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Home My WebLink About2019-02-25 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES February 25, 2019 The Board of Directors of the Euless Development Corporation met on Monday, February 25, 2019, in the Travis Room at the Texas Star Conference Centre, 1400 Texas Star Parkway, Euless, Texas. The following persons were in attendance: Mayor Linda Martin, Chairman Council Member Tim Stinneford Council Member Jeremy Tompkins Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Jason Turner (arrived at 5:36 p.m.) City Manager Loretta Getchell, President Deputy City Manager Bob Freeman, First Vice President Director of Planning and Economic Development Mike Collins, Second Vice President Finance Director Janina Jewell, Treasurer City Secretary Kim Sutter, Board Secretary Director of Parks and Community Services Ray McDonald Senior Librarian Angela Jones Absent Council Member Linda Eilenfeldt, Vice-Chair Library Administrator Sherry Knight ITEM NO. 1. CALL TO ORDER Chairman Linda Martin called the meeting to order at 5:30 p.m. ITEM NO. 2 APPROVED MINUTES OF OCTOBER 23, 2018 Director Stinneford motioned to approve the minutes of the October 23, 2018 meeting. Seconded by Director Tompkins, the motion carried by a unanimous vote. ITEM NO. 3 ACCEPTED ANNUAL AUDIT FOR FISCAL YEAR ENDING SEPTEMBER 30, 2018 Treasurer Janina Jewell introduced Sarah Dempsey, Partner, and Stephanie Wilson, Audit Manager, with Weaver L.L.P. to present the findings of the annual audit for the fiscal year ending September 30, 2018. Ms. Dempsey stated that the audit was conducted in accordance with generally accepted auditing standards and received an Unmodified Opinion, the highest level of assurance EDC Meeting Minutes Page 2 of 3 February 25, 2019 possible. She further advised that no significant or material weaknesses were identified, and no audit adjustments or passed adjustments were made. Director Deithloff motioned to accept the Euless Development Corporation Independent Auditor's Report from Weaver L.L.P. for the year ending September 30, 2018. Seconded by Director Stinneford, the motion carried unanimously. ITEM NO. 4 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING DECEMBER 31, 2018 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending December 31, 2018, and stated that the sales tax collections through the end of December were $1,335,765, which represents approximately 25 percent of budget. She added that operating and capital expenditures were within budget at$1,731,608 or approximately 27 percent of appropriations. She advised that the year to date capital expenditures are $1,025,581 and include expenditures associated with park and library enhancements. The operating fund ending balance as of December 31, 2018, is $2,077,581 . The remaining balance in the capital projects fund for projects not yet completed is $4,626,148. The designated balance consists of monies for the library remodel, design and construction, Texas Star Sports Complex Phase VII design, miscellaneous park improvements, irrigation projects, Carr Park improvements, incentives, and contingencies. Treasurer Jewell reviewed the balances of the foll ing funds: Fund Balance Undesignated Capital Projects Fund $123,098 Available for allocation to future projects. Debt Service Fund $12,505 Available for debt payment Debt Reserve Fund $191 ,089 Reserve level $160,435 ITEM NO. 5 HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS Director of Parks and Community Services Ray McDonald presented an update related to the parks and community services projects, including the Carr Park improvements, Parks at Texas Star irrigation, Midway Park and other park amenities. Senior Librarian Angela Jones presented the updated related to library services, including an update on the temporary library location, programs, the Think Tank (mobile STEM lab), HEB Reads kick-off, and advised of the Family Place Libraries project grant administered through the Texas State Library and Archives Commission (TSLAC). EDC Meeting Minutes Page 3 of 3 February 25, 2019 Planning and Economic Development Director Mike Collins presented the development updated, including Glade Parks, Founders Parc, and development at State Highway 360 and Harwood Road. ITEM NO. 6 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:13 p.m. APPROVED: ATTEST: r it Martin im Sutte Chairman Secretary