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Home My WebLink About1994-05-26 EDC Minutes ,.. EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES MAY 26, 1994 The Board of Directors of the Euless Development Corporation met at 4:00 p.m., Thursday, May 26, 1994, 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 Councilman Henry Boatright Councilman Charles Miller City Manager Tom Hart, President Assistant City Manager Joe Hennig, Vice President Director of Economic Development Torn Cox, Second Vice President Director of Fiscal and Human Resources Debra Forte', Treasurer Sonja Adams, Citizen Member Edward Denari, Citizen Member Miles Pritchard, Citizen Member Assistant to the City Secretary Cathy DiMaggio, Assistant Secretary Members absent included: Mayor Pro Tern Bobby Baker, Vice Chairman of the Board of Directors City Secretary Susan Crim, Secretary Other staff present included: Bo Bass, Parks Development and Operations Manager Betty Yarbrough, Library Manager Visitors: Leon Hogg, Chairman, Parks and Leisure Services Board CALL TO ORDER The meeting was called to order by Chairman of the Board of Directors, Mayor Mary Lib Saleh. EULESS DEVELOPMENT CORPORATION MINUTES MAY 26, 1994 PAGE 2 APPROVAL OF MINUTES OF MARCH 10, 1994 Upon motion by Citizen Member Denari and second by Councilman Boatright, the minutes of the March 10, 1994, meeting of the Euless Development Corporation were approved by a unanimous vote. ACKNOWLEDGE RECEIPT OF FY93 AUDIT AND FINANCIAL REPORT OF EULESS DEVELOPMENT CORPORATION Upon motion by Councilman Miller and second by Citizen Member Adams, the Board acknowledged receipt of the City of Euless FY93 audit and financial report which included those figures applicable to the Euless Development Corporation for the month of September, 1993, by a unanimous vote. WORKSESSION ON BUDGET AND LONG-RANGE PLAN Mr. Denari asked what rate of interest is currently being received for sales tax monies already collected. Treasurer Debra Forte' replied that the most current interest rate is 3.44%. President Tom Hart outlined what he hoped would be accomplished through the long-range plan including a complete understanding by the Board of the revenues and expenditures projected; the three-pronged global plan including library programs, parks program and economic development; and specific procedures, including bid reviews, that would be followed by the board. Mr. Hart gave a summary of projected Sales Tax Revenues through September 30, 1996, totalling $12,597,670, of which he hoped to hold $1,035,926 in reserve. Mr. Hart then explained the proposed 3-year plan of expenditure through September 30, 1996 from funds derived from monthly collections and bond sales, totalling $11,561,744. The proposed bond sale would net $8 million, with an actual sale of $8.9 million. The sale would include a required one-year escrow payment as well as cost of issuance totalling $890,000. Discussion took place among the board members regarding the details of the bond sale, including the amount, number of years and whether or not the bonds could be refinanced. Mr. Hart discussed the three-pronged program of Library, Parks and Economic Development and discussion took place on each of these three projects. Consensus was reached on the adequacy of funding for the library. Citizen Member Denari asked that $50,000 be allocated to Senior Citizens Projects under the Parks portion of the long-range plan. It was agreed upon to move $50,000 from "Existing Parks Projects" to "Senior Citizens Projects." An amended Long-Range Expenditures Plan was prepared to present at the public hearing incorporating this change. Mr. Hart asked that if funds remained in the Library and Economic Development projects, the funds be moved to Parks, "Athletic Complex/Phase 1." The Board agreed that any funds remaining in the Library and Economic Development budgets could be moved to the athletic complex project. Mr. Denari commented on the fact that the city had received a $708,000 trail grant for which a matching amount was provided from the half cent sales tax revenues. He asked that this be pointed out in the Mayor's Newsletter so that city residents could see tangible effects of the sales tax monies. EULESS DEVELOPMENT CORPORATION MINUTES MAY 26, 1994 PAGE 3 Mayor Saleh explained how the 7:00 p.m. public hearing would proceed. Mr. Cox explained that the "Incentives" line item under Economic Development could consist of several items, including landscaping, entryways, anything that would make the city more marketable. He commented that the demolition of the burned out Western Hills Annex is one example of the sales tax money used as an economic development incentive. Mr. Hart explained the FY94 budget amendments that the Board would be asked to approved following the public hearing. The Economic Development budget was increased by $320,000 including "Incentives" at $250,000 and "Professional Services" at $70,000. At Council's request because of promises made prior to the Half Cent Sales Tax election, the Administrative Charge of $67,500 was deleted. Mr. Hart distributed a Bond Sales Calendar of Events. It was noted that the City Council will not hold a meeting on July 26, 1994, so the calendar will need to be amended. Mr. Cox gave an update on the proposed mall project. PUBLIC HEARING - PROJECTS TO BE UNDERTAKEN BY THE EULESS DEVELOPMENT CORPORATION The Board continued their meeting in the Council Chambers at 7:00 p.m. to conduct a public hearing and for the consideration of other scheduled items. (An inclusive list of those present at the public hearing is included on Page 1. No other citizens were present for the public hearing.) Mayor Saleh opened the public hearing at 7:00 p.m. and pointed out that the public hearing is a time for citizens to ask questions of board members and staff about projects to be undertaken by the Euless Development Corporation. Mayor Saleh asked Mr. Hart to outline the proposed projects. Mr. Hart noted that the Board Members had just held a three-hour worksession and discussed the budget and proposed long-range plan, but would like to include for the public record some important information regarding the proposed projects. Mr. Hart noted that the recommendations before the board include two phases: 1) 37-month phase: 1 month from last year and FY93/94, FY94/95 and FY95/96. It is estimated that during those 37 months, monthly collections will total $4,237,670. A bond sale is being recommended to the Board which would net $8 million. Interest earnings are estimated at $360,000. Total projects receipts would be $12,597,670 for the 37-month period. Recommended projects total $11,561,744, leaving a balance of approximately $1 million at the beginning of FY96/97. Projects include a 3- prong program, including the Library, Parks and Economic Development. The Library program includes $5.5 million, including preparation for building the library, construction, automation, and acquisitions. EULESS DEVELOPMENT CORPORATION MINUTES MAY 26, 1994 PAGE 4 The Parks program totals $3,536,284, which includes a matching amount for a $708,000 trail grant recently received by the city, land acquisition for an athletic complex, Phase 1 of the athletic complex. Mr. Hart indicated that the total cost to build the athletic complex is estimated at this time at $3.6 million. It is recommended that the athletic complex be built in phases. One million is budgeted for Phase 1, the city would apply for a half million dollar grant to give the city $1.5 million to build as much as possible for Phase 1 of the complex. If monies are left over from other projects, the funds would be moved to this account. Mr. Hart reviewed other line items under the Parks projects, including $50,000 for senior citizen projects. The Economic Development budget includes operations, professional services for analysis of projects being considered, demolition of Western Hills Annex, economic incentives and funds for projects to make the city more economically viable such as entryways and clean-up. Debt service on the $8,890,000 bond sale would be $587,526 for FY 94/95 and $792,332 for FY 95/96. The debt payments would continue for the next 18-19 years. An escrow payment of$752,000 from the bond sale would be deposited in a reserve fund. Bond issuance costs would also be paid, with net proceeds from the bond sale of$8 million for projects mentioned earlier. Total expenditures projected: $11,561,744. 2) Beginning in FY96/97, annual projected revenues are $1,450,000. The bond payment would have to be made of $795,000. It is recommended that a 20% contingency be set aside that could be programmed into other projects if not needed at the end of the year. At this time, as money grows further, additional bond sales would be recommended to fund the completion of the athletic complex and other park projects to complete the park master plan. Mayor Saleh asked if anyone in the audience wished to ask questions of the board. No one in the audience wished to address the Board. Mayor Saleh closed the public hearing at 7:15 p.m. RATIFY AND CONFIRM FY94 EULESS DEVELOPMENT CORPORATION BUDGET AS APPROVED ON SEPTEMBER 27, 1993 Upon motion by Councilman Miller and second by Councilman Boatright, the FY94 Euless Development Corporation Budget as approved on September 17, 1993, was ratified and confirmed by a unanimous vote. EULESS DEVELOPMENT CORPORATION MINUTES MAY 26, 1994 PAGE 5 APPROVAL OF AMENDMENTS TO FY94 EULESS DEVELOPMENT CORPORATION BUDGET Upon motion by Citizen Member Denari and second by Citizen Member Adams, the Amendments to FY94 Euless Development Corporation Budget were approved by a unanimous vote. APPROVAL OF EULESS DEVELOPMENT CORPORATION LONG RANGE PLAN Upon motion by Citizen Member Pritchard and second by Councilman Miller the Euless Development Corporation Long Range Plan was approved as presented by a unanimous vote. Councilman Boatright commended the Board for the cooperative spirit and commitment to the community displayed during the worksession held from 4:00 to 7:00 p.m. Mayor Saleh noted that the Board was not aware at the beginning of the planning process that proceeds from the Half Cent Sales Tax could be spent for operations, but had since been informed that the State had reviewed the law and ruled that if additional facilities were built, then additional staff could be funded to operate those facilities. Mayor Saleh announced that on May 31, 1994, at 8:30 a.m. the Library Architect Selection Committee would meet in the downstairs conference room of Building A, to hear presentations from four architects being considered for the library project. ADJOURNMENT There being no further business before the Board, the meeting was adjourned at 7:20 p.m. APPROVED: May ary Lib Sal h Chairman of the Board of Directors ATTEST: 6 Cathy DiM o Assistant ecretary AMENDED Approved by EDC 5-26-94 ITEM#7 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 $50,000 Consultant 8620 $30,000 Equipment 9216 $50,000 SUBTOTAL: $0 $135,000 PARKS & RECREATION: 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 $45,000 Incentives $250,0001 Professional Services $70,000 SUBTOTAL $395,000 NONDEPARTMENTAL: - Reserve 8604 $0 $573,600 TOTAL $95,600 $1,350,000 —I Accepted by EDC 5-26-94 WEAVER AND TIDWELL AFFILIATIONS CERTIFIED PUBLIC ACCOUNTANTS DALLAS OFFICE SUMMIT INTERNATIONAL A REGISTERED LIMITED LIABILITY PARTNERSHIP TWO GALL ERIA TOWER ASSOCIATES,INC. 1500 COMMERCE BUILDING 13455 NOEL ROAD,SUITE 520 - ASSOCIATED REGIONAL 307 WEST SEVENTH STREET DALLAS,TEXAS 75240 ACCOUNTING FIRMS FORT WORTH.TEXAS 76102-5194 (214).90-+970 (817)332-7905 METRO 429-0820 METRO 253-3970 FAcsIMILE(817)429-5936 To the Honorable Mayor, City Council and City Manager City of Euless, Texas INDEPENDENT AUDITOR'S REPORT We have audited the accompanying general purpose financial statements of the City of Euless, Texas as of and for the year ended September 30, 1993, as listed in the table of contents. These general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects,the financial position of the City of Euless,Texas at September 30, 1993, and the results of its operations and cash flows of its proprietary fund type for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial • statements taken as a whole. The combining and individual fund and account group statements and schedules and the statistical section listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Euless, Texas. The combining and individual fund and account group statements and schedules have been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, are fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The statistical section has not been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, accordingly,we express no opinion on such data 4.14134AzL WEAVER AND TIDWELL, LLP. Fort Worth, Texas December 1, 1993 2342 CITY OF EULESS SPECIAL REVENUE FUND COMBINING BALANCE SHEET SEPTEMBER 30, 1993 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1992 Police Half Hotel/ Drug Penny Motel Enforcement Sales Totals Fund Fund Tax 1993 1992 ASSETS Cash and cash equivalents $ 19,953 $ 35,139 $ 2,757 $ 57,849 $ 47,820 Short-term investments 130,858 - - 130,858 154,188 Accrued interest receivable 197 - - 197 672 Total assets $ 151,008 $ 35,139 $ 2,757 Ll£3.2620. $ 202,680 LIABILITIES AND FUND EQUITY LIABILITIES: Accounts payable $ 4,333 $ 183 $ 600 $ 5,116 - Due to other funds - - 16,699 16,699 - Total liabilities $ 4,333 $ 183 $ 17,299 $ 21,815 - FUND EQUITY: Fund Balances: Reserve for drug enforcement - $ 34,956 $ - $ 34,956 $ 110,287 Reserve for capital projects - - (14,542) (14,542) - Unreserved, undesignated 146,675 - - 146,675 92,393 Total fund equity $ 146,675 $ 34,956 $ (14,542) $ 167,089 $ 202,680 Total liabilities and fund equity $ 151,008 $ 35,139 $ 2,757 $ 188,904 $ 202,680 29 CITY OF EULESS SPECIAL REVENUE FUND COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1993 WITH COMPARATIVE TOTALS FOR YEAR ENDED SEPTEMBER 30, 1992 Police Half Hotel/ Drug Penny Motel Enforcement Sales Totals Fund Fund Tax 1993 1992 Revenues: Gross receipts tax $ 131,951 $ 135,184 $ 85,580 $ 352,715 $ 162,440 Other revenues 3.969 652 - 4.621 6.004 Total revenues 135,920 135,836 85,580 357,336 168,444 Expenditures: Planning and development 98,111 54,955 6,525 159,591 137,488 Capital Outlay and maintenance 2,002 63.904 93,597 159,503 104,789 Total expenditures 100.113 118.859 100,122 319,094 242.277 Excess (deficiency) of revenues over expenditures 35,807 16,977 (14,542) 38,242 (73,833) Fund balance, beginning of year 110,868 17,979 - 128,847 202,680 Fund balance, end of year $ 146,675 34,956 14 542 '. 167,089 $ 128 847 30 HALF-CENT SALES TAX Approved by EDC 5-26-94 EXPENDITURES Library FY 93/94 Thru FY 95/96 Street Upgrade $250,000 Electrical Realignment $3,000 Land Aquisition $295,000 Parking, Bldg. B & Police $75,000 Irrigation/Landscaping $25,000 Demolition/Houses $25,000 Book& Library Aquisitions $500,000 Library Automation $250,000 Library Construction $4,000,000 Operation Exp. FY 93/94(Thru 4/30/94) $9,546 Professional Services $50,000 Misc. $50,000 $5,532,546 Parks FY 93/94 Thru FY 95/96 Land Aquisition $1,400,000 Athletic Complex/Phase 1 $1,000,000 Existing Park Projects $450,000 Operations $200,000 Trail Grant $200,000 Midway Rec Wall FY 92/93 $91,597 Professional Services $75,000 Operation Exp. FY 92/93 (Thru 4/30/93) $8,525 Operation Exp. FY 93/94(Thru 4/30/94) $11,162 Senior Citizen Projects $50,000 Miscellaneous $50,000 $3,536,284 Economic Development FY 93/94 Thru FY 95/96 Economic Development Operations $225,000 Professional Services $90,000 Western Hills Annex Demolition $40,000 Operation Exp. Fy 93/94 (Thru 4/30/94) $8,056 Incentives $500,000 Projects $250,000 $1,113,056 Debt. Service FY 93/94 Thru FY 95/96 FY 93/94 $0 FY 94/95 $587,526 FY 95/96 $792,332 $1,379,858 Total Expenditures FY 93/94 Thru FY 95/96 $11,561,744