HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/25/2015City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board Agenda
City Hall
100 Main Street
Colleyville, Texas 76034
817.503.1000
www.colleyville.com
Tuesday, August 25, 2015
6:30 p.m.
Council Chambers
Third Floor, City Hall
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING- Resolution R-15-134
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors meeting of August 26, 2014
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors Worksession of August 11, 2015
2c Approval of the annual review of the Colleyville Economic
Development Corporation's Investment Policy
3. RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R-15-135
Adopting the Economic Development Capital Improvement Program
(EDCIP) for the Fiscal Years 2016-2020 (FY 2016-2020) of the
Colleyville Economic Development Corporation
3b Resolution R-15-136
Adopting the Fiscal Year 2016 (FY 2016) Budget
3c Resolution R-15-137
Appointing a Colleyville Economic Development Corporation Board
President and Vice President
4. REPORTS
Annual Activity Report
Annual investment report
5. CITIZEN COMMENTS/PRESENTATIONS REGARDING ITEMS NOT ON
THE AGENDA
6. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, August
14, 2015 by 5:00 p.m.
City of Colleyville Page 2
Colleyville Economic
Development Corporation Agenda August 25, 2015
Amy Shelley, TRMC
City Secretary
Any matter on this agenda may, at the discretion of the governing body, be
opened for public comment and discussion.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the City Secretary at least 48 hours in advance at
817.503.1130, and reasonable accommodations will be made to assist you.
RESOLUTION R-15-134
A RESOLUTION APPROVING ACTION UNDER CONSENT ITEMS AT
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD
MEETING OF AUGUST 25, 2015
WHEREAS,the Board has taken action on certain items on the agenda
under Consent items.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1.THAT the agenda decisions approved by Colleyville Economic
Development Corporation Board action under Consent items as
follows are hereby adopted:
a.Approval of the minutes of the Colleyville Economic
Development Corporation Board of Directors meeting of
August 26, 2014
b.Approval of the minutes of the Colleyville Economic
Development Corporation Board of Directors Worksession
meeting of August 11, 2015
c.Approval of the annual review of the Colleyville Economic
Development Corporation's Investment Policy
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS
25TH DAY OF AUGUST 2015.
ATTEST:COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley, TRMC Carol Wollin
Secretary President
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development
Corporation Board
Minutes - Draft
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 26, 2014
6:30 p.m.
City Council Chambers
Third Floor, City Hall
President Carol Wollin called the Colleyville Economic Development Corporation
Board meeting to order on August 26, 2014, at 6:30 p.m.
ROLL CALL: President Carol Wollin, Directors Tom Hart, David Kelly, Bradley
Shields, Mark Slosson, and Mike Taylor.
Absent: Director Mark Davidson
General Manager Jennifer Fadden, Finance Manager Terry Leake, Strategic
Services Manager Adrienne Lothery, Secretary Amy Shelley, and City staff Finance
Manager Karen Hines, Library and Recreation Manager Mary Rodne, Parks Manager
James Hubbard, Economic Development Director Marty Wieder, Fire Chief Brian
Riley, Colleyville Center Manager Leslie Hill, and Information Services Manager
Chris Pena.
2. CONSENT: READING AND PUBLIC HEARING- Resolution R-14-130
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors meeting of December 3, 2013
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors Worksession of August 12, 2014
2c Approval of the annual review of the Colleyville Economic Development
Corporation's Investment Policy
Although Director Mark Davidson was not present for the roll call, he arrived
during the reading of this agenda item.
President Wollin read Resolution R-14-130 in its entirety.
President Wollin opened the public hearing at 6:32 p.m.
There was no one present wishing to speak concerning this item and President
Wollin closed the public hearing at 6:32 p.m.
Director Kelly moved to approve Resolution R-14-130. Director Taylor seconded
the motion.
City of Colleyville Page 2
Colleyville Economic
Development Corporation Minutes - DRAFT August 26, 2014
The motion carried by the following vote:
Aye: 7 – President Carol Wollin, Directors Mark Davidson, Tom Hart, David Kelly,
Bradley Shields, Mark Slosson, and Mike Taylor
3. RESOLUTION(S): READING AND PUBLIC HEARING
3a Resolution R-14-131
Adopting the Economic Development Capital Improvement Program
(EDCIP) for the Fiscal Years 2015-2019 (FY 2015-2019) of the
Colleyville Economic Development Corporation
President Wollin read Resolution R-14-131 in its entirety.
Strategic Services Manager Adrienne Lothery presented this item and briefed the
Board.
President Wollin opened the public hearing at 6:37 p.m.
There was no one present wishing to speak concerning this item and President
Wollin closed the public hearing at 6:37 p.m.
Director Kelly moved to approve Resolution R-14-131. Director Hart seconded the
motion.
The motion carried by the following vote:
Aye: 7 – President Carol Wollin, Directors Mark Davidson, Tom Hart, David Kelly,
Bradley Shields, Mark Slosson, and Mike Taylor
3b Resolution R-14-132
Adopting the Fiscal Year 2015 (FY 2015) Budget
President Wollin read Resolution R-14-132 in its entirety.
Strategic Services Manager Adrienne Lothery presented this item and briefed the
Board.
President Wollin opened the public hearing at 6:40 p.m.
There was no one present wishing to speak concerning this item and President
Wollin closed the public hearing at 6:40 p.m.
Director Kelly questioned staff regarding if all of the proposed projects slated for
Fiscal Year 2015 are anticipated to be completed. General Manager Jennifer
City of Colleyville Page 3
Colleyville Economic
Development Corporation Minutes - DRAFT August 26, 2014
Fadden replied the intent is to complete those projects; however, there could be
some carry over to the next year.
Director Kelly moved to approve Resolution R-14-132. Director Slosson seconded
the motion.
The motion carried by the following vote:
Aye: 7 – President Carol Wollin, Directors Mark Davidson, Tom Hart, David Kelly,
Bradley Shields, Mark Slosson, and Mike Taylor
Director Kelly expressed his appreciation to staff for this budget and the projects it
includes. President Wollin concurred, and stated being pleased to have completed
the inter-fund loan this year.
3c Resolution R-14-133
Appointing a Colleyville Economic Development Corporation Board
President and Vice President
President Wollin read Resolution R-14-133 in its entirety.
President Wollin opened the public hearing at 6:43 p.m.
There was no one present wishing to speak concerning this item and President
Wollin closed the public hearing at 6:43 p.m.
Director Kelly nominated Director Wollin as President and Director Taylor as Vice
President.
There were no other nominations.
Director Kelly moved to approve Resolution R-14-133, appointing Director Wollin
as President and Director Hart as Vice President. Director Hart seconded the
motion.
The motion carried by the following vote:
Aye: 7 – President Carol Wollin, Directors Mark Davidson, Tom Hart, David Kelly,
Bradley Shields, Mark Slosson, and Mike Taylor
4. REPORTS
4a Annual Activity Report
4b Annual investment report
City of Colleyville Page 4
Colleyville Economic
Development Corporation Minutes - DRAFT August 26, 2014
There was no discussion of this item.
5. CITIZENS COMMENTS/PRESENTATIONS REGARDING ITEMS NOT ON
THE AGENDA
There was no discussion of this item.
6. ADJOURNMENT
There being no further business before the Board, Director Kelly made a motion to
adjourn. Director Slosson seconded the motion.
The motion carried by the following vote:
Aye: 7 – President Carol Wollin, Directors Mark Davidson, Tom Hart, David Kelly,
Bradley Shields, Mark Slosson, and Mike Taylor
President Wollin adjourned the meeting at 6:46 p.m.
APPROVED BY A VOTE OF __ AYES, __ NAYS, AND __ ABSTENTIONS ON THIS THE
25TH DAY OF AUGUST 2015.
Minutes taken and prepared by:
Amy Shelley, TRMC
City Secretary
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development
Corporation Board
Minutes - Draft
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 11, 2015 8:00 p.m.
President Carol Wollin called the Colleyville Economic Development Corporation
Board Worksession to order on August 11, 2015 at 8:00 p.m.
ROLL CALL: President Carol Wollin, Vice President Mike Taylor, Directors David
Kelly, Chuck Mogged, Bradley Shields, and Mark Slosson
ABSENT: Director Mark Davidson
General Manager Jennifer Fadden, Strategic Services Manager Adrienne Lothery,
Secretary Amy Shelley, and City staff Deputy City Manager Chris Fuller, Assistant
City Manager/Director of Public Safety Mike Holder, Public Works Director Bob
Lowry, Recreation and Library Director Mary Rodne, Parks Manager James
Hubbard, Finance Manager Karen Hines, Communications and Marketing Director
Mona Gandy, and Information Systems Manager Chris Pena
2. PRESENTATION AND DISCUSSION
2a Discussion of the FY 2016 - 2020 Economic Development Capital
Improvement Program (EDCIP) priorities
Strategic Services Manager Adrienne Lothery presented this item to the Board.
Director Mogged asked staff if a merchandiser is a vending machine. Colleyville
Center Manager Leslie Hill replied that a merchandiser allows for the dispensing of
chilled items for purchase.
President Wollin asked staff if the AV improvements will require the Center to be
closed. Manager Hill replied the large hall will have to be closed for 2-3 days, but
staff will work to accomplish this at a slower time of year. She added most
meetings, during the week, are in the small conference room.
Vice President Taylor asked staff about the issue of having an increased internet
bandwidth. Information Services Manager Chris Pena explained it will incorporate
the use of two different service providers, in case a provider goes down. He stated
with the current bandwidth, and using one service provider, clients are kicked off
the system. He stated this will eliminate that. Manager Hill concurred and added
the bandwidth is being shared with the Justice Center. She stated this will allow us
to take care of the customers, especially since Wi-Fi is an advantage to the
renters.
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Colleyville Economic
Development Corporation Minutes - DRAFT August 11, 2015
Vice President Taylor asked staff if this is an annual reoccurring expenditure.
Manager Lothery explained the ongoing versus the capital purchase for equipment.
Director Kelly asked staff if partitioning for the Center use only would be an option
to eliminate competing with another heavy user. Manager Pena replied staff has
tried that, but in reality, we are at capacity.
Vice President Taylor asked staff if this will be bringing on another carrier.
Manager Pena replied yes.
Vice President Taylor asked staff about the service grade. Manager Pena replied
there will be two consumer grade pipes; however, the employees will still have
access to the internal network.
Director Kelly asked staff if anything has been left out from a technology
standpoint. Manager Hill replied the only thing that has been left out is a sound
system in the lobby area. She stated with the system being integrated, the music
may carry throughout the building.
Director Slosson asked staff if clients rent the video equipment. Manager Hill
replied the equipment is more for playing the video rather than recording.
Vice President Taylor asked staff if the lobby is something we need to look at
adding. Manager Hill replied since the entire building is being rewired, staff could
look to include the addition in the bidding process. Manager Pena stated it could
be added, and then staff could ask for additional funding at a later time.
President Wollin asked staff about the location of the future trail. Parks Manager
James Hubbard replied the trail will be evaluated with the parks master plan.
Vice President Taylor asked staff about the status of the Colleyville Center master
plan update. City Manager Jennifer Fadden replied this is part of the scope with
the consultant that is doing the comprehensive plan, and they have done some
work related to this project. She stated there may be other improvements to the
Colleyville Center grounds.
3. ADJOURNMENT
There being no further business before the Board, Vice President Taylor moved to
adjourn, and Director Slosson seconded the motion.
The motion to approve carried by the following vote:
Aye: 7 – President Carol Wollin, Vice President Mike Taylor, Directors
David Kelly, Chuck Mogged, Bradley Shields, and Mark Slosson
City of Colleyville Page 3
Colleyville Economic
Development Corporation Minutes - DRAFT August 11, 2015
ABSENT: 1 – Director Mark Davidson
President Wollin adjourned the Board worksession at 8:26 p.m.
APPROVED BY A VOTE OF ___ AYES, ___ NAYS, AND ___ ABSTENTIONS ON THIS
THE 25TH DAY OF AUGUST, 2015.
Minutes taken and prepared by:
Amy Shelley, TRMC
City Secretary
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2c Agenda Date 08/25/2015 Number
Type Resolution
Department City Manager
Title
Approval of the annual review of the Colleyville Economic Development Corporation's
Investment Policy
Strategy Map Connection
B4- Cultivate a culture of transparency and consistent communication
Explanation
Reading and Public Hearing
A section in the Public Funds Investment Act requires that the governing body of a
public entity review the investment strategy annually. The Corporation's investment
strategy is contained in the section of the attached Colleyville Economic Development
Corporation Investment Policy entitled "Investment Strategy", and is presented for the
Board's review. There are no changes proposed in the existing policy.
Attachments
1.Colleyville Economic Development Corporation Investment Policy
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
INVESTMENT POLICY
Policy
It is the policy of the Colleyville Economic Development Corporation (the
Corporation) to invest public funds in a manner which will provide the
highest investment return with the maximum security while meeting the
daily cash flow demands of the entity and conforming to all State of Texas
statutes and City ordinances.
Scope
This investment policy applies to all financial assets of the Corporation
including:
General Fund
Debt Service Fund
Capital Projects Fund
and any new fund created by the governing body, unless specifically
exempted by the governing body.
Objectives
The primary objectives, in priority order, of the Corporation’s investment
activities shall be:
Safety: Safety of principal is the foremost objective of the Corporation in
managing its portfolio. Investments of the Corporation shall be undertaken
in a manner that seeks to ensure the preservation of capital in the overall
portfolio. To attain this objective the Corporation will diversify its
investments by investing funds among a variety of securities offering
independent returns and financial institutions. The Corporation will also take
into account the marketability of the investment if the need arises to
liquidate the investment before maturity.
Liquidity: The Corporation will also maintain sufficient liquidity to provide
adequate and timely working funds.
Return on Investments: The investment portfolio shall be designed with the
objective of obtaining a rate of return throughout budgetary and economic
cycles, commensurate with the investment risk constraints and cash flow
needs. The Corporation investment strategy is passive and the portfolio
shall be designed with the objective of regularly exceeding the weighted
average return on thirteen-week Treasury bills. This is considered a
benchmark for riskless investment transactions, and therefore, is a minimum
standard for the portfolio's rate of return. For bond funds that fall under the
arbitrage provisions of the Tax Reform Act of 1986, the Corporation will
attempt to earn allowable bond yield with market conditions permitting.
Delegation of Authority
The Corporation designates the Investment Officers to be the Corporation
Manager with overall responsibilities to see that investment objectives are
accomplished and the Finance Manager of the Corporation and Finance
Manager of the City of Colleyville with the specific day-to-day performance
of managing the funds of the Corporation.
Ethics and Conflict of Interest
All investment Officers and employees involved in the investment process
shall refrain from personal business activity that could conflict with proper
execution of the investment program, or that could impair their ability to
make impartial investment decisions. Employees shall disclose to the
Colleyville Economic Development Corporation and Texas Ethics Commission
a statement under the following conditions:
A. If they have a personal business relationship with a business
organization offering to engage in an investment transaction with the
entity. Under the Public Funds Investment Act, a personal business
relationship is defined as:
1. The investment officer owns 10 percent or more of the voting
stock or shares of the business organization or owns $5,000 or
more of the fair market value of the business organization:
2. Funds received by the investment officer from the business
organization exceed 10 percent of the investment officer's gross
income for the previous year; or
3. The investment officer has acquired from the business
organization during the previous year, investments with a book
value of $2,500 or more for the personal account of the
investment officer.
B. If they are related within the second degree by affinity or
consanguinity, as determined by Chapter 573 V.A.T.C.S. to an
individual seeking to sell an investment to the Corporation.
Prudence
Investments shall be made with judgement and care – under circumstances
then prevailing – which persons of prudence, discretion, and intelligence
exercise in the management of their own affairs, not for speculation, but for
investment, considering the probable safety of their capital as well as the
probable income to be derived.
The standard of prudence to be used by investment officials shall be the
"prudent person", which means the officer may not be an expert but is
obligated to act responsibly and shall be applied in the context of managing
an overall portfolio. Investment officers acting in accordance with written
procedures and exercising due diligence shall be relieved of personal
responsibility for an individual security's credit risk or market price changes,
provided deviations from expectations are reported in a timely fashion and
appropriate action is taken to control adverse developments.
Investment officers shall notify the Corporation in writing of any conflicts of
interest, as defined by the Public Funds Investment Act, no later than the
next regularly scheduled Board meeting.
It is the policy of the Corporation that the Investment Officers perform their
duties in accordance with the policies and procedures set forth in this policy.
The Investment Officers of the Corporation (General Manager and Finance
Manager and the Finance Manager of the City of Colleyville) shall be
personally indemnified in the event of investment loss provided the
Investment Policy is followed.
Internal Controls
The Finance Manager shall establish a system of written internal controls
which shall be reviewed annually by the independent auditor. The controls
shall be designed to prevent the loss of public funds due to fraud, error,
misrepresentation, unanticipated market changes or imprudent actions.
Permissible Instruments
The following is a list of permissible instruments as authorized by the 70th
Texas Legislature in the Public Funds Investment Act (TEX. REV. CIV. STAT.
ANN. ACT 842A-2) and amended by the 71st Legislature:
1.Obligations of the United States or its agencies or instrumentalities;
2.Direct obligations of the State of Texas or its agencies;
3.Other obligations, the principal of and interest on which are
unconditionally guaranteed or insured by the State of Texas or the
United States or its agencies or instrumentalities;
4.Obligations of states, agencies, counties, cities, and other political
subdivisions of any state having been rated as to investment quality
by nationally recognized investment rating firm and having received a
rating of not less than "A" or its equivalent;
5.Certificates of deposit issued by state and national banks and
domiciled in the state that are:
a. Guaranteed or insured by the Federal Deposit Insurance
Corporation, FSLIC or its successors; or
b. Secured by obligations that are described by subdivisions (1)
through (4) of this subsection, which are intended to include
all direct federal agency or instrumentality issued mortgage
backed securities, and which have a market value of not less
than the principal amount of the certificates or in any other
manner and amount provided by law for deposits of the
investing entities;
6.Invest in a local government investment pool as authorized by the
Interlocal Cooperation Act (TEX. REV. CIV. STAT. ANN. ACT. 4413
(32c), as amended, and the Public Funds Investment Act (TEX. REV.
CIV. STAT. ACT. 842a-2), as amended. The investment pool must
comply with the requirements of the Public Funds Investment Act, as
amended, as follows:
a. The investment pool maintains a stable asset value as defined
in the Public Funds Investment Act;
b. The investment pool maintains a AAA rating by one of the
nationally recognized rating agencies;
c.The investment pool's maximum average dollar weighted
maturity does not exceed 90 days; and
d.The investment pool's continued compliance with the
remaining provisions of the Public Funds Investment Act.
e.The eligible investments of the pool are as follows: obligations
of the United States or its agencies and instrumentalities,
other obligations, the principal of and interest on which are
unconditionally guaranteed or insured by the United States,
fully collateralized repurchase agreements with a defined
termination date secured by obligations of the United States
or its agencies and instrumentalities, other obligations, the
principal of and interest on which are unconditionally
guaranteed or insured by the United States, and SEC
registered money market funds authorized by the Public
Funds Investment Act and rated in the highest category by at
least one nationally recognized rating agency, reverse
repurchase agreements with a term of no longer than 90
days.
f.Include in its investment policy and/or operating procedures
the following information: a description of eligible investment
securities and unacceptable investments, a written statement
on investment policy and objectives, a description of interest
calculations, distribution, and treatment of gains and losses,
security safeguarding, valuation collateralization and auditing,
and a fee schedule.
7.Direct repurchase agreements with primary security dealers or
financial institutions doing business in the State of Texas having a
defined termination date, and secured by U.S. Government or federal
agency securities, provided that the ownership of collateral for the
repurchase agreement is transferred to the Corporation, and deposited
with a safekeeping agent for the duration of the contract and a signed
master repurchase agreement has been executed with the
counterparty.
8.SEC-registered no-load money market mutual funds with a dollar
weighted average portfolio of 90 days or less whose assets consist
exclusively of United States Government Securities whose investment
objectives include seeking to maintain a stable net asset value of
$1.00 per share. Investment in mutual funds shall be limited to a
maximum of ten percent (10%) of the Corporation's available funds.
The Corporation is not required to liquidate an investment that was
authorized at the time of its purchase.
Unacceptable Investment Instruments
The following securities, although authorized by the Public Funds Investment
Act, are not eligible investments for the Corporation:
1.Collateralized mortgage obligations and/or obligations of the
following structure
a)obligations whose payment represents the coupon payments
on the outstanding principal balance of the underlying mortgage-
backed security collateral and pays no principal;
b)obligations whose payment represents the principal stream of
cash flow from the underlying mortgage-backed security
collateral and bears no interest;
c)collateralized mortgage obligations that have a stated final
maturity date of greater than 10 years; and
d)collateralized mortgage obligations the interest rate of which
is determined by an index that adjusts opposite to the changes
in a market index.
2.Commercial paper
3.Banker's acceptances
4.Reverse repurchase agreements (Local Government Investment
Pools which the Corporation participates in may engage in
reverse repurchase agreements if the term is 90 days or less)
5.No-load mutual funds other than SEC-registered no-load money
market mutual funds with a dollar weighted average portfolio of
90 days or less whose assets consist exclusively of United States
Government Securities whose investment objectives include
seeking to maintain a stable net asset value of $1.00 per share.
6.Guaranteed investment contracts
7.Share certificates of qualifying credit unions
Effect of Loss of Required Rating
An investment that requires a minimum rating does not qualify as an
authorized investment during the period the investment does not have a
minimum rating. The Investment Officer shall take all prudent measures that
are consistent with the Corporation’s investment policy to liquidate the
investment(s) that does not have the minimum rating (2256.021). In
accordance with Section (2256.005(b)), the Investment Officer shall monitor
rating changes in current investments by keeping a monthly record of
ratings issued by three nationally recognized rating agencies.
Investment Strategy
The investment strategy by type of fund is as follows:
(1) Operating Funds
The investment strategy for operating fund(s) is to assure that anticipated
cash flows are matched with adequate investment liquidity. A secondary
objective is to create a portfolio, which will experience minimum volatility
during economic cycles. These funds shall not have an investment with a
stated maturity greater than two years and the weighted average maturity
shall not exceed eighteen months.
(2) Debt Service Funds
The investment strategy for debt service fund(s) is the assurance of
investment liquidity to cover the debt service obligations on the required
payment date. Investments purchased shall not have a stated final maturity
date which exceeds the corresponding debt service payment date. The
weighted average maturity shall not exceed one year.
(3) Reserve Funds
The investment strategy for reserve fund(s) is the assurance of investment
liquidity adequate to cover the debt service obligations not funded by debt
service funds on the required payment date. Investment of reserve funds
are controlled by their ordinance, resolution or indenture, and Federal and
State law. Bond documents must be examined for each issue, for potential
differences with this policy concerning investment instruments, maximum
maturity or average life restrictions, call dates or sinking fund redemptions,
and applicable arbitrage yields and rebate liability. Provisions contained in
the bond documents will supersede provisions of this policy. Weighted
average maturity shall be incompliance with bond requirements, as stated.
Reserve funds will be invested using a more conservative approach than the
current standard investment strategy when arbitrage rebate rules require
refunding excess earnings. All excess earnings received will be segregated
to allow a proper determination of interest income to be used in the
arbitrage calculation.
Maturity limitations for single issue reserve funds shall not exceed the
sooner of five (5) years, the call provisions of the bond ordinance, or the
final maturity of the bond issue.
Annually, the Board of the Corporation shall formally review the Investment
Policy and investment strategy contained with the Policy and record in
writing that is has reviewed the Policy and record any changes to either the
policy or strategy.
A. Diversification
The Corporation will attempt to limit the risk of loss through diversification of
its portfolio and to achieve the aforementioned investment strategies by
diversification of instruments.
Maximum Percent
Diversification by Instrument of Portfolio
U.S. Treasury Obligations (Bills, Notes and Bonds), 100%
U.S. Government Agency Securities,
and Instrumentalities of Government
Sponsored Corporations 75%
Certificates of Deposit (CD's)
Commercial Bank's 75%
Local Government Investment Pool 75%
Tri-Party Repurchase Agreement 75%
SEC registered, no-load mutual fund 10%
Investment Procedures
The Corporation shall enter the following agreements (if applicable):
safekeeping, PSA repurchase agreements, wire transfer agreements,
banking services contracts, and collateral/depository agreements. These
contracts shall include the explicit delegation of authority to persons
responsible for the transactions involving these agreements. No person
except those designated in the contract may engage in any investment
transactions.
On all funds invested in instruments as listed in "Permissible Investments"
numbers one through five, oral bids shall be requested from at least two
broker/dealers or national banks. The Corporation will accept the bid that
provides the highest rate of return within the maturity required and within
the parameters of this policy. Records will be kept of the bids offered, bids
accepted, and a brief explanation of the decision that was made regarding
the investment.
Qualified Institutions
As the Corporations investments are managed by the investment officers of
the City of Colleyville, the Corporation shall utilize the broker/dealers
selected by the City of Colleyville. All firms shall answer the Broker/Dealer
questionnaire (Appendix A) and submit their most recent audited financial
statements to the City for evaluation of credit worthiness. All personnel in
the firms who will be trading or quoting securities to the Corporation must
maintain a current NASD license and be registered to deal securities in the
State of Texas. An investment certification form (Appendix B) on the firm's
letterhead signed by a principal of the firm must be on file with the
Corporation.
Safekeeping
All marketable securities purchased by the Corporation shall be held in third
party safekeeping by an institution designated as primary agent. All
securities will be delivered to the third party institution by seller. Personnel
in the third party institution will verify the correct security was delivered by
the seller ("delivery vs payment"). The third party institution shall issue a
safekeeping receipt to the Corporation listing the specific instrument,
rate/yield, maturity, CUSIP, and other pertinent information. Collateral on
deposit type securities which exceed the FDIC coverage shall be held in a
third party safekeeping institution. In the event a third party safekeeping
institution is used, a collateral agreement shall be executed between the
Corporation, depository which pledged the collateral, and the third party
custodian of the collateral. The Corporation will retain possession of all
original safekeeping receipts and the receipts will state the security is
pledged to the Corporation. Either the Corporation Manager or the Finance
Manager must approve release of collateral in writing prior to its removal
from the safekeeping account.
Collateral Securities for Certificates of Deposit and Demand Accounts
The Corporation will accept as collateral for its Certificates of Deposit and
demand accounts the following securities:
A. FDIC coverage
B. U.S. Treasury bills, notes and bonds
C. United States Agency and instrumentalities bills or notes
D. GNMA mortgage backed fully modified pass through securities
E. Texas state, city county or school bonds with a remaining maturity
of seven years or less and a rating of "A" or better by Moody's,
Fitch, and Standard and Poor's.
F. Surety Bond
G. Federal Home Loan Bank Letter of Credit issued to the Corporation
Collateral shall be "marked to market" monthly by the Finance Manager. The
following percentages constitute the minimum market value for collateral
instruments that are pledged for the Corporation's Certificates of Deposit
and demand deposits.
Form of Collateral Pledged Collateral Ratio
1. U.S. Treasury bills, notes, and bonds
a. maturing within 1 year 102%
b. maturing in 1-5 years 105%
c. maturing in more than 5 years 110%
2. Actively traded U.S. Government Agency securities
a. maturing in less than 1 year 103%
b. maturing in 1-5 years 107%
c. maturing in more than 5 years 115%
3. GNMA mortgage pass through securities 115%
4.Entities in the State of Texas bonds
General Obligation Bonds
a. maturing in less than 1 year 102%
b. maturing in 1-5 years 105%
c. maturing in more than 5 years 107%
Revenue Bonds
a. maturing in less than 1 year 105%
b. maturing in 1-5 years 110%
c.maturing in more than 5 years 115%
Collateral shall be audited annually be the Corporation's independent auditor
and may be audited by the Corporation at anytime during normal business
hours of the safekeeping bank.
Arbitrage
The Tax Reform Act of 1986 places limitations on the Corporation's yield
from investing certain tax-exempt bond proceeds, debt service funds and
reserve funds. The rebate provisions require that the Corporation compute
earnings on investments from certain issues of bonds on a periodic basis to
determine if rebate is required.
To determine the Corporation's arbitrage position, the Corporation is
required to calculate the actual yield earned on the investment of the funds
and compare it to the yield that would have been earned if the funds had
been invested at a rate equal to the yield on the applicable bonds sold by
the Corporation. The rebate provisions state that periodically (not less than
once every five years and not later than sixty days after maturity of the
bonds), the Corporation is required to pay the United States Treasury a
rebate of any excess earnings. These restrictions require extreme precision
in the monitoring and record keeping of investments, particularly in
computing yields to ensure compliance. Failure to comply can dictate that
the bonds become taxable, retroactively from the date of issuance.
The investment strategy for bond funds which fall under the arbitrage
provisions of the Tax Reform Act of 1986, is that the Corporation will
attempt to earn maximum allowable bond yield with market conditions
permitting.
Reporting Requirements
Included as a part of the City of Colleyville’s quarterly investment report,
Finance Manager shall issue a written report concerning the Corporation's
investment transactions for the preceding quarter and describing in detail
the investment position of the Corporation as of the end of the quarter
indicating the market values of all investments held during the quarter. The
report shall list for each investment held during the quarter: the purchase
price of the investment, the par value of the investment, the market value of
the investment at the beginning of the quarter, market value of the
investment at the end of the quarter, and fully accrued interest for the
period. The portfolio shall be marked to market monthly and market pricing
information is to be obtained through the use of appropriate external third
party software, third party safekeeping service, or a third party independent
pricing service. This report shall state its compliance with provisions of the
Public Funds Investment Act, as amended, and adopted investment policy
strategy. The report shall be signed by the General Manager and Finance
Manager and be reviewed annually by the City of Colleyville’s external audit
firm as a part of the City of Colleyville’s and Colleyville Economic
Development Corporation’s annual audit and reported to the City Council.
Training Requirements
In accordance with the Act (2256.005 and 2256.008), the Finance Manager
and Finance Manager of the City of Colleyville shall attend 10 hours of
investment training within 12 months of assuming duties and 10 hours not
less than once in a two-year period that begins on the first day of the
Corporation’s fiscal year and consists of the two consecutive fiscal years
after that date. This training may be obtained from the following sources:
North Central Texas Council of Governments, Government Treasurer's
Organization of Texas, Government Finance Officer's of Texas, Texas
Municipal League or the University of North Texas Center for Public
Management. The training must include education in investment controls,
security risks, strategy risks, market risks, and any other topics as required
by the Public Funds Investment Act.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3a Agenda Date 08/25/2015 Number Resolution R-15-135
Type Resolution
Department City Manager
Title
Adopting the Economic Development Capital Improvement Program (EDCIP) for the
Fiscal Years 2016-2020 (FY 2016-2020) of the Colleyville Economic Development
Corporation
Strategy Map Connection
C1- Provide attractive and unique spaces for enjoyment of personal interests and
community interaction
F3- Forecast needs and plan for the future, balancing priorities with resources
F4- Adhere to the City’s financial and budgetary policies
Explanation
Reading and Public Hearing
The Colleyville Economic Development Corporation Bylaws require the Board to
develop a combined Economic Development Capital Improvement Program (EDCIP)
annually, which sets forth long and short-term goals. This program "shall be one that
addresses the development needs of the City within the financial constraints available
to the Corporation.” The "EDCIP shall identify the projects to be undertaken by the
Corporation and include proposed methods and the expected cost of the
implementation.” After the EDCIP is developed, it must be approved by the City
Council.
On August 11, 2015, the Board met in a worksession and reviewed and discussed the
proposed projects for FY 2016 through 2020 from the attached EDCIP (Exhibit A). Per
the direction received from the Board to ensure that all technology needs are included
in the Colleyville Center A/V upgrade project, staff will be evaluating options with
vendors. Any project cost increases may be funded with the future projects
budget. The proposed changes from the attached adopted FY 2015 - FY 2019 EDCIP
(Exhibit B) are as follows:
Revenues:
The projected sales tax for FY 2016 replicates the FY 2016 City sales tax budget
projection. For FY 2017 and FY 2018, no growth is projected due to the potential
impact of Colleyville Boulevard (SH 26) construction on the City's primary business
corridor. There is a one percent growth increase projected for FY 2019 and FY 2020.
CEDC Board Agenda Briefing 3a
City of Colleyville Page 2
There is a slight change from year to year in interest income, due to the annual
changes in investable cash from beginning fund balance in the two different EDCIP
plans. There is the use of available cash from the .4 times bond coverage ratio in all
years of the plan, with the ending target fund balance in 2020 at a level slightly above
$1,100,000.
Expenditures:
FY 2016:
The debt service payment has decreased from $910,584 to $845,354 as a result of a
refunding done in a prior year. Lower debt payments are also reflected in the following
years. The special events budgets have been combined into a single budget, to allow
for savings from one event to be used for another event. The economic development
promotional category has increased from $21,000 to $35,000 to allow for expanded
marketing efforts. Funding for the Colleyville Center site Master Plan has been
continued in FY 2016, as this work will require additional funding and has not yet been
completed. The plan will provide for both land and space utilization of the seven acres
that includes the Colleyville Center building and surrounding grounds on Riverwalk
Drive. Several equipment purchases for the Colleyville Center are included, for
replacement of the dishwasher, a new fridge merchandiser, and Dyson hand dryers in
the restrooms. There is an additional $5,428 for one-time equipment and an ongoing
$3,700 for increased internet bandwidth, to better serve clients at the Colleyville
Center. Another addition in FY 2016 is funding for a project that will upgrade the audio
visual components at the Colleyville Center. Most of the technology infrastructure is
original to the building and is in need of replacement. This project also moves
technology components currently located on the stage into a secured room. A portion
of the project funding from FY 2015 ($60,000) for improvements at the L.D. Lockett
Park Cotton Belt Trailhead has been rolled forward, as well as the $100,000 for repairs
to the Senior Center. An additional $100,000 has been included in FY 2016 for an
update to the Parks Master Plan.
FY 2017:
Funding for the construction of a trail on Pleasant Run Road from the Cotton Belt
railroad crossing to John McCain Road ($300,000) has been moved forward from FY
2019 to FY 2017, to align with the street project. Funding for future projects has
increased from $875,000 to $1,000,000.
FY 2018:
The future projects allocation increased from $500,000 to $600,000.
FY 2019:
CEDC Board Agenda Briefing 3a
City of Colleyville Page 3
The future projects funding allocation increased from $400,000 to $600,000. Funding
for the construction of a trail on Pleasant Run Road from the Cotton Belt railroad
crossing to John McCain Road ($300,000) was removed from FY 2019 and moved to FY
2017. Funding in the amount of $150,000 has been included for future trail
construction.
FY 2020:
Funding in the amount of $150,000 has been included for future trail construction and
$600,000 is included for future projects.
Financial Impact
The base sales tax revenue estimate is one-half of the sales tax revenue estimated in
the City's proposed FY 2016 budget. The use of available cash during FY 2016 - 2020
brings fund balance down to $1,180,727 in FY 2020.
Recommendation
Approve
Attachments
1.Exhibit A- FY 2016-2020 EDCIP
2.Exhibit B- FY 2015-2019 EDCIP
3.Resolution R-15-135
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2016 - FY 2020
Budget YE Projection Projection Projection Projection Projection Projection
FISCAL YEAR 2015 2015 2016 2017 2018 2019 2020
BEGINNING FUND BALANCE $2,412,373 $2,733,995 $2,733,324 $1,870,614 $1,171,658 $1,171,012 $1,172,216
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,600,000 $1,720,000 $1,700,000 $1,700,000 $1,700,000 $1,717,000 $1,734,170
INTEREST INCOME $4,825 $4,825 $5,467 $3,741 $2,343 $2,342 $2,344
USE OF AVAILABLE CASH $932,791 $240,837 $1,104,240 $939,705 $238,528 $239,666 $233,147
TOTAL REVENUES $2,537,616 $1,965,662 $2,809,707 $2,643,446 $1,940,871 $1,959,008 $1,969,661
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $903,536 $840,582 $845,354 $842,621 $832,586 $843,046 $845,802
WATER / WASTEWATER- MC PHERSON PARK $18,000 $18,000 $18,540 $19,096 $19,669 $20,259 $20,867
PERSONNEL - SENIOR CENTER $67,106 $67,106 $70,536 $72,652 $74,832 $77,077 $79,389
PERSONNEL - LIBRARY $79,030 $79,030 $81,081 $83,513 $86,019 $88,599 $91,257
OPERATIONS - LIBRARY $4,553 $4,553 $4,689 $4,830 $4,975 $5,124 $5,278
OPERATIONS - COLLEYVILLE CENTER $0 $0 $3,700 $3,774 $3,849 $3,926 $4,005
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $0 $0 $0 $0 $0
TREE LIGHTING/HAUNTED TRAILS $36,000 $36,000 $0 $0 $0 $0 $0
RED, WHITE & SOUSA EVENT $36,000 $36,000 $0 $0 $0 $0 $0
SPECIAL EVENTS $0 $0 $87,000 $87,000 $87,000 $87,000 $87,000
ECONOMIC DEVELOPMENT PROMOTIONAL $21,000 $21,000 $35,000 $35,700 $36,414 $37,142 $37,885
PERSONNEL - COMMUNICATIONS $38,392 $38,392 $41,029 $42,260 $43,528 $44,834 $46,179
CAPITAL:
CITY PARK - LANDSCAPE AND AMENITIES- $114,000 CARRY FORWARD FROM FY14 $258,000 $258,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER -
REPLACEMENT OF CATERING OVEN $7,000 $7,000 $0 $0 $0 $0 $0
SITE MASTER PLAN- CARRY FORWARD $25,000 $25,000 $25,000 $0 $0 $0 $0
DYSON HAND DRYERS $0 $0 $3,000 $0 $0 $0 $0
REPLACEMENT DISHWASHER $0 $0 $6,350 $0 $0 $0 $0
FRIDGE MERCHANDISER $0 $0 $1,000 $0 $0 $0 $0
INCREASED INTERNET BANDWIDTH $0 $0 $5,428 $0 $0 $0 $0
AV UPGRADE $0 $0 $170,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $50,000 $50,000 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $277,000 $277,000 $0 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD - CARRY FORWARD $100,000 $41,000 $60,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $150,000 $150,000
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN)$0 $0 $0 $300,000 $0 $0 $0
PARKS MASTER PLAN UPDATE $0 $0 $100,000 $0 $0 $0 $0
SENIOR CENTER
REPAIRS- CARRY FORWARD $100,000 $0 $100,000 $0 $0 $0 $0
FUTURE PROJECTS $500,000 $150,000 $1,000,000 $1,000,000 $600,000 $600,000 $600,000
TOTAL EXPENDITURES $2,537,615 $1,965,662 $2,809,707 $2,643,446 $1,940,871 $1,959,008 $1,969,661
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,152 $240,166 $241,530 $240,749 $237,882 $240,870 $241,658
ENDING FUND BALANCE $1,737,735 $2,733,324 $1,870,614 $1,171,658 $1,171,012 $1,172,216 $1,180,727
ASSUMPTIONS: FY 2016 1/2 of General Fund projection, FY 2017-2018: 0% GROWTH, FY 2019-2020: 1% GROWTH
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT B
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2015 - FY 2019
FISCAL YEAR 2014 2015 2016 2017 2018 2019
BEGINNING FUND BALANCE $2,268,996 $2,412,373 $1,737,735 $1,233,872 $864,845 $886,440
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,437,500 $1,600,000 $1,616,000 $1,632,160 $1,648,482 $1,664,966
INTEREST INCOME $4,027 $4,825 $3,475 $2,468 $1,730 $1,773
USE OF AVAILABLE CASH $114,475 $932,791 $764,030 $628,921 $235,821 $280,080
TOTAL REVENUES $1,556,002 $2,537,616 $2,383,505 $2,263,549 $1,886,032 $1,946,819
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $902,482 $903,536 $910,584 $909,629 $900,956 $905,422
WATER / WASTEWATER- MC PHERSON PARK $270 $18,000 $18,540 $19,096 $19,669 $20,259
PERSONNEL - SENIOR CENTER $64,975 $67,106 $69,119 $71,192 $73,328 $75,528
PERSONNEL - LIBRARY $76,448 $79,030 $80,610 $82,222 $83,867 $85,544
OPERATIONS - LIBRARY $4,421 $4,553 $4,690 $4,831 $4,976 $5,125
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
HOLLY COLLEY HOLIDAY/FALL EVENT $36,000 $36,000 $36,000 $36,000 $36,000 $36,000
RED, WHITE & SOUSA EVENT $36,000 $36,000 $36,000 $36,000 $36,000 $36,000
ECONOMIC DEVELOPMENT PROMOTIONAL $57,153 $21,000 $21,420 $21,848 $22,285 $22,731
PT MARKETING COORDINATOR $0 $38,392 $39,544 $40,730 $41,952 $43,211
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,332 $0 $0 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
CITY PARK - LANDSCAPE AND AMENITIES- $114,000 CARRY FORWARD FROM FY14 $61,000 $258,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT ORIGINAL STAGE CURTAIN $25,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REFINISH STAGE $4,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPAIRS TO ORIGINAL SLOPED METAL ROOF $48,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT OF CATERING OVEN $0 $7,000 $0 $0 $0 $0
COLLEYVILLE CENTER - SITE MASTER PLAN- CARRY FORWARD $0 $25,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $0 $50,000 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION)-CARRY FORWARD $32,922 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $0 $277,000 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD - CARRY FORWARD $0 $100,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $0
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN)$0 $0 $0 $0 $0 $300,000
SENIOR CENTER
RENOVATION - DESIGN $25,000 $0 $0 $0 $0 $0
REPAIRS- CARRY FORWARD $0 $100,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $500,000 $1,000,000 $875,000 $500,000 $400,000
TOTAL EXPENDITURES $1,556,003 $2,537,616 $2,383,506 $2,263,549 $1,886,033 $1,946,820
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $257,852 $258,152 $260,167 $259,894 $257,416 $258,692
ENDING FUND BALANCE $2,412,373 $1,737,735 $1,233,872 $864,845 $886,440 $865,052
ASSUMPTIONS: FY 2015: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2016-2019: 1% GROWTH
RESOLUTION R-15-135
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT
CAPITAL IMPROVEMENT PROGRAM (EDCIP)
FOR FISCAL YEARS 2016-2020
WHEREAS, the bylaws of the Colleyville Economic Development
Corporation require an Economic Development Capital
Improvement Program (EDCIP) be developed, setting forth
long and short term goals which address the needs of the City
within the financial constraints of revenues available to the
Corporation; and
WHEREAS, the EDCIP shall identify the projects to be undertaken by the
Corporation and include proposed methods and the expected
cost of the implementation.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT the Economic Development Capital Improvement
Program of the Colleyville Economic Development Corporation
(Exhibit A) is hereby adopted.
Sec. 2. THAT once approved, the EDCIP will be forwarded to the City
Council for their subsequent approval.
Sec. 3. THAT this Resolution shall become effective on the date of
passage.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS
25TH DAY OF AUGUST 2015.
ATTEST: COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley, TRMC Carol Wollin
Secretary President
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2016 - FY 2020
Budget YE Projection Projection Projection Projection Projection Projection
FISCAL YEAR 2015 2015 2016 2017 2018 2019 2020
BEGINNING FUND BALANCE $2,412,373 $2,733,995 $2,733,324 $1,870,614 $1,171,658 $1,171,012 $1,172,216
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,600,000 $1,720,000 $1,700,000 $1,700,000 $1,700,000 $1,717,000 $1,734,170
INTEREST INCOME $4,825 $4,825 $5,467 $3,741 $2,343 $2,342 $2,344
USE OF AVAILABLE CASH $932,791 $240,837 $1,104,240 $939,705 $238,528 $239,666 $233,147
TOTAL REVENUES $2,537,616 $1,965,662 $2,809,707 $2,643,446 $1,940,871 $1,959,008 $1,969,661
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $903,536 $840,582 $845,354 $842,621 $832,586 $843,046 $845,802
WATER / WASTEWATER- MC PHERSON PARK $18,000 $18,000 $18,540 $19,096 $19,669 $20,259 $20,867
PERSONNEL - SENIOR CENTER $67,106 $67,106 $70,536 $72,652 $74,832 $77,077 $79,389
PERSONNEL - LIBRARY $79,030 $79,030 $81,081 $83,513 $86,019 $88,599 $91,257
OPERATIONS - LIBRARY $4,553 $4,553 $4,689 $4,830 $4,975 $5,124 $5,278
OPERATIONS - COLLEYVILLE CENTER $0 $0 $3,700 $3,774 $3,849 $3,926 $4,005
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $0 $0 $0 $0 $0
TREE LIGHTING/HAUNTED TRAILS $36,000 $36,000 $0 $0 $0 $0 $0
RED, WHITE & SOUSA EVENT $36,000 $36,000 $0 $0 $0 $0 $0
SPECIAL EVENTS $0 $0 $87,000 $87,000 $87,000 $87,000 $87,000
ECONOMIC DEVELOPMENT PROMOTIONAL $21,000 $21,000 $35,000 $35,700 $36,414 $37,142 $37,885
PERSONNEL - COMMUNICATIONS $38,392 $38,392 $41,029 $42,260 $43,528 $44,834 $46,179
CAPITAL:
CITY PARK - LANDSCAPE AND AMENITIES- $114,000 CARRY FORWARD FROM FY14 $258,000 $258,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER -
REPLACEMENT OF CATERING OVEN $7,000 $7,000 $0 $0 $0 $0 $0
SITE MASTER PLAN- CARRY FORWARD $25,000 $25,000 $25,000 $0 $0 $0 $0
DYSON HAND DRYERS $0 $0 $3,000 $0 $0 $0 $0
REPLACEMENT DISHWASHER $0 $0 $6,350 $0 $0 $0 $0
FRIDGE MERCHANDISER $0 $0 $1,000 $0 $0 $0 $0
INCREASED INTERNET BANDWIDTH $0 $0 $5,428 $0 $0 $0 $0
AV UPGRADE $0 $0 $170,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $50,000 $50,000 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $277,000 $277,000 $0 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD - CARRY FORWARD $100,000 $41,000 $60,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $150,000 $150,000
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN)$0 $0 $0 $300,000 $0 $0 $0
PARKS MASTER PLAN UPDATE $0 $0 $100,000 $0 $0 $0 $0
SENIOR CENTER
REPAIRS- CARRY FORWARD $100,000 $0 $100,000 $0 $0 $0 $0
FUTURE PROJECTS $500,000 $150,000 $1,000,000 $1,000,000 $600,000 $600,000 $600,000
TOTAL EXPENDITURES $2,537,615 $1,965,662 $2,809,707 $2,643,446 $1,940,871 $1,959,008 $1,969,661
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,152 $240,166 $241,530 $240,749 $237,882 $240,870 $241,658
ENDING FUND BALANCE $1,737,735 $2,733,324 $1,870,614 $1,171,658 $1,171,012 $1,172,216 $1,180,727
ASSUMPTIONS: FY 2016 1/2 of General Fund projection, FY 2017-2018: 0% GROWTH, FY 2019-2020: 1% GROWTH
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3b Agenda Date 08/25/2015 Number Resolution R-15-136
Type Resolution
Department City Manager
Title
Adopting the Fiscal Year 2016 (FY 2016) Budget
Strategy Map Connection
C1- Provide attractive and unique spaces for enjoyment of personal interests and
community interaction
F4- Adhere to the City’s financial and budgetary policies
Explanation
Reading and Public Hearing
Per the Colleyville Economic Development Corporation (CEDC) bylaws, the Board of
Directors must adopt an annual budget. The attached FY 2016 budget replicates the
FY 2016 revenues and expenditures contained in the proposed FY 2016 - 2020 EDCIP
(Agenda item 3a), which was reviewed at the CEDC budget worksession on August 11,
2015. The sales tax portion of the revenue estimate ($1,700,000) is one-half of the
sales tax revenue estimate in the City's proposed FY 2016 budget. The budget also
utilizes $1,104,240 in available cash balance, from the projected ending Fiscal Year
2015 Fund Balance of $2,733,324.
Proposed expenditures for FY 2016 total $2,568,177, as reflected in the attached FY
2016 CEDC Budget. Major components include:
Operating Expenditures:
The debt service payment for FY 2016 is $845,354, for bonds that will be paid off in
2029. Personnel costs of $192,646 fund four part-time positions for the library, a
recreation specialist at the senior center, and a portion of the cost for the marketing
coordinator position. In FY 2016 the individual special event budgets have been
combined into a single budget of $87,000, to allow for savings from one event to be
used for another event. The economic development promotional category has
increased from $21,000 to $35,000 to allow for expanded marketing efforts.
Capital Expenditures:
Funding for the Colleyville Center site master plan has been continued in FY 2016, as
this work will require additional funding and has not yet been completed. The plan will
CEDC Board Agenda Briefing 3b
City of Colleyville Page 2
provide for both land and space utilization of the seven acres that includes the
Colleyville Center building and surrounding grounds on Riverwalk Drive.
Several equipment purchases for the Colleyville Center are included, for replacement of
the dishwasher, a new fridge merchandiser, and Dyson hand dryers in the restrooms.
There is an additional $5,428 for one-time equipment and an ongoing $3,700 for
increased internet bandwidth, to better serve clients at the Colleyville Center. Another
addition in FY 2016 is funding for a project that will upgrade the audio
visual components at the Colleyville Center. Most of the technology infrastructure is
original to the building and is in need of replacement. This project also moves
technology components currently located on the stage into a secured room.
A portion of the project funding from FY 2015 ($60,000) for improvements at the L.D.
Lockett Park Cotton Belt Trailhead has been rolled forward, as well as the $100,000
for repairs to the Senior Center. An additional $100,000 has been included in FY 2016
for an update to the Parks Master Plan, as well as $150,000 for future trail
construction. The FY 2016 future projects budget totals $1,000,000, and is available
for use on priorities as they are identified.
Financial Impact
Adoption will provide appropriations for the FY 2016 budget.
Recommendation
Approve
Attachments
1.FY 2016 CEDC Budget
2.Resolution R-15-136
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2016 Proposed Budget
Budget YE Projection Proposed
FISCAL YEAR 2015 2015 2016
BEGINNING FUND BALANCE $2,412,373 $2,733,995 $2,733,324
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,600,000 $1,720,000 $1,700,000
INTEREST INCOME $4,825 $4,825 $5,467
USE OF AVAILABLE CASH $932,791 $240,837 $1,104,240
TOTAL REVENUES $2,537,616 $1,965,662 $2,809,707
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000
2005 DEBT SERVICE $645,383 $600,416 $603,824
WATER / WASTEWATER- MC PHERSON PARK $18,000 $18,000 $18,540
PERSONNEL - SENIOR CENTER $67,106 $67,106 $70,536
PERSONNEL - LIBRARY $79,030 $79,030 $81,081
OPERATIONS - LIBRARY $4,553 $4,553 $4,689
OPERATIONS - COLLEYVILLE CENTER $0 $0 $3,700
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $0
TREE LIGHTING/HAUNTED TRAILS $36,000 $36,000 $0
RED, WHITE & SOUSA EVENT $36,000 $36,000 $0
SPECIAL EVENTS $0 $0 $87,000
ECONOMIC DEVELOPMENT PROMOTIONAL $21,000 $21,000 $35,000
PERSONNEL - COMMUNICATIONS $38,392 $38,392 $41,029
CAPITAL:
CITY PARK - LANDSCAPE AND AMENITIES- $114,000 CARRY FORWARD FROM FY14 $258,000 $258,000 $0
COLLEYVILLE CENTER -
REPLACEMENT OF CATERING OVEN $7,000 $7,000 $0
SITE MASTER PLAN- CARRY FORWARD $25,000 $25,000 $25,000
DYSON HAND DRYERS $0 $0 $3,000
REPLACEMENT DISHWASHER $0 $0 $6,350
FRIDGE MERCHANDISER $0 $0 $1,000
INCREASED INTERNET BANDWIDTH $0 $0 $5,428
AV UPGRADE $0 $0 $170,000
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $50,000 $50,000 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $277,000 $277,000 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD - CARRY FORWARD $100,000 $41,000 $60,000
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN)$0 $0 $0
PARKS MASTER PLAN UPDATE $0 $0 $100,000
SENIOR CENTER
REPAIRS- CARRY FORWARD $100,000 $0 $100,000
FUTURE PROJECTS $500,000 $150,000 $1,000,000
TOTAL EXPENDITURES $2,279,463 $1,725,496 $2,568,177
EXCESS REVENUES OVER EXPENDITURES $258,153 $240,166 $241,530
ENDING FUND BALANCE $1,737,735 $2,733,324 $1,870,614
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX BOND COVENANTS
FOR FY 2016; REVENUES MUST EXCEED EXPENDITURES BY AT LEAST $241,530.
RESOLUTION R-15-136
A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR
FISCAL YEAR 2016 FOR THE COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS,the bylaws of the Colleyville Economic Development Corporation
require that an annual budget be adopted by the Board of
Directors; and
WHEREAS,the bylaws require that the budget includes projected revenues
and proposed expenditures.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1.THAT the Fiscal Year 2016 budget amounts for the Colleyville
Economic Development Corporation are as follows:
Revenues $2,809,707
Expenditures $2,568,177
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS
25TH DAY OF AUGUST 2015.
ATTEST:COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley, TRMC Carol Wollin
Secretary President
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3c Agenda Date 08/25/2015 Number Resolution R-15-137
Type Resolution
Department City Secretary
Title
Appointing a Colleyville Economic Development Corporation Board President and Vice
President
Strategy Map Connection
B4- Cultivate a culture of transparency and consistent communication
Explanation
Reading and Public Hearing
On August 26, 2014, the Colleyville Economic Development Corporation (CEDC) Board
of Directors elected Director Carol Wollin as President and Director Mike Taylor as Vice
President.
As per the CEDC bylaws, the President and Vice President shall be elected by the Board
and shall serve a term of one (1) year. The President and Vice President shall continue
to serve until their successors are appointed.
This item provides for the Board of Directors to elect a President and Vice President of
the CEDC.
Attachments
1.Resolution R-15-137
RESOLUTION R-15-137
A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION BOARD
PRESIDENT AND VICE PRESIDENT
WHEREAS,the Bylaws of the Colleyville Economic Development
Corporation, state the President and the Vice President shall be
elected by the Board and shall serve a term of one year; and
WHEREAS, the President and Vice President shall continue to serve until
their successors are appointed.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1.THAT Director _______________ is elected to serve as President
of the Colleyville Economic Development Corporation.
Sec. 2.THAT Director _______________ is elected to serve as Vice
President of the Colleyville Economic Development Corporation.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS
25TH DAY OF AUGUST 2015.
ATTEST:COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Amy Shelley, TRMC Carol Wollin
Secretary President
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number Agenda Date 08/25/2015 Number
Type Report
Department City Manager
Title
Annual Activity Report
Strategy Map Connection
B4- Cultivate a culture of transparency and consistent communication
Explanation
The Colleyville Economic Development Corporation bylaws require that the Board make
an annual report by February 1, 2016 to the City Council "reviewing the
accomplishments of the Corporation for the preceding year and the activities of the
Corporation for the budget year". Attached is the annual report that will be submitted
to the City Council at the September 1, 2015 City Council meeting.
Attachments
1.Annual activity report
FY 2015 ANNUAL REPORT OF THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION ACTIONS OF THE CORPORATION
On August 26, 2014, the Board held its annual meeting and approved the FY 2015
annual budget for the Corporation with projected revenues of $2,537,616 and
expenses of $2,279,464. The Board also adopted the attached Exhibit “A” for the
Economic Development Capital Improvement Program (EDCIP) for Fiscal Years 2015-
2019.
The projected sales tax for FY 2015 replicated one-half of the FY 2015 City sales tax
budget projection. For the remaining years, there was a one percent growth for FY
2016 - 2019. There was a slight change from year to year in interest income, due to
the annual changes in investable cash from beginning fund balance in the two
different EDCIP plans. There was the use of available cash from the .4 times bond
coverage ratio in all years of the plan, with the ending target fund balance in FY 2019
at a level slightly above $850,000. In FY 2015, funding for incomplete projects, such
as Pleasant Run Trail (Bogart Drive to Mission Lane) construction ($277,000), was
carried forward from FY 2014, as well as $50,000 for the Cotton Belt II spur at the
Webb House, and $100,000 for improvements at Cotton Belt-LD Lockett Park
Trailhead. Funding in the amount of $258,000 was included for landscaping and
concrete path updates at City Park to provide for landscaping that is lower water use
and maintenance. The existing landscaping was original to City Park, which opened
in 1998, and was nearing the end of its plant lifespan. Of the $258,000 for City Park,
$114,000 was funding carried forward from FY 2014, and was budgeted for the
purpose of beginning the City Park landscaping update that will include plant
selections from the recently adopted landscaping brand manual. There was funding
carried forward from FY 2014 for a site master plan of the Colleyville Center's seven
acres of surrounding grounds ($25,000), to provide for both land and space utilization
on Riverwalk Drive, including gardens, fountains, and a functional outdoor meeting
and patio space. The overarching intent for this plan is to accommodate larger,
revenue driving business and community events at the Colleyville Center, with
development scope and funding to be determined by the City Council. In FY 2015,
$7,000 was programmed for the replacement of the original catering oven at the
Colleyville Center, as it was no longer fully functional or safe to use. There was also
$100,000 carried forward for repairs to the Senior Center, primarily to address
building concerns. The future projects allocation was removed and reallocated
through the future years of the plan. Funding of $150,000 originally scheduled for
future trail construction was distributed among the trail system projects described
previously. In FY 2016, the future projects allocation was increased from $500,000
to $1,000,000. There was also funding included for future trail projects ($150,000).
For FY 2017, the future projects allocation was increased from $500,000 to $875,000
and funding was included for future trail projects in the amount of $150,000. For FY
2018, the future projects allocation remained at $500,000 and funding was included
for future trail projects in the amount of $150,000. The $300,000 planned for
construction of a trail on Pleasant Run Road from the Cotton Belt railroad crossing to
John McCain Road was moved to FY 2019 to align with planned street improvements.
In FY 2019, the future projects funding allocation was $400,000 and funding was
included for the construction of a trail on Pleasant Run Road from the Cotton Belt
railroad crossing to John McCain Road ($300,000).
On August 11, 2015, the Board met in a worksession and reviewed and discussed the
proposed projects for FY 2016 through 2020. Per the direction received from the
Board to ensure that all technology needs are included in the Colleyville Center A/V
upgrade project, staff will be evaluating options with vendors. Any project cost
increases may be funded with the future projects budget. The proposed changes from
the adopted FY 2015 - FY 2019 EDCIP are as follows:
Revenues:
The projected sales tax for FY 2016 replicates the FY 2016 City sales tax budget
projection. For FY 2017 and FY 2018, no growth is projected due to the potential
impact of Colleyville Boulevard (SH 26) construction on the City's primary business
corridor. There is a one percent growth increase projected for FY 2019 and
FY 2020. There is a slight change from year to year in interest income, due to the
annual changes in investable cash from beginning fund balance in the two different
EDCIP plans. There is the use of available cash from the .4 times bond coverage
ratio in all years of the plan, with the ending target fund balance in 2020 at a level
slightly above $1,100,000.
Expenditures:
FY 2016:
The debt service payment has decreased from $910,584 to $845,354 as a result of
a refunding done in a prior year. Lower debt payments are also reflected in the
following years. The special events budgets have been combined into a single
budget, to allow for savings from one event to be used for another event. The
economic development promotional category has increased from $21,000 to $35,000
to allow for expanded marketing efforts. Funding for the Colleyville Center site
master plan has been continued in FY 2016, as this work will require additional
funding and has not yet been completed. The plan will provide for both land and
space utilization of the seven acres that includes the Colleyville Center building and
surrounding grounds on Riverwalk Drive. Several equipment purchases for the
Colleyville Center are included, for replacement of the dishwasher, a new fridge
merchandiser, and Dyson hand dryers in the restrooms. There is an additional
$5,428 for one-time equipment and an ongoing $3,700 for increased internet
bandwidth, to better serve clients at the Colleyville Center. Another addition in FY
2016 is funding for a project that will upgrade the audio visual components at the
Colleyville Center. Most of the technology infrastructure is original to the building
and is in need of replacement. This project also moves technology components
currently located on the stage into a secured room. A portion of the project funding
from FY 2015 ($60,000) for improvements at the L.D. Lockett Park Cotton
Belt Trailhead has been rolled forward, as well as the $100,000 for repairs to the
Senior Center. An additional $100,000 has been included in FY 2016 for an update
to the Parks Master Plan.
FY 2017:
Funding for the construction of a trail on Pleasant Run Road from the Cotton Belt
railroad crossing to John McCain Road ($300,000) has been moved forward from FY
2019 to FY 2017, to align with the street project. Funding for future projects has
increased from $875,000 to $1,000,000.
FY 2018:
The future projects allocation increased from $500,000 to $600,000.
FY 2019:
The future projects funding allocation increased from $400,000 to $600,000. Funding
for the construction of a trail on Pleasant Run Road from the Cotton Belt railroad
crossing to John McCain Road ($300,000) was removed from FY 2019 and moved to
FY 2017. Funding in the amount of $150,000 has been included for future trail
construction.
FY 2020:
Funding in the amount of $150,000 has been included for future trail construction
and $600,000 is included for future projects.
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2015 - FY 2019
FISCAL YEAR 2014 2015 2016 2017 2018 2019
BEGINNING FUND BALANCE $2,268,996 $2,412,373 $1,737,735 $1,233,872 $864,845 $886,440
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,437,500 $1,600,000 $1,616,000 $1,632,160 $1,648,482 $1,664,966
INTEREST INCOME $4,027 $4,825 $3,475 $2,468 $1,730 $1,773
USE OF AVAILABLE CASH $114,475 $932,791 $764,030 $628,921 $235,821 $280,080
TOTAL REVENUES $1,556,002 $2,537,616 $2,383,505 $2,263,549 $1,886,032 $1,946,819
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $902,482 $903,536 $910,584 $909,629 $900,956 $905,422
WATER / WASTEWATER- MC PHERSON PARK $270 $18,000 $18,540 $19,096 $19,669 $20,259
PERSONNEL - SENIOR CENTER $64,975 $67,106 $69,119 $71,192 $73,328 $75,528
PERSONNEL - LIBRARY $76,448 $79,030 $80,610 $82,222 $83,867 $85,544
OPERATIONS - LIBRARY $4,421 $4,553 $4,690 $4,831 $4,976 $5,125
PROMOTIONAL:
OLD TYME BBQ EVENT $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
HOLLY COLLEY HOLIDAY/FALL EVENT $36,000 $36,000 $36,000 $36,000 $36,000 $36,000
RED, WHITE & SOUSA EVENT $36,000 $36,000 $36,000 $36,000 $36,000 $36,000
ECONOMIC DEVELOPMENT PROMOTIONAL $57,153 $21,000 $21,420 $21,848 $22,285 $22,731
PT MARKETING COORDINATOR $0 $38,392 $39,544 $40,730 $41,952 $43,211
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,332 $0 $0 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
CITY PARK - LANDSCAPE AND AMENITIES- $114,000 CARRY FORWARD FROM FY14 $61,000 $258,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT ORIGINAL STAGE CURTAIN $25,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REFINISH STAGE $4,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPAIRS TO ORIGINAL SLOPED METAL ROOF $48,000 $0 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT OF CATERING OVEN $0 $7,000 $0 $0 $0 $0
COLLEYVILLE CENTER - SITE MASTER PLAN- CARRY FORWARD $0 $25,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM -
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION-CARRY FORWARD $0 $50,000 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION)-CARRY FORWARD $32,922 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)-CARRY FORWARD $0 $277,000 $0 $0 $0 $0
IMPROVEMENTS AT COTTON BELT - LD LOCKETT PARK TRAILHEAD - CARRY FORWARD $0 $100,000 $0 $0 $0 $0
FUTURE TRAIL CONSTRUCTION $0 $0 $150,000 $150,000 $150,000 $0
PLEASANT RUN TRAIL CONSTRUCTION (COTTON BELT TO JOHN MCMCAIN) $0 $0 $0 $0 $0 $300,000
SENIOR CENTER
RENOVATION - DESIGN $25,000 $0 $0 $0 $0 $0
REPAIRS- CARRY FORWARD $0 $100,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $500,000 $1,000,000 $875,000 $500,000 $400,000
TOTAL EXPENDITURES $1,556,003 $2,537,616 $2,383,506 $2,263,549 $1,886,033 $1,946,820
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $257,852 $258,152 $260,167 $259,894 $257,416 $258,692
ENDING FUND BALANCE $2,412,373 $1,737,735 $1,233,872 $864,845 $886,440 $865,052
ASSUMPTIONS: FY 2015: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2016-2019: 1% GROWTH
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number Agenda Date 08/25/2015 Number
Type Report
Department City Manager
Title
Annual investment report
Strategy Map Connection
B4- Cultivate a culture of transparency and consistent communication
Explanation
From the period of October 1, 2015 through July 31, 2015, the Colleyville Economic
Development Corporation had an average of $998,475 invested in the Local
Government Investment Cooperative (LOGIC) Pool, earning $853 during this period.
Since December 31, 2013, the Corporation held a Treasury note with a purchase price
of $500,395 (par value $500,000) and a market value of $500,039, yielding 0.20%
that matured on July 31, 2015 and was reinvested on the same day. The interest
earnings on the Treasury note from December 31, 2014 to July 31, 2015, are $625.00.
Currently, the Corporation holds a Treasury note with a purchase price of $499,750
(par value $500,000) and a market value of $499,750, yielding 0.625%, which will
mature July 31, 2017.
Attachments