HomeMy WebLinkAbout1993-09-27 °' EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
SEPTEMBER 27, 1993
The Board of Directors of the Euless Development Corporation met at
4:30 p.m. , Monday, September 27, 1993, in the Downstairs Conference
Room of Building A, Euless Municipal Complex, 201 North Ector Drive,
Euless, Texas.
Members present included:
Mayor Mary Lib Saleh, Chairman of the Board of Directors
Mayor Pro Tem Bobby Baker, Vice Chairman of the Board of Directors
City Manager Tom Hart, President
Assistant City Manager Joe Hennig, Vice President
Director of Economic Development Tom Cox, Second Vice President
City Secretary Susan Crim, Secretary
Sonja Adams, Citizenmember
Edward Denari , Citizenmember
Miles Pritchard, Citizenmember
Members absent included:
Councilman Henry Boatright
Councilman Charles Miller
Director of Fiscal and Human Resources Debra Forte, Treasurer
Assistant to the City Secretary Cathy DiMaggio, Assistant Secretary
The meeting was called to order by Chairman of the Board of Directors,
Mayor Mary Lib Saleh.
The minutes of the September 7, 1993 organizational meeting of the
Euless Development Corporation were distributed and acknowledged by
those present as being correct.
Chairman Saleh announced that the Library Consultant, Lee Brawner,
will be attending the City Council Meeting on Tuesday, September 28,
and invited the EDC members to come and meet with him.
President Hart presented the proposed Fiscal Year 1993-1994 Euless
Development Corporation Budget. He explained how the source of income
(half cent sales tax receipts) will come in over the next year and the
difference in the operating fund (sales tax receipts) and the capitol
fund (bond issue receipts) . Mr. Hart briefly reviewed a three year
projection of the budget through Fiscal Year 1996 and explained the
process of issuing bonds.
President Hart discussed the possibility of a bond sale after January
1, 1994, and explained the debt service on those bonds would begin
during Fiscal Year 1994-1995. He stated that he recommends keeping
$500,000 in reserves in the bank.
Mr. Hart then reviewed preliminary proposals for use of the half cent
sales tax receipts and acknowledged that adjustments may be necessary
as the first year of the program develops.
Vice Chairman Baker moved to approve the Fiscal Year 1993-1994 Euless
Development Corporation Budget as presented. The motion was seconded
by Citizenmember Edward Denari and carried by unanimous vote.
Chairman Saleh announced this committee will meet again in late
November or early December.
The meeting was adjourned at 6:00 p.m.
MayortarY Lib Saleh
Chairman of the Board of Directors
City Secre ary Susan Crim
Secretary
FY 93-94 SALES TAX BUDGET
ACCT
NUMBER FY92-93 FY93-94
REVENUE PROJECTED: $85,576 $1,350,000
EXPENSES:
LIBRARY:
Travel 8606 $5,000
Architect 8617 i $50,000
Consultant 8620 $30,000
Equipment 9216 $50,000
SUBTOTAL: $0 $135,000
PARKS & RECREATION:
1
Midway Rec. Wall 5760 $95,600
Const.Crew-9 mos. 8105 $101,400
Special Services 8604 $30,000
Improvements 9002 $100,000
Truck 9204 $15,000
SUBTOTAL: $95,600 $246,400
ECONOMIC DEVELOPMENT:
Special Services 8604 $5,000
Travel 8606 $15,000
Promotions 8640 $10,000
Scotty's Golf 8604 1 $45,000
SUBTOTAL: $0 $75,000
NON-DEPARTMENTAL:
General Admin. Charge i I 8696 $67,500
Reserve I 8604 $826,100
SUBTOTAL: $0 $893,600
TOTAL: $95,600 $1,350,000