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HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-15-135)-08/25/2015 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 OF5-AYES,0 NAYS, AND 0 ABSTENTIONS ON THIS 25TH DAY OF AUGUST 2015. --ATTEST: COLLEYVILLE ECONOMIC DEVELOPMENT ORATION 1 , Am :-hplley, RMC Mik Taylor Secretary Vice 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: OW 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