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Home My WebLink About2018-08-13 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES August 13, 2018 The Board of Directors of the Euless Development Corporation met on Monday, August 13, 2018, in the Precouncil Conference Room at City Hall in the Municipal Complex, 201 North Ector Drive, Euless, Texas. The following persons were in attendance: Mayor Linda Martin, Chair Council Member Tim Stinneford Council Member Linda Eilenfeldt Council Member Jeremy Tompkins Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Jason Turner (arrived at 5:51 p.m.) City Manager Loretta Getchell, President Deputy City Manager Bob Freeman, First Vice President Director of Economic Development Mike Collins, Second Vice President Finance Director Janina Jewell, Treasurer City Secretary Kim Sutter, Board Secretary Assistant City Manager Chris Barker Director of Parks and Community Services Ray McDonald Library Administrator Sherry Knight ITEM NO. 1. CALL TO ORDER Chair Linda Martin called the meeting to order at 5:35 p.m. ITEM NO. 2 APPROVED MEETING MINUTES Director Stinneford motioned to approve the minutes of the June 27, 2018 meeting as presented. Seconded by Director Adams, the motioned carried by a unanimous vote. ITEM NO. 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2018 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30, 2018, including revenues and expenditures as follows: Beginning Fund Balance for FY 2017/18 $2,383,014 Revenues Sales Tax Collections 3,790,355 (68 percent of budget) Interest Income 8,012 Other Revenue 18,395 Total Revenues $3,816,742 (Short of expectations by$287,401) Expenditures Parks 1,272,368 EDC Meeting Minutes Page 2 of 5 August 13, 2018 Library 772,517 Economic Development 168,432 Other 335,752 Capital Expenditures 1,457,015 Total Expenditures $4,006,084 (60 percent of appropriations) Ending Fund Balance $2,193,672 She reviewed the capital expenditures and advised that the capital expenditures total $1,457,015. The remaining balance in the capital projects fund for existing projects is $2,303,755. The designated balance consists of monies for miscellaneous park improvements, irrigation projects, incentives, contingency, library remodel design, and library construction. Undesignated capital projects funds in the amount of $98,308 remain available for allocation to future projects. Additionally, she reviewed the activity related to the debt service and debt reserve funds and provided the current fund balances: Debt Service Fund Balance $29,017* Debt Reserve Fund Balance $108,114** 'available for principal and interest payments due September 15. **amount required by bond covenant is$40,572 She advised that the excess reserves from the debt reserve fund are being used to pay final debt service payments on existing debt, which will be paid in full in 2019. ITEM NO. 4. HELD PUBLIC HEARING FOR FISCAL YEAR 2018-2019 BUDGET WHICH PROVIDES CONTINUED FUNDING FOR PARKS AND PARK FACILITIES, LIBRARY IMPROVEMENTS AND ECONOMIC DEVELOPMENT PROJECTS AS SET FORTH IN THE OFFICIAL BALLOT DATED JANUARY 16, 1993. Chair Martin opened the public hearing at 5:48 p.m. to receive comments related to the proposed Fiscal Year 2018-2019 budget. Treasurer Jewell presented an overview of the proposed budget. She advised that the proposed budget includes salary and benefits for current personnel, a 2.5 percent pay plan increase for employees, and a total increase in expenditures of less than five percent. Additionally, she advised that recurring computer hardware and software expenditures have been included in the baseline budget; all outstanding EDC debt will be paid in FY 2019; and cash reserves will be used to fully fund the library renovation project (combination of EDC fund and car rental funds). The City's FY 2018-19 Capital Improvements Plan includes improvements to Carr Park and and the design of the Texas Star Sports Complex Phase VII. She stated that the Carr Park improvements will be funded from the sale of EDC Sales Tax Revenue Bonds, and the Texas Star Sports Complex Phase VII design will be paid from cash. EDC Meeting Minutes Page 3 of 5 August 13, 2018 Treasurer Janina Jewell reviewed the FY2019 proposed operating budget and provided an explanation regarding the increases and decreases between the FY2018 projected and the FY2019 proposed expenditures. She advised that the expenditures for FY2019 are $4,442,163, and the projected revenues are $5,495,559. Treasurer Jewell outlined the FY2018 approved and the FY2019 recommended capital expenditures associated with the capital projects: FY2018 FY2018 FY2019 Budget Projected Proposed FY 2018 Approved Capital Expenditures $2,467,910 1,530,586 $937,324 FY 2019 Recommended Capital Expenditures $1,107,552 Total Capital Expenditures $2,044,876 Treasurer Jewell stated that with the approval of the proposed budget, the fund would have a projected ending fund balance of $764,759, which would exceed the recommended reserve level of $730,219. Chair Martin asked to hear from any proponents followed by opponents of the proposed budget. There being no one wishing to speak, Chair Martin closed the public hearing at 5:57 p.m. ITEM NO. 5. AMENDED THE FISCAL YEAR 2017-2018 EDC BUDGET AND APPROVED FISCAL YEAR 2018-2019 OPERATING AND CAPITAL BUDGET, WHICH PROVIDES FUNDING FOR ONGOING PARK AND PARK FACILITY PROJECTS, LIBRARY IMPROVEMENT, AND ECONOMIC DEVELOPMENT PROJECTS AND PROVIDES FOR DEBT SERVICE AND ADMINISTRATIVE FEES RELATED TO SUCH PROJECTS. Director Stinneford motioned to approve amending the Fiscal Year 2017-2018 EDC budget and approving the Fiscal Year 2018-2019 EDC Operating and Capital Budget, which provides funding for ongoing park and park facility projects, library improvement projects, and economic development projects, and provides for debt service and administrative fees related to such projects. Seconded by Director Deithloff, the motioned carried by a unanimous vote. ITEM NO. 6. HELD PUBLIC HEARING ON PROPOSED IMPROVEMENTS TO PARKS AND PARKS FACILITIES LOCATED AT CARR PARK. Chair Martin opened the public hearing at 6:10 p.m. to receive comments related to the proposed improvements to Carr Park. Director of Parks and Community Services Ray McDonald reviewed the proposed improvement to Carr Park. Chair Martin asked to hear from any proponents followed by opponents of the proposed project. EDC Meeting Minutes Page 4 of 5 August 13, 2018 There being no one wishing to speak, Chair Martin closed the public hearing at 6:19 p.m. ITEM NO. 7. APPROVED RESOLUTION NO. 20-18, AUTHORIZING A PROJECT INVOLVING IMPROVEMENTS TO PARKS AND PARKS FACILITIES LOCATED AT CARR PARK. Director Adams motioned to approve Resolution No. 20-18, authorizing a project involving improvements to Carr Park. Seconded by Director Tompkins, the motioned carried by a unanimous vote. ITEM NO. 8. HELD PUBLIC HEARING ON PROPOSED IMPROVEMENTS TO PARKS AND PARKS FACILITIES LOCATED AT THE PARKS AT TEXAS STAR, INCLUDING SOFTBALL FACILITIES. Chair Martin opened the public hearing at 6:20 p.m. to receive comments related to the proposed improvements to the Parks at Texas Star, including softball facilities. Director of Parks and Community Services Ray McDonald reviewed the proposed improvements to the Parks at Texas Star, including the softball facilities. Chair Martin asked to hear from any proponents followed by opponents of the proposed project. There being no one wishing to speak, Chair Martin closed the public hearing at 6:24 p.m. ITEM NO. 9. APPROVED RESOLUTION NO. 21-18, AUTHORIZING A PROJECT INVOLVING IMPROVEMENTS TO PARKS AND PARKS FACILITIES LOCATED AT THE PARKS AT TEXAS STAR, INCLUDING SOFTBALL FACILITIES. Director Deithloff motioned to approve Resolution No. 21-18, authorizing a project involving improvements to the Parks at Texas Star, including the softball facilities. Seconded by Director Eilenfeldt, the motioned carried by a unanimous vote. ITEM NO. 10. HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS. Library Administrator Sherry Knight reviewed the timeline for the library remodel as well as the revised library operating hours to better serve the community. Additionally, she announced the "Aloha Party" being held August 31, 3 to 5 p.m. followed by the Euless Library Foundation (ELF) fundraiser from 6:30 to 8:30 p.m. Both events are being held at the Mary Lib Saleh Euless Public Library. Planning and Economic Development Director Mike Collins presented a development update, including the addition of new restaurants at the Glade Parks development. ITEM NO. 11. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:42 p.m. EDC Meeting Minutes Page 5 of 5 August 13, 2018 APPROVED: ATTES i Linda Martin, Chair Kirptutter, Secretary