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Home My WebLink About2019-08-12 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES August 12, 2019 The Board of Directors of the Euless Development Corporation met on Monday, August 12, 2019, 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, Chairman Council Member Tim Stinneford Mayor Pro Tern Jeremy Tompkins Council Member Eddie Price Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Jason Turner 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 Assistant City Manager Chris Barker Director of Parks and Community Services Ray McDonald Library Administrator Sherry Knight Deputy City Secretary Lindsay Wells Absent City Secretary Kim Sutter, Board Secretary ITEM NO. 1. CALL TO ORDER Chair Linda Martin called the meeting to order at 6 05 p m ITEM NO 2 APPROVED MEETING MINUTES Director Stinneford motioned to approve the minutes of the May 13, 2019 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, 2019 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending June 30, 2019, including revenues and expenditures as follows. Beginning Fund Balance for FY 2018/19 $2,455,377 Revenues Sales Tax Collections 3,936,708 (73 percent of budget) Interest Income 16,527 Other Revenue 58,920 Total Revenues $4,012,155 (Short of expectations by$98,790) EDC Meeting Minutes Page 2 of 4 August 12, 2019 Expenditures Parks 1,210,927 Library 615,705 Economic Development 176,197 Other 471,771 Capital Expenditures 1,054,013 Total Expenditures $3,528,613 (54 percent of appropnations) Ending Fund Balance $2,938,919 She reviewed the capital expenditures and advised that the capital expenditures total $1,054,013 The remaining balance in the capital projects fund for existing projects is $2,303,798. 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 Undesignated capital projects funds in the amount of $169,655 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 $105,456 Debt Reserve Fund Balance *$170,653 *amount required by bond covenant is$160,435 ITEM NO. 4. HELD PUBLIC HEARING FOR FISCAL YEAR 2019-2020 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 6 10 p m to receive comments related to the proposed Fiscal Year 2019-2020 budget City Manager Loretta Getchell presented an overview of the proposed budget - 2 5 percent pay plan increase for employees - Sales tax revenue is projected to increase by one percent over the current year budget due to anticipated development and construction - Equipment replacement is proposed to increase due to establishing a replacement plan for furnishing and equipment. - Incentives/rebates decreased due to the downward trend in sales tax collections - Increased debt service transfers are included for proposed issuance of sales tax revenue bonds for Texas Star Sports Complex Phase VII construction - No funding will be allocated to the Arts fund this year due to the current account balance and no plans for future art projects EDC Meeting Minutes Page 3 of 4 August 12, 2019 Treasurer Janina Jewell reviewed the FY2020 proposed operating budget and provided an explanation regarding the increases and decreases between the FY2019 projected and the FY2020 proposed expenditures She advised that the expenditures for FY2020 are $4,714,162, and the projected revenues are $5,543,964. Treasurer Jewell stated that with the approval of the proposed budget, the fund would have a projected ending fund balance of $904,592, which would exceed the recommended reserve level of $774,931 Library Director Sherry Knight reviewed the purchase of the Radio Frequency Identification (RFID) equipment to track all library materials Director of Parks and Community Services Ray McDonald presented information regarding a new Toro Reel mower for maintaining the Texas Star Sports Complex ballfields Treasurer Jewell outlined the FY2019 approved and the FY2020 recommended capital expenditures associated with the capital projects FY2019 FY2019 FY2020 Budget Projected Proposed FY 2019 Approved Capital Expenditures $2,044,876 999,705 $1,045,171 FY 2020 Recommended Capital Expenditures $1,402,938 Total Capital Expenditures $2,448,109 Director Adams inquired about the lower than expected sales tax collections based on the number of new businesses City Manager Getchell provided a brief explanation of sales tax collections of certain types of businesses in the City Chair Martin asked to hear from any proponents followed by opponents of the proposed budget There being no one requesting to speak, Chair Martin closed the public hearing at 6 47 p m. ITEM NO. 5. AMENDED THE FISCAL YEAR 2018-2019 EDC BUDGET AND APPROVED FISCAL YEAR 2019-2020 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 2018-2019 EDC budget and approve the Fiscal Year 2019-2020 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 Price, the motioned carried by a unanimous vote. EDC Meeting Minutes Page 4 of 4 August 12, 2019 ITEM NO. 6. HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS. Parks and Community Services Director Ray McDonald provided an update on the Carr Park improvements, including a new larger gazebo, playground equipment, and trail system Additionally, he presented the proposed upgrades to the Texas Star Sports Complex and Wilshire Park Library Administrator Sherry Knight provided a brief update regarding the library renovation project, including an upgraded HVAC system, electrical and lighting systems, the acoustics, reconfiguration of the space to accommodate today's library patrons, and utilizing the RFID equipment. Additionally, she announced that the Mary Lib Saleh Euless Public Library has recently been designated as a Family Place library which helps to ensure early childhood education Director of Planning and Economic Development Mike Collins provided a development update, including the Glade Parks and Founders Parc developments, as well as development at State Highway 360 and Harwood Road City Manager Getchell advised that the next board meeting is tentatively scheduled to be held Tuesday, November 12, 2019, at 6.00 p m for approval of a bond sale ITEM NO. 11. ADJOURN There being no further business before the Board, the meeting was adjourned at 7 28 p m APPROVED: ATTEST: L a Martin, Chair Kim Sutter, Secretary