HomeMy WebLinkAbout1997-02-04 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
FEBRUARY 4, 1997
The Board of Directors of the Euless Development Corporation met on Tuesday, February
4, 1997, in the Conference Room of Municipal Building A, 201 North Ector Drive, Euless,
Texas.
Members present:
Mayor Mary Lib Saleh, Chairman of the Board of Directors
Mayor Pro Tem Bobby Baker, Vice Chairman of the Board of Directors
Council Member Charles Miller
Council Member Carl Tyson
Citizen Member Ed Denari
Citizen Member Sonja Adams
Citizen Member Lefty Lynn Maloney
City Manager Tom Hart, President
Finance Director Diana Ortiz, Treasurer
City Secretary Susan Crim, Secretary
Members absent:
Assistant City Manager Joe Hennig, Vice President
Director of Economic Development Tom Cox, Second Vice President
Visitors
Council Member Leon Hogg
Charles Cross
CALL TO ORDER
The meeting was called to order at 4:05 p.m. by Ms. Mary Lib Saleh, Chairman of the Board
of Directors.
APPROVAL, MINUTES OF SEPTEMBER 24, 1996 AND NOVEMBER 5, 1996 MEETINGS
Upon motion by Mr. Denari and second by Ms. Adams, the minutes of the September 24,
1996, and the Novemer 5, 1996 meetings were approved as presented by unanimous vote.
RECEIPT OF ANNUAL AUDIT ACKNOWLEDGED
Director of Finance Diana Ortiz introduced Richard Jones and Brad Jay, of Weaver and
Tidwell, L.L.P. Mr. Jones reported that an unqualified opinion was issued on the audit of the
Euless Development Corporation's financial records for the fiscal year ended September 30,
1996. He stated that an unqualified opinioin is the best opinion that can be issued. He
explained that the audit format was changed this year to indicate the Capital Improvement
Project expenditures and operational expenditures. Mr. Jones pointed out the return of
$740,000 that was transferred to the Golf Course Fund previously, but has now been
returned to the EDC budget and is shown as an equity transfer.
EULESS DEVELOPMENT CORPORATION MINUTES FEBRUARY 4. 1997 PAGE 2
Ms. Maloney requested the Audit be delivered to the Board members next year prior to the
meeting when its acceptance is to be acknowledged.
Upon motion by Mr. Tyson and second by Mr. Denari, receipt of the Annual Audit of the
Euless Development Corporation for Fiscal Year ending September 30, 1996 was
acknowledged by unanimous vote.
REVIEW OF FINANCIAL REPORT FOR QUARTER ENDING DECEMBER 31, 1996
Ms. Ortiz reviewed the Fiscal Year 1996-97 Half Cent Sales Tax Fund Operating Budget for
the quarter ending December 31, 1996. She pointed out that revenues were at 32% of the
projected total and that the expenditures are in line with the expected quarter percent totals
with the exception of the transfer to the Executive Conference Center which is totally
expended.
Mr. Hart reiterated that the $400,000 transfer was made from the Half Cent Sales Tax Fund
into the Conference Center Fund, which is a part of the Golf Course Capital Improvement
Project Fund, and it is the intention of the City to repay the $400,000 from hotel-motel funds
in the future, back into the Half Cent Sales Tax Fund.
Mr. Hart reviewed the funds available at the beginning of the Fiscal Year 1996-97 EDC
budget and asked the Board members to consider funding a portion of a signage program
the City is planning.
Ms. Maloney asked what plans have been prepared to do a signage program. Mr. Hart
replied that they plan to begin with four signs, one on each side of the City. Mr. Baker
suggested perhaps this could be considered in the Economic Development portion of the Half
Cent Sales Tax Budget. Ms. Saleh asked Mr. Hart to prepare a report on the proposed
signage project with prices and bring it back to the Euless Development Corporation.
SCHEDULE NEXT MEETING
The next meeting of the Euless Development Corporation was scheduled for Tuesday, May
6, 1997, at 4:00 p.m.
ADJOURN
There being no further business before the Corporation, the meeting was adjourned at 5:15
p.m.
ATTEST: APPROVED:
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Susan Crim Secretary Mary L�: Saleh, Chairman