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HomeMy WebLinkAbout1996-03-25 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES MARCH 25, 1996 The Board of Directors of the Euless Development Corporation met at 4:00 p.m., Monday, March 25, 1996, 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 Tern Bobby Baker, Vice Chairman of the Board of Directors Council Member Charles Miller Council Member Carl Tyson Citizenmember Edward Denari Citizenmember Letty Lynn Maloney Assistant City Manager Joe Hennig, Vice President Finance Director Diana Ortiz, Treasurer City Secretary Susan Crim, Secretary Deputy City Secretary Cathy DiMaggio, Assistant Secretary Members absent included: Citizenmember Sonja Adams City Manager Tom Hart, President Director of Economic Development Tom Cox, Second Vice President Other staff present included: Director of Community Services Rick Herold Deputy Director of Development Bo Bass CALL TO ORDER The meeting was called to order at 4:07 a.m. by Chairman of the Board of Directors, Mary Lib Saleh. Mayor Saleh welcomed new Board Member Carl Tyson. APPROVAL OF MINUTES OF JUNE 22, 1995 MEETING Upon motion by Mr. Baker and second by Mr. Denari, the Minutes of the June 22, 1995 meeting were approved as presented by unanimous vote. EULESS DEVELOPMENT CORPORATION MINUTES MARCH 25, 1996 PAGE 2 Mayor Saleh announced that Assistant City Manager Joe Hennig would sit in for City Manager Tom Hart. AUDIT REPORT FOR 1994-95 Finance Director Diana Ortiz reported that the Euless Development Corporation Audit Subcommittee accepted the audit for Fiscal Year 1994-95 as it was presented with the exception that a note would be placed on page 7, Budgetary Data, No. 5, to clarify that budget expenditures represent a 37-month period rather than a 12-month period. Ms. Ortiz stated that the auditing firm of Weaver and Tidwell had issued a "clean" opinion. Discussion took place on debt service, maximum amount of debt which may be incurred and what would constitute the end of the Euless Development Corporation. ACCEPTANCE OF THE AUDIT REPORT FOR 1994-95 Upon motion by Mr. Denari and second by Mr. Tyson, the Audit Report for Fiscal Year 1994-95 as stated by Mr. Baker, Chair of the Audit Subcommittee, to include a note on page 7, clarifying that budget expenditures represent a 37-month period rather than a 12- month period, was accepted by a unanimous vote. Mayor Saleh requested that the next audit report include a breakdown of capital outlay by project. CURRENT FINANCIAL REPORT Finance Director Diana Ortiz reviewed the quarterly report for October through December 1995. Mr. Denari asked that quarterly progress and financial statements be sent to Board Members within 30 days after the close of each quarter. Dr. Maloney expressed appreciation for spread sheets furnished, but requested that a change be made on the quarterly financial reports to reflect remaining balances on CIP projects. Mr. Tyson asked that the information furnished be more detailed to show how projects were progressing and whether they are over or under their budgets by showing the cost estimates to complete the projects. Mr. Denari requested the reports on individual projects show the percentage of projects completed along with the percentage of expenditures to date. Mr. Tyson and Mr. Miller requested the spread sheets show the expected estimated surplus of the Library budget that will not be spent and that the City Council be allowed to decide how the overage will be spent. EULESS DEVELOPMENT CORPORATION MINUTES MARCH 25, 1996 PAGE 3 Mr. Denari inquired about the transfer of funds loaned for land acquisition for the golf course. Mr. Tyson commented that Council had voted to transfer these funds upon receipt of bond proceeds. Mr. Hennig replied that the transfer could be made whenever the Board deemed appropriate. DISCUSSION OF NEXT BOND SALE Assistant City Manager Joe Hennig presented the proposed FY 97 Budget for the Euless Development Corporation and reviewed the anticipated revenues and expenses for debt, reserves and operations. He stated the projections indicate the Board will be able to sell an additional $1 million debt for the Athletic Complex. UPDATE OF PROJECTS Library Deputy Director of Development Bo Bass gave a progress report on the Library construction project. Mr. Bass said that he will begin a punch list the end of May and it is hoped that a move in date will be set for June or July. The contingency fund has been maintained at $200,000 and because some bids, particularly the furniture and fixtures bid, have come in under projected amounts, there should be additional funds available to ,.. purchase library materials. Parks Director of Community Services Rick Herold stated that the Athletic Complex infrastructure will be bid the early part of April. He said the City has applied for a $500,000 grant from the State that would not require any additional money to be matched by the City. All of our budgeted expenditures will comply with requirements of the grant. Golf Course Mr. Herold reported that progress on the golf course has been very good due to the tremendous weather and that it is ahead of schedule. He said a superintendent has been hired and the course is expected to be open by the Spring of 1997. Economic Development An Economic Development report was not given. PRESIDENT'S REPORT Due to the absence of President Tom Hart, a President's Report was not given. Mr. Denari requested a status report of the Euless Town Centre agreement be given at the next Euless Development Corporation meeting. He also asked that a long-range plan for the Economic Development portion of the Euless Development Corporation be prepared. EULESS DEVELOPMENT CORPORATION MINUTES MARCH 25, 1996 PAGE 4 Mr. Denari requested the officers of the Euless Development Corporation adhere to the decision made to submit quarterly reports to the Board within 30 days after the close of a quarter and that the reports be operational reports as well as financial reports. ADJOURN There being no further business before the Corporation, the meeting was adjourned at 5:50 p.m. ATTEST: APPROVED: usan Crim, .ecretary Mary Li�Saleh, Chairman MINUTESI3-25-96.EDC