She stated that the debt service is slightly
decreased due to the recent refunding of bonds. She noted that the contingency of
$250,000 and sales tax rebate to the State of $25,000 would remain the same this fiscal
year. She reviewed the proposed capital programs, noting that the major one is the
transfer of $350,000 to the Parks at Texas Star Phase III project. Total expenditures are
expected to be $2,942,380 and the ending fund balance is projected to be $574,677,
which is greater than the $500,000 balance the Board has requested to be maintained.
Joe Hennig stated that $150,000 would be used to begin design of Phase 3 of the Parks
At Texas Star and $200,000 will be the City's match for the Texas Rangers miniature
field. Remaining funds will come from car rental tax revenues, with the total cost of the
Phase 3 being approximately $1,650,000.
Vice Chairman Tyson closed the public hearing.
APPROVAL OF FISCAL YEAR 2002-2003 BUDGET
Upon motion by Sonja Adams and second by Bob Edwards, the Fiscal Year 2002-2003
Euless Development Corporation budget was approved by unanimous vote.
REPORT ON CURRENT AND UPCOMING PROJECTS
Joe Hennig introduced Ron Young, who was recently promoted to Director of Public
Works after Randy Byers retirement in July. He also introduced Kyle McAdams, Fleet
and Facility Administrator. He reported that Rick Herold recently went to work for
EULESS DEVELOPMENT CORPORATION AUGUST 12, 2002 PAGE 3
another city and Ray McDonald has been appointed Interim Director of Parks and
Community Services.
Ron Young reported that the Main Street reconstruction project is progressing and that
the electric poles would be coming down soon as the electric utilities are being
relocated to the back of the lots on Main Street and the phone lines will be
underground. He stated the construction contract would not be bid until all utility
relocation is complete. He said the City has received clearance from the Texas
Department of Transportation to do the signal work on both sides of the freeway.
Special Projects Manager Lou Baum reported that six of the monument signs on Main
Street have been constructed and more are in progress. He said there are three
businesses who have not yet agreed to participate in the sign program. Joe Hennig
commended Lou Baum on being a good representative for the City to the business
owners on Main Street and said he is in the process of preparing a brochure and
banners for businesses to use during construction. Mr. Hennig stated that lighting and
landscaping plans will be brought to the City Council in September or October.
Sonja Adams asked about signage for the city limits of Euless. Joe Hennig replied that
the Mayor and other members of a sign subcommittee will be addressing that in the
new budget year and that $100,000 has been budgeted in FY03.
Sonja Adams asked if there would be any pavers at the intersection of Main Street and
Harwood Road. Ron Young replied that there would not be, but there will be some at
Denton Drive and other intersections along Main Street.
ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:37
p.m.
APPROVED: ATTEST:
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Mary Lib S eh usan Crim
Chairman Secretary
APPROVED BY EULESS DEVELOPMENT CORPORATION, AUGUST 12 , 2002
EULESS DEVELOPMENT CORPORATION
PROPOSED OPERATING BUDGET
FISCAL YEAR 2002/03
FY 2002 FY2002 FY2003
Budget Projected Proposed
(Beginning Fund Balance 1,126,328 1,126,328 1,203,527
Revenues:
Sales Tax Collections 2,278,926 2,278,926 2,273,530
Interest Income 50,000 40,000 40,000
Operating Revenue 2,328,926 2,318,926 2,313,530
Expenditures:
Parks
Personnel: (192,729) (192,729) (207,637)
Supplies&Miscellaneous (26,120) (26,120) (26,120)
Advertising (5,000) (5,000) (5,000)
Contingencies (15,000) (15,000) (15,000)
Utilities (95,000) (95,000) (95,000)
Equipment Notes (78,428) (23,692) (31,590)
Mowing Contract (64,214) (64,214) (64,214)
Parks Subtotal (476,491) (421,755) (444,561)
Library
Personnel: (345,737)
(345,737) (355,263)
Economic Development
Personnel: (49,999) (49,999) (52,102)
-,-, Supplies and Miscellaneous (42,560) (42,560) (42,400)
Advertising and Promotions (14,000) (14,000) (13,160)
Professional Services (10,000) (10,000) (10,000)
Incentives(Transfer to CIP) (25,000) (25,000) (25,000)
Contingencies (10,000) (10,000) (10,000)
Furniture (1,500) (1,500) 0
Art(2%of Sales Tax Collections) (46,000) (670) (107,484)
Economic Dev.Subtotal (199,059) (153,729) (260,146)
Bank Chg/Debt Serv/Audit (978,006) (978,006) (947,356)
Contingency (250,000) (250,000) (250,000)
Sales Tax Rebate (25,000) (25,000) (25,000)
Operating Expenditures (1,253,006) (1,253,006) (1,222,356)
EXCESS REVENUE OVER EXPENDITURES 54,633 144,699 31,204
Capital Programs
Advertising-Electronic Media (25,000) (20,000) (5,000)
Aerial Photos* 0 0 (15,000)
Media Upgrade Meeting Room (8,100) 0 (8,100)
Library Materials (75,000) (20,000) (55,000)
Library Materials* 0 0 (75,000)
Irrigation (70,000) 0 (70,000)
Tfr to CIP-Phase III Parks @ Tx Star' 0 0 (350,000)
Upgrade Library Automated System (109,454) (27,500) (81,954)
Subtotal-One Time Expenditures (287,554) (67,500) (660,054)
TOTAL EXPENDITURES (2,561,847) (2,241,727) (2,942,380)
(Available Fund Balance 893,407 1,203,527 574,677
Projected Ending Fund Balance,FY02-03 574,677