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Home My WebLink About2006-08-14 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES AUGUST 14, 2006 The Board of Directors of the Euless Development Corporation met on Monday, August 14, 2006, 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 Carl Tyson, Vice Chairman Council Member Charlie Miller Citizen Member Carmen Deithloff Citizen Member Wayne Marrs 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 Director of Parks and Leisure Services Ray McDonald Library Administrator Kate Lyon Antoinette Bone, Visitor Citizen Member Sonja Adams was not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:35 p.m. APPROVAL OF MINUTES OF MAY 15, 2006 MEETING Upon motion by Wayne Marrs and second by Carmen Deithloff, the minutes of the May 15, 2006, meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2006 Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending June 30, 2006, and stated that the Capital Projects Fund summary details expenditures of$75,646 for park improvements. EULESS DEVELOPMENT CORPORATION AUGUST 14, 2006 PAGE 2 The remaining balance in the Capital Project Fund for projects not yet completed is $219,107. Sales tax collections through the third quarter were $2,208,693 which represents 88% of budget. Operating expenditures are within budget at $1,871,413. Undesignated Capital Project Funds in the amount of $213,140 remain available for future allocation to approved projects. PUBLIC HEARING ON FISCAL YEAR 2006-2007 BUDGET Chairman Saleh opened a public hearing for the Fiscal Year 2006-2007 Euless Development Corporation budget. Loretta Getchell compared the Fiscal Year 2006 Budget with the projected balances expected at the end of FY06 and also to the proposed Fiscal Year 2007 budget. She stated that they expect to end FY06 with a fund balance of $1,471,237, and sales tax revenue and related interest is expected to be $3,118,213 in FY07. Proposed operating expenditures total $2,885,578 and will fund a portion of the park, library and economic development personnel, supplies, equipment, library books, economic development incentives, and debt service on outstanding bonds. The FY2006-07 budget includes the addition of one field tech to assist with park maintenance and includes capital totaling $795,954. If approved as submitted, this fund would have an estimated ending fund balance of $907,918 which exceeds the board's recommended minimum reserve level of$500,000. Proposed capital expenditures include upgrades to the library computer & inventory systems, new aerial photographs of the city that can be distributed to potential developers, shade structures for spectators at the T-ball field at the Parks at Texas Star, playground lighting and lighting for the parking lot at the Preserve, an update to the park master plan, funding for seasonal and contract laborers to keep our parks properly maintained and replacement of the related maintenance equipment. It also includes funds to connect the trail along Main Street to Midway Park on the north side of the drainage channel to allow safer access for residents to enter Midway Park. This funding will provide 3 pedestrian bridges, park benches, landscaping and lighting along the trail. Additionally, funding has been requested for the renovation of several park gazebos and pavilions that have aged and deteriorated and to add additional picnic stations, grills, and trash receptacles as funding allows. Director of Parks and Community Services Ray McDonald and Library Administrator Kate Lyon gave explanations of the items budgeted for their departments, and Director of Economic Development Bill Ridgway explained the need for the new aerial photographs. The proposed budget also includes $300,000 for incentives to be paid from the Capital fund to assist with the redevelopment of the old Sutherland building to create a sales office, training facility, assembly and parts distribution center, and accounting center for Professional Turf Products. EULESS DEVELOPMENT CORPORATION AUGUST 14, 2006 PAGE 3 There being no proponents or opponents, Chairman Saleh closed the public hearing. APPROVAL OF FISCAL YEAR 2006-2007 BUDGET Upon motion by Charlie Miller and second by Wayne Marrs, the Fiscal Year 2006-2007 Euless Development Corporation budget was approved by unanimous vote. REPORT ON CURRENT AND UPCOMING PROJECTS City Manager Joe Hennig introduced Antoinette Bone, an attorney formerly with the Dallas County District Attorney's office who is interning in the City of Euless for a few days, studying the operation of municipal government. Director of Economic Development Bill Ridgway reported that a Jack-In-The Box is in the planning stages for the Southeast corner of Raider Drive and SH10. He said there are four prospects looking for one acre or less parcels, and a broker is talking with our Development Department about some of the Bennett property for an office building. Joe Hennig reported that Burk Collin's project is going well. Although it is too hot to pour concrete, they are moving along with other work. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:27 p.m. APPROVED: ATTEST: '. Ill/ / / /i/iii _ �i�� Mary Lib aleh usan Cri Chairman Secretary Adopted at the August 14, 2006 Euless Development Corporation Board meeting. EULESS DEVELOPMENT CORPORATION PROPOSED OPERATING BUDGET FISCAL YEAR 2006/07 FY2006 FY2006 FY2007 Budget Projected Proposed Beginning Fund Balance $ 1,405,272 1,405,272 1,471,237 Revenues: Sales Tax Collections $ 2,513,929 2,927,338 3,038,213 Transfer from EDC Debt Reserve $ 15,000 30,000 40,000 Interest Income $ 15,000 30,000 40,000 Operating Revenue $ 2,543,929 2,987,338 3,118,213 Expenditures: Parks Personnel: $ (219,929) (219,929) (208,774) Supplies&Miscellaneous $ (45,120) (45,120) (46,620) Advertising $ (5,000) (5,000) (5,000) Contingencies $ (15,000) (15,000) (15,000) Utilities $ (117,500) (117,500) (117,500) Equipment Notes $ (7,644) (7,644) (7,644) Mowing Contract $ (64,214) (64,214) (64,214) Parks Subtotal $ (474,407) (474,407) (464,752) Library Personnel/Special Events $ (518,878) (518,878) (522,000) Library Materials $ - 0 (95,000) Library Subtotal $ (518,878) (518,878) (617,000) Economic Development Personnel: $ (59,183) (59,183) (58,865) Supplies and Miscellaneous $ (46,300) (46,300) (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) (6,568) (104,932) Economic Dev.Subtotal $ (208,643) (165,211) (263,257) Bank Chg/Debt Serv/Audit $ (951,355) (952,355) (1,024,499) Contingency $ (290,490) (250,000) (250,000) Training/Job Creative Incentive $ (100,000) (156,250) (175,000) Sales Tax Rebate $ (25,000) (50,000) (56,250) Operating Expenditures $ (1,366,845) (1,408,605) (1,505,749) EXCESS REVENUE OVER EXPENDITURES $ (24,844) 420,237 362,455 Supplemental Programs Full Time Field Tech(Parks) $ - 0 (34,820) One Time Capital Programs Capital Projects for FY06(see attached sheet) $ (367,222) (354,272) (8,757) Capital Projects for FY07(see attached sheet) $ - 0 (787,197) Subtotal-One Time Capital Expenditures $ (367,222) (354,272) (795,954) "' TOTAL EXPENDITURES $ (2,935,995) (2,921,373) (3,681,532) 'Available Fund Balance $ 1,013,206 1,471,237 907,918 I Projected Ending Fund Balance,FY06-07 907,918 1 EULESS DEVELOPMENT CORPORATION PROPOSED OPERATING BUDGET ONE TIME CAPITAL PROGRAMS FISCAL YEAR 2006/07 FY 2006 FY 2006 FY 2007 PROJECT DESCRIPTION BUDGET PROJECTED PROPOSED FY 06 APPROVED ONE-TIME CAPITAL PROJECTS Library Language Instructor $ 4,000 - 4,000 Part Time Field Tech $ 25,000 25,000 - Library Materials $ 75,000 75,000 - Irrigation(Trailwood/McCormick Park/Bob Eden) $ 52,941 52,860 - Wood Pole Replacement $ 6,281 6,281 - Monument Signs $ 6,000 1,243 4,757 Historical Preservation $ 10,000 10,000 - . Heritage Park Fence $ 10,000 5,888 - Reel Mower Athletic Complex $ 28,000 28,000 - Transfer to CIP(Park Amenities) $ 150,000 150,000 - TOTAL FY 06 CAPITAL PROJECTS $ 367,222 354,272 8,757 FY 07 RECOMMENDED ONE-TIME CAPITAL PROJECTS Inventory Control for Library $ - - 5,772 Polaris Integrated Library System Licenses/Upgrades $ - - 7,675 Update Aerials $ - - 15,000 Building Repairs Old Fire Station#2 $ - - 20,000 Lighting-Preserve Parking Lot $ - - 18,000 Trail Enhancements $ - - 20,000 PT Seasonal Field Tech I $ - - 25,000 Parks Master Plan Update $ - - 32,000 Contract Flower Bed Maintenance $ - - 35,000 Parks Maintenance Equipement Package $ - - 134,750 Lighting Improvement at Park Playgrounds $ - - 12,000 Metal Shade Structures(3)for T-Ball Fields- Parks CO TX Star $ - - 27,000 Transfer to CIP-Misc Park Structure Improvements $ - - 225,000 Transfer to CIP-Midway Park Trail $ - - 210,000 TOTAL FY 07 CAPITAL PROJECTS $ - - 787,197 2 ' EULESS DEVELOPMENT CORPORATION PROPOSED CAPITAL BUDGET FISCAL YEAR 2006/07 FY2006 FY2006 FY2007 Budget Projected Proposed 'Beginning Fund Balance $ 336,082 336,082 357,283 I Revenues: Transfer from EDC Operating Fund . $ 175,000 175,000 460,000 Interest Income $ 2,000 15,027 15,750 Operating Revenue $ 177,000 190,027 475,750 Expenditures: * Parks Marquee Signs $ (9,194) (9,194) 0 Basketball Goal South Euless $ (5,140) (5,140) 0 Floor Midway Recreation Center $ (4,048) (4,048) 0 Misc Projects $ (334) (334) 0 Splash Pool-South Euless $ (633) (110) 0 Park Amenities $ (150,000) (150,000) 0 Misc Park Structure Improvements $ - 0 (225,000) Midway Park Trail $ - 0 (210,000) Subtotal Parks: $ (169,349) (168,826) (435,000) Economic Development Incentives $ (144,141) 0 (300,000) Total Expenditures $ (144,141) 0 (300,000) EXCESS REVENUE OVER EXPENDITURES $ (136,490) 21,201 (259,250) !Available Fund Balance $ 199,592 357,283 98,033 'Projected Ending Fund Balance, FY06-07 98,033 I * Unspent Capital Expenditures carryover until the project is complete. 3