HomeMy WebLinkAbout1997-08-12 EDC MInutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
AUGUST 12, 1997
The Board of Directors of the Euless Development Corporation met on Tuesday, August 12,
1997, in the Municipal Complex Conference Room of Building A, 201 North Ector Drive,
Euless, Texas.
Members present:
Mayor Mary Lib Saleh, Chairman of the Board of Directors
Mayor Pro Tern Charles Miller
Council Member Carl Tyson
Citizen Member Ed Denari
Citizen Member Sonja Adams
Citizen Member Letty Lynn Maloney
Assistant City Manager Joe Hennig, Vice President
Director of Economic Development David Witcher, Second Vice President
Finance Director Diana Ortiz, Treasurer
City Secretary Susan Crim, Secretary
Members absent:
City Manager Tom Hart, President
Council Member Bobby Baker, Vice Chairman of the Board of Directors
CALL TO ORDER
The meeting was called to order at 3:35 p.m. by Ms. Mary Lib Saleh, Chairman of the Board
of Directors.
PUBLIC HEARING ON FISCAL YEAR 1997-1998 BUDGET
Chairman Saleh opened the public hearing at 3:37 p.m. Secretary Susan Crim reported that
this public hearing was published on August 10, 1997 in the Dallas Morning News, Northeast.
Diana Ortiz, Treasurer, explained that the budget being considered is the same budget that
was reviewed by the Euless Development Corporation on August 5, 1997.
Mr. Denari asked what the rate of increase of projected revenues of this budget is over last
year. Ms. Ortiz responded that it is 9.8%
EULESS DEVELOPMENT CORPORATION MINUTES AUGUST 12, 1997 PAGE 2
Mr. Denari asked what the principal base on the interest income was. Ms. Ortiz said it is
approximately $1.4 million.
Vice President Hennig pointed out that the budget being considered includes $40,000 (2%
of projected half cent sales tax revenues) to be used for public art at City facilities. Mr.
Denari voiced his approval of that provision.
There being no proponents,no opponents,or other questions regarding the proposed budget,
Chairman Saleh closed the public hearing at 3:40 p.m.
APPROVAL OF FISCAL YEAR 1997-1998 BUDGET
Upon motion by Mr. Miller and second by Mr. Denari the Fiscal Year 1997-1998 Euless
Development Corporation Budget was approved by unanimous vote.
Vice President Hennig reported that there will be additional display cases purchased for the
library from excess funds remaining in the Library portion of the Euless Development
Corporation FY97 Budget.
ADJOURN
There being no further business before the Corporation, the meeting was adjourned at 4:00
p.m.
APPROVED:
`A °.. d ath_
Mary Lib"Saleh
Chairman
ATTEST:
Susan Crim
Secretary
APPROVED AT THE AUGUST 12, 1997 EDC MEETING
Half Cent Sales Tax Fund
Operating Budget
FY 1998 Proposed
Protected Beginning Balance, FY 97198 Unaudited $1,539,101
Budgeted
REVENUES:
Sales Tax Collections $2,020,315
Interest Income $65,000
$2,085,315
EXPENDITURES:.
Debt and Bank Charges ($929,274)
Parks
Personnel ($152,522)
Supplies & Misc. ($19,358)
Contingencies ($25,000)
Utilities ($54,000)
Equipment Notes ($3$,555
($289,435)
Library
Personnel ($255,569)
Economic Development
Personnel ($44,439)
Supplies &Misc ($13,969)
HEB Economic ($10,000)
Advertising and Promotions ($20,000)
Travel ($12,000)
Professional Services ($10,000)
Incentives ($25,000)
Miscellaneous Projects ($25,000)
Art (2% of Sales Tax Collections) ($40,000)
($200,408)
TOTAL EXPENDITURES ($1,674,686)
SUBTOTAL $1,949,730
LESS:
Debt Reserve ($935,203)
Undesignated Contigency ($250,000)
One-Time Projects ($222,675)
EXCESS $541,852