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Home My WebLink About2005-08-15 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES AUGUST 15, 2005 The Board of Directors of the Euless Development Corporation met on Monday, August 15, 2005, in the Precouncil Room of City Hall in the Municipal Complex, 201 North Ector Drive, Euless Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Council Member Veva Lou Massey Council Member Charlie Miller Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Wayne Marrs City Manager Joe Hennig, President Director of Economic Development Bill Ridgway, Second Vice President Assistant City Manager Loretta Getchell, Treasurer City Secretary Susan Crim, Secretary Director of Parks and Leisure Services Ray McDonald Library Administrator JoAnn Rogers Finance Administrator Vickie Rodriguez Council Member Carl Tyson, Vice Chairman, and Deputy City Manager Gary McKamie, First Vice President, were not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:40 p.m. APPROVAL OF MINUTES OF MARCH 1, 2005 MEETING Upon motion by Sonja Adams and second by Wayne Marrs, the minutes of the March 1, 2005, meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2005 Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending June 30, 2005, and stated that the Capital Projects Fund summary details expenditures of $6,133, primarily for the splash pool at South Euless Park and other park improvements. EULESS DEVELOPMENT CORPORATION AUGUST 15, 2005 PAGE 2 The remaining balance in the Capital Project Fund for projects not yet completed is $146,116. Sales tax collections through the third quarter were $1,721,896 which represents 69% of budget. They are slightly behind the 75% expected collection at this point in the fiscal year. This was primarily due to the delayed opening of Acme Brick. Operating expenditures are within budget at $1,628,625. Undesignated Capital Project Funds in the amount of $194,662 remain available for future allocation to approved projects. PUBLIC HEARING ON FISCAL YEAR 2005-2006 BUDGET Chairman Saleh opened a public hearing for the Fiscal Year 2005-2006 Euless Development Corporation budget. Loretta Getchell compared the Fiscal Year 2005 Budget with the projected balances expected at the end of FY05 and also to the proposed Fiscal Year 2006 budget. She stated that they expect to end FY05 with a fund balance of $1,004,137. Sales tax projections for FY06 are very close to those of FY05 because, although Acme Brick will be operational for a full year, Burlington Coat Factory is closing. There is a 4% salary package in the personnel line items and a decrease in the Parks equipment budget due to some equipment being paid off. There are no major changes in other line items. The Acme Brick rebate line item is budgeted at the full $100,000 as they will be operational for the entire year. Library Administrator JoAnn Rogers stated that the request for $4,000 for a library language instructor is a result of numerous requests for assistance from patrons learning the English language. They plan to have this program available a couple of evenings each week. Parks and Community Services Director Ray McDonald stated that the $150,000 being requested for the Park amenities upgrade will be used to replace old playground equipment with more modem and safe structures. He said the part-time field tech is being requested to help keep up with all the additional park area the City has been fortunate enough to build in recent years. He said the $10,000 for the Heritage Park fence is to extend the wrought iron fence around the barn that was recently donated by Willie Mae McCormick to Heritage Park. The $6,000 for the monument project will be used to continue the Walk of Champions at the Parks at Texas Star and the $10,000 for Historical Preservation is an annual commitment to the Historical Preservation Committee that previously came from the Hotel/Motel Fund, but is now being requested from the Euless Development Corporation. He said $28,000 is budgeted to buy a reel mower for use at the Parks at Texas Star and $90,749 is budgeted for irrigation at Bob Eden Park and McCormick Park. EULESS DEVELOPMENT CORPORATION AUGUST 15, 2005 PAGE 3 Ms. Getchell concluded that the total budgeted expenditures are proposed to be $2,935,995 and with the expected beginning fund balance of $1,004,137 and projected revenues of $2,543,929, the available fund balance at the end of Fiscal Year 2006 would be $612,071. There being no proponents or opponents, Chairman Saleh closed the public hearing. APPROVAL OF FISCAL YEAR 2005-2006 BUDGET Upon motion by Wayne Marrs and second by Carmen Deithloff, the Fiscal Year 2005- 2006 Euless Development Corporation budget was approved by unanimous vote. REPORT ON CURRENT AND UPCOMING PROJECTS Joe Hennig reported that the City Council has discussed possible sign amortization for remaining signs on Main Street and they have chosen not to enact sign amortization. There has been no real progress with Braums or Chevron agreeing to participate in the signage program, and Central Self Storage is still working on an expansion project which will include a monument sign. The dry cleaners on Harwood Road at Main Street is under new ownership and they are not interested in participating in the Main Street signage program. Mr. Hennig reported that in other portions of the City budget, $40,000 has been designated for Mid Cities Boulevard landscaping and $25,000 for overall flower bed maintenance throughout the City. He also reported that a program proposed to be "Euless Pride" is being planned with a commitment of $50,000 for projects that will be economically beneficial to the City of Euless, such as replacement of deteriorating wooden light poles and wooden fencing. A committee of staff and citizens would review the projects and present them to the City Council for approval. Mr. Hennig stated we hope to see some changes in the next 12 months on the Bennett property on SH 360 at SH 183. He also reported that the Harrington property on SH 121 has been sold and will be developed with high quality commercial and retail improvement. On the opposite side of SH 121 approximately 40 acres have sold and will be developed for retail sales. Bill Ridgway reported that the Sutherlands building is under contract and we are waiting to see when they will close. EULESS DEVELOPMENT CORPORATION AUGUST 15,2005 PAGE 4 ADJOURN There being no further business before the Board, the meeting was adjourned at 7:00 p.m. APPROVED: ATTEST: Mary L1Il9ç4 eh Susan Crim Chairman Secretary Adopted at the August 15, 2005 Euless Development Corporation Board meeting. EULESS DEVELOPMENT CORPORATION PROPOSED OPERATING BUDGET FISCAL YEAR 2005/06 FY2005 FY2005 FY2006 Budget Projected Proposed 'Beginning Fund Balance 1,242,048 1,242,048 1,004,137 ' Revenues: Sales Tax Collections 2,501,250 2,350,000 2,513,929 Transfer from EDC Debt Reserve 0 0 15,000 Interest Income 12,000 12,000 15,000 Operating Revenue 2,513,250 2,362,000 2,543,929 Expenditures: Parks Personnel: (207,876) (207,876) (219,929) Supplies 8 Miscellaneous (38,620) (38,620) (45,120) Advertising (5,000) (5,000) (5,000) Contingencies (15,000) (15,000) (15,000) Utilities (117,500) (117,500) (117,500) Equipment Notes (30,573) (30,573) (7,644) Mowing Contract (64,214) (64,214) (64,214) Parks Subtotal (478,783) (478,783) (474,407) Library Personnel/Special Events (52d,216) (520,216) (518,878) Economic Development Personnel: (55,672) (55,672) (59,183) Supplies and Miscellaneous (47,632) (47,632) (46,300) ,� Advertising and Promotions (13,160) (13,160) (13,160) Professional Services (5,000) (5,000) (5,000) Incentives(Transfer to CIP) (25,000) (25,000) (25,000) Contingencies (10,000) (10,000) (10,000) Art(2%of Sales Tax Collections) (50,000) (50,000) (50,000) Economic Dev.Subtotal (206,464) (206,464) (208,643) Bank Chg/Debt Serv!Audit (952,270) (952.270) (951,355) Contingency (250,000) (250,000) (250,000) Acme Brick Rebate (75,000) 0 (100,000) Sales Tax Rebate (25,000) (25,000) (25,000) Operating Expenditures (1,302,270) (1,227,270) (1,326,355) EXCESS REVENUE OVER EXPENDITURES 5,517 (70,733) 15,646 Capital Programs Library Upgrades (57,545) (51,858) 0 Library Materials (75,000) (75,000) (75,000) Library Language Instructor 0 0 (4,000) Wood Pole Replacement (21,923) (12,960) (8,963) Transfer to CIP-Park Amenities Upgrade 0 0 (150,000) Part-time Field Tech 0 0 (25,000) Heritage Park Fence 0 0 (10,000) Monument Project/Historical Preservation 0 0 (16,000) Reel Mower 0 0 , (28,000) Irrigation Projects (68,109) (27,360) (90,749) Subtotal-One Time Expenditures (222,577) (167,178) (407,712) TOTAL EXPENDITURES (2,730,310) (2,599,911) (2,935,995) 'Available Fund Balance 1,024,988 1,004,137 612,071 'Projected Ending Fund Balance,FY05-06 612,071 '