HomeMy WebLinkAbout2018-03-12 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
March 12 , 2018
The Board of Directors of the Euless Development Corporation met on Monday , March 12 ,
2018 , in the Precouncil Conference Room at City Hall in the Municipal Complex, 201 North
Ector Drive , Euless , Texas .
The following persons were in attendance :
Mayor Linda Martin , Chairman
Council Member Linda Eilenfeldt, Vice-Chair
Council Member Tim Stinneford
Council Member Jeremy Tompkins
Citizen Member Sonja Adams
Citizen Member Carmen Deithloff
Citizen Member Jason Turner
City Manager Loretta Getchell , President
Deputy City Manager Bob Freeman , First Vice President
D irector of Planning and Economic Development Mike Collins , Second Vice President
Finance Director Janina Jewell , Treasurer
City Secretary Kim Sutter, Board Secretary
D irector of Parks and Community Services Ray McDonald
Library Administrator Sherry Knight
ITEM NO . 1 . CALL TO ORDER
Chairman Linda Martin called the meeting to order at 6 : 03 p . m .
ITEM NO . 2 APPROVED MINUTES OF DECEMBER 12 , 2017
D irector Stinneford motioned to approve the minutes of the December 12 , 2017 meeting .
S econded by Director Eilenfeldt, the motion carried by a unanimous vote .
ITEM NO . 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING
SEPTEMBER 30 , 2017
Treasurer Janina Jewell introduced Sarah Dempsey, Partner, and Stephanie Wilson , Audit
Manager, with Weaver L . L . P . to present the findings of the annual audit for the fiscal year
ending September 30 , 2017 .
Ms . Wilson 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 were made .
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D irector Stinneford motioned to accept the Euless Development Corporation Independent
Auditor's Report from Weaver L . L . P . for the year ending September 30 , 2017 . Seconded
by Director Adams , the motion carried unanimously .
ITEM NO . 4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING
DECEMBER 31 , 2017
Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December
31 , 2017 , and stated that the sales tax collections through the end of December were
$ 1 , 316 , 421 , which represents approximately 24 percent of budget . She reported a two
percent decrease in revenues when compared with prior year to date , and advised that
the decrease is attributed to the sales tax collections in the construction industry
specifically related to government contracts . She added that operating and capital
expenditures were within budget at $ 1 , 955 , 894 or approximately 30 percent of
appropriations . She advised that the year to date capital expenditures are $ 1 , 121 , 780
and include expenditures associated with park and library enhancements .
The operating fund ending balance as of December 31 , 2017 , is $ 1 , 743 , 751 .
The remaining balance in the capital projects fund for projects not yet completed is
$2 , 625 , 375 . The designated balance consists of monies for the miscellaneous park
improvements , irrigation projects , incentives , contingencies , and the library remodel
design and construction .
Treasurer Jewell reviewed the balances of the following funds :
Fund Balance
U ndesignated Capital Projects Fund $508 , 875 Available for allocation to future
projects .
D ebt Service Fund $ 11 , 357 Available for debt payment
D ebt Reserve Fund $ 125 , 869 Excess reserves will be used to pay
( Reserve level $40 , 572 ) final debt service payments .
P resident Getchell advised that the expenses associated with the purchase of 411 North
Main Street approved by the Corporation in December 2017 , will appear in the next
quarterly report .
ITEM NO . 5 HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS
D irector of Parks and Community Services Ray McDonald provided a recap of completed
projects , including replacement of the turf at The Parks at Texas (2016 ) , and the construction
of Legends Field (2017 ) . Additionally , he advised and presented the proposed plans for two
upcoming funded projects , which includes the renovation of J .A . Carr (2019 )and Wilshire
(2021 ) parks .
Library Administrator Sherry Knight presented a brief overview of the library services ,
including programs , funding for the library budget , and staffing . Additionally, she provided
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an update on the plans for relocating the library and offering library services during the
renovation of the main library building .
Planning and Economic Development Director Mike Collins presented an economic
development updated related to the Glade Parks , Founders Parc ( Midtown ) , Bear Creek
and the Gala at Oak Crest developments .
ITEM NO . 6 ADJOURN
There being no further business before the Board , the meeting was adjourned at 7 : 28 p . m .
APPROVED : ATTEST :
bt
Li da Martin i Sutter
Chairman Secretary