The URL can be used to link to this page

Home My WebLink About2011-08-08 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES August 8, 2011 The Board of Directors of the Euless Development Corporation met on Monday, August 8, 2011, in the Precouncil Conference Room of City Hall in the Municipal Complex, 201 North Ector Drive, Euless Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Council Member Linda Martin, Vice Chairman Council Member Tim Stinneford Council Member Glenn Porterfield Citizen Member Carmen Deithloff City Manager Gary McKamie, President Deputy City Manager Loretta Getchell, First Vice President Director of Economic Development Mike Collins, Second Vice President Finance Director Vicki Rodriquez, Treasurer City Secretary Kim Sutter, Board Secretary Assistant City Manager Chris Barker Director of Parks and Community Services Ray McDonald Library Administrator Kate Lyon Citizen Members Sonja Adams and Wayne Marrs were not present. ITEM NO. 1. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:35 p.m. ITEM NO. 2 APPROVAL OF MINUTES OF MAY 9, 2011, MEETING Upon motion by Linda Martin and second by Tim Stinneford the minutes of the May 9, 2011, meeting were approved by unanimous vote. ITEM NO. 3 REVIEW FINANCIAL UPDATE FOR THE QUARTER ENDING JUNE 30, 2011 Treasurer Vicki Rodriquez presented the unaudited report for the period ending June 30, 2011. She reported sales tax collections through the end of June of $2,414,519, which represents 75 percent of budget, and operating expenditures of $2,128,823, representing 60 percent of appropriations. Treasurer Rodriquez advised that the capital projects fund has expenditures of $52,539. The remaining balance in the capital projects fund for projects not yet completed is $437,275, and includes monies for the park structure improvements, irrigation project, EDC Meeting Minutes Page 2 of 3 August 8, 2011 incentives and contingencies. Additionally, undesignated capital project funds in the amount of$1,076,359 remain available for allocation to future projects. In closing, Treasurer Rodriquez reviewed the expenses and revenues associated with the debt service and debt reserve funds, and reminded the Board that interest income earned during the fiscal year in excess of the required reserve will be transferred to the EDC operating fund at the end of the fiscal year. ITEM NO. 4 HELD PUBLIC HEARING ON FISCAL YEAR 2011-2012 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 Mayor Saleh opened the public hearing at 5:40 p.m. to receive comments related to the proposed Fiscal Year 2011-2012 budget. Finance Director Vicki Rodriquez referred to the Fiscal Year 2012 budget document distributed to Board members prior to the meeting, and reviewed the Fiscal Year 2011 budget currently in effect. She stated that the projected revenues for the FY 2011 original budget included projected sales tax collections and related interest earnings of $3,201,635, and expenditures totaling $700,907. Due to increased revenues and expenditure savings, the ending fund balance for FY 2011 is projected to be $1,251,528. The FY 2012 budget includes total revenues of $3,479,597. The projected revenue is based on estimated revenue collections through the end of FY 2011, with a 2.5 percent growth factor and additional revenue from anticipated development. The FY 2012 budget includes total expenditures of $3,701,209, which provides funding for park personnel, maintenance and improvements, library personnel and materials, economic development personnel, incentives, and public art, and operating expenditures, debt service and funding for capital expenditures. A list of capital expenditures for FY 2011 and FY 2012 are included in the proposed budget and total $488,715. With the approval of the budget, the fund would have an estimated ending fund balance of $1,029,916, which would exceed the recommended reserve level of $500,000. There being no proponents or opponents, Chairman Saleh closed the public hearing at 5:50 p.m. ITEM NO. 5 APPROVED FISCAL YEAR 2011-2012 OPERATING AND CAPITAL BUDGET WHICH PROVIDES FUNDING FOR ONGOING PARK AND PARK FACILITY PROJECTS IN THE AMOUNT OF $1,123,388; LIBRARY IMPROVEMENT PROJECTS IN THE AMOUNT OF $1,033,049; AND ECONOMIC DEVELOPMENT PROJECTS IN THE AMOUNT OF $604,474 AND PROVIDES FOR DEBT SERVICE RELATED TO SUCH PROJECTS IN THE AMOUNT OF $940,298 EDC Meeting Minutes Page 3 of 3 August 8, 2011 Upon motion by Glenn Porterfield and second by Tim Stinneford, the Fiscal Year 2011 — 2012 Euless Development Corporation budget was approved by unanimous vote. ITEM NO. 6 HEAR REPORTS ON CURRENT AND UPCOMING PROJECTS City Manager McKamie reported on the following: - Construction and dedication of the 911 Memorial to be located on North Ector Drive in front of the Fire Administration building - Use of reclaimed water for irrigation purposes at The Parks at Texas Star, Softball World, and Texas Star Golf course Director of Parks and Community Services Ray McDonald reported on the following items: - Monument sign project - Construction of Trailwood Park retaining wall - Senior Center memberships Planning and Economic Development Director Mike Collins reported on the following items: - Glade Parks development located at State Highway 121 and Glade Road - Riverwalk! Development located at State Highways 360 and 183 ,,.. - Taco Cabana at FM 157 and State Highway 183 - Braum's on Main Street Library Administrator Kate Lyon reported on the following items: - Summer reading club participation and summer programs - Verlon Thompson performance - Masterworks - Audiobooks - Fall book sale ITEM NO. 7 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:26 p.m. APPROVED: ATTEST: _I Iv/ Mary ib 'aleh Kim tter Chairman Sec etary EULESS DEVELOPMENT CORPORATION Approved August 8, 2011 PROPOSED OPERATING BUDGET FISCAL YEAR 2011-12 -- FY2011 FY2011 FY2012 Budget Projected Proposed !Beginning Fund Balance $ 1,060,635 1,060,635 1,251,528 Revenues: Sales Tax Collections $ 3,200,135 3,307,218 3,412,251 Transfer from EDC Debt Reserve $ 500 1,500 500 Transfer from EDC CIP $ - - - Interest Income $ 1,000 2,900 1,500 Rental Income $ - 63,095 65,346 Total Revenues $ 3,201,635 3,374,713 3,479,597 Expenditures: PARKS Personnel $ (548,249) (548,249) (560,494) Supplies&Miscellaneous $ (82,000) (82,000) (90,000) Advertising $ (1,000) (1,000) (1,000) Contingencies $ (15,000) (15,000) (15,000) Utilities $ (175,000) (175,000) (167,000) Irrigation(Transfer to CIP) $ (25,000) (25,000) (25,000) Equipment Replacement $ (2,560) (2,560) (2,560) Mowing Contract/Flower Bed Contract $ (99,214) (99,214) (99,214) Parks Subtotal $ (948,023) (948,023) (960,268) LIBRARY Personnel $ (668,004) (668,004) (698,319) Special Events/Promotions/Supplies $ (8,500) (8,500) (8,500) Library Materials $ (231,400) (231,400) (241,400) Library Subtotal $ (907,904) (907,904) (948,219) ECONOMIC DEVELOPMENT Personnel $ (156,978) (156,978) (140,145) Supplies and Miscellaneous $ (35,800) (35,800) (35,800) Advertising and Promotions $ (7,500) (7,500) (7,500) Professional Services $ (1,000) (1,000) (1,000) Incentives(Transfer to CIP) $ (25,000) (25,000) (25,000) Contingencies $ (2,000) (2,000) (2,000) Art(2%of Sales Tax Collections) $ - - (67,800) Economic Development Subtotal $ (228,278) (228,278) (279,245) OTHER Bank Charges/Debt Serv/Audit $ (945,312) (945,212) (940,298) Contingencies $ (50,000) (50,000) (50,000) Sales Tax Rebate/Job Creation/Training Incentive $ (119,681) (33,623) (34,464) Other Subtotal $ (1,114,993) (1,028,835) (1,024,762) Excess Revenue over Expenditures $ 2,437 261,673 267,103 CAPITAL Capital Expenditures for FY11 (see attached) $ (362,165) (70,780) (291,385) Capital Expenditures for FY12(see attached) $ - - (197,330) Capital Expenditures Subtotal $ (362,165) (70,780) (488,715) Total Expenditures $ (3,561,363) (3,183,820) (3,701,209) Projected Ending Fund Balance $ 700,907 1,251,528 1,029,916 'Recommended Reserve Level $ 500,000 500,000 500,000 (Excess Reserves 529,916 1 EULESS DEVELOPMENT CORPORATION PROPOSED OPERATING BUDGET CAPITAL EXPENDITURE DETAIL FISCAL YEAR 2011-12 FY 2011 FY 2011 FY 2012 PROJECT DESCRIPTION BUDGET PROJECTED PROPOSED FY2011 Approved Capital Expenditures Monument Signs $ 3,270 - 3,270 Replace Retaining Wall-Trailwood $ 52,850 5,500 47,350 Self-Check Unit for Library $ 11,530 11,530 - Part-time Security Officer $ 23,750 23,750 Art $ 207,145 - 207,145 Part-time Consultant $ 30,000 30,000 - Refurbish Building at 1100 Westpark Way $ 33,620 - 33,620 Total FY2011 Capital Expenditures $ 362,165 70,780 291,385 FY2012 Recommended Capital Expenditures Hardware/Software Replacement 15,000 Street Pole Marketing Banner 15,000 Solar Lights-Dog Park 22,500 Copier Purchase 16,330 Part-time Security Officer 24,000 Replacement of Library HVAC Control System 29,500 Misc Park Improvements 75,000 Total FY2012 Capital Expenditures $ - - 197,330 2 EULESS DEVELOPMENT CORPORATION •• PROPOSED CAPITAL PROJECTS BUDGET FISCAL YEAR 2011-12 FY2011 FY2011 FY2012 Budget Projected Proposed Beginning Fund Balance $ 1,510,887 1,510,887 1,076,359 Revenues: Transfer from EDC Operating Fund $ 50,000 50,000 125,000 Interest Income $ 2,500 5,286 2,500 Total Revenue $ 52,500 55,286 127,500 Expenditures: (1) PARKS Contingencies $ Irrigation $ (90,714) (90,714) (25,000) Hike/Bike Trails $ Misc Park Improvements $ (49,100) (49,100) (75,000) Construction-Phase IV Texas Star Sports Complex $ - - (599,470) Parks Subtotal $ (139,814) (139,814) (699,470) ECONOMIC DEVELOPMENT Incentives $ (100,000) (100,000) (25,000) z Contingencies $ (250,000) (250,000) - Economic Development Subtotal $ (350,000) (350,000) (25,000) Excess (Deficiency)of Revenues over Expenditures $ (437,314) (434,528) (596,970) !Projected Ending Fund Balance $ 1,073,573 1,076,359 479,389 I (1)Unspent Capital Expenditures carryover until the project is complete. (2)A portion of unspent incentive funds were transferred to the EDC CIP fund Contingency Account. 3