HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-9/4/2007='~ry~ City of Colleyville
~' ..._. .. ~ A enda
9
-,~.r.,~
Colleyville Economic Development
Corporation Board
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
Tuesday, September 4, 2007 5:30 PM City Council Chambers
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-07-92
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting held August 22, 2006
2b Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting held August 28, 2007
2c Approval of the Annual Review of the Corporation's Investment Policy
2d Approval of a Pledge Agreement with the Federal Reserve Bank for
bank depository account collateral
3. RESOLUTIONS(S):
READING AND PUBLIC HEARING
3a R-07-93 Appointing a Colleyville Economic Development Corporation (CEDC)
President and Vice President
3b R-07-94 Adopting the Economic Development Capital Improvement Program
(EDCIP) for FY 2008-2012
3c R-07-95 Adopting the Fiscal Year 2008 Budget
3d R-07-96 Approval of authorized depository signatures
REPORT(S):
4a Annual Activity Report
4b Annual Investment Report
5. ADJOURNMENT
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday,
August 31, 2007, by 5:00 p.m.
City of Colleyville Page 1 Printed on 8/30/2007
Colleyville Economic Development Agenda September 4, 2007
Corporation Board
Cynthia Singleton, TRMC, CMC
City Secretary
Any matter on this agenda may, at the discretion of the governing body, be opened for public
comment and discussion.
City of Colleyville Page 2 Printed on 8/30/2007
RESOLUTION R-07-92
A RESOLUTION APPROVING BOARD ACTION
UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION MEETING OF SEPTEMBER 4, 2007
WHEREAS, 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 the Economic Development
Corporation Board of Directors action under Consent Items as follows are
hereby adopted:
a. THAT the minutes of the Colleyville Economic Development Corporation
Board of Directors' meeting held August 22, 2006, are hereby approved.
b. THAT the minutes of the Colleyville Economic Development Corporation
Board of Directors' meeting held August 28, 2007, are hereby approved.
c. THAT the Annual Review of the Corporation's Investment Policy, is hereby
approved.
d. THAT the Pledge Agreement with the Federal Reserve Bank for bank
depository account collateral is hereby approved.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, this September 4, 2007.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary
:~.~ .
"~"' City of Colleyville
Minutes -Draft
r.,,.,.
Colleyville Economic Development
Corporation Board
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
Tuesday, August 22, 2006
6:30 PM
City Council Chambers
The meeting of the Colleyville Economic Development Corporation
Board of Directors was called to order by President Jon Ayers on
August 22, 2006, at 6:30 p.m.
ROLL CALL: Directors John Terhoeve, John Gray, Tom Hart, David
Kelly and James Spriggs were present. President Jon Ayers,
General Manager Bill Lindley, Finance Manager Terry Leake,
Economic Development Manager Scott Welmaker and Parks and
Recreation Director Monica Walsh were also present.
Director Rich Hendler was absent.
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-06-87
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting held December 13, 2005
2b Approval of the Annual Review of the Corporation's Investment Policy
President Ayers opened the public hearing and read Resolution R-06-87
in its entirety.
There was no one present wishing to speak concerning this item and
President Ayers closed the public hearing.
Director Kelly moved to approve Resolution R-06-87.
Director Hart seconded the motion.
The motion carried by the following vote:
Aye: 6 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, David
Kelly, James Spriggs
Absent: 1 -Rich Hendler
City of Colleyville Page 1 Printed on 8/30/2007
Colleyville Economic Development Minutes -Draft August 22, 2006
Corporation Board
3. RESOLUTIONS:
READING AND PUBLIC HEARING
3a R-06-88 Appointing a Colleyville Economic Development Corporation (CEDC)
President and Vice President
President Ayers opened the public hearing and read Resolution R-06-88.
There was no one present wishing to speak concerning this item and
President Ayers closed the puboic hearing.
Director Ayers opened the floor for nominations.
Director Kelly Moved to approve Resolution R-06-88, appointing Director
Ayers as President and Director Terhoeve as Vice President.
Director Hart seconded the motion.
The motion carried by the following vote:
Aye: 6 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, David
Kelly, James Spriggs
Absent: 1 -Rich Hendler
3b R-06-89 Adopting the Economic Development Capital Improvement Program
(EDCIP) for 2007-2011
President Ayers opened the public hearing and read Resolution R-06-89
in its entirety.
There was no one present wishing to speak concerning this item and
President Ayers closed the public hearing.
Finance Manager Terry Leake provided an overview of the Economic
Development Capital Improvement Program for 2007-2011.
There was general discussion regarding the water conservation program.
Director Kelly moved to approve Resolution R-06-89.
Director Hart seconded the motion.
City of Colleyville Page 2 Printed on 8/30/2007
Colleyville Economic Development Minutes -Draft August 22, 2006
Corporation Board
The motion carried by the following vote:
Aye: 6 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, David
Kelly, James Spriggs
Absent: 1 -Rich Hendler
3c R-06-90 Adopting the Fiscal Year 2007 Budget
President Ayers opened the public hearing and read Resolution R-06-90
in its entirety.
There was no one present wishing to speak concerning this item and
President Ayers closed the public hearing.
Economic Development Director Scott Welmaker reviewed advertising
expenditures.
Director Hart moved to approve Resolution R-06-90.
Director Terhoeve seconded the motion.
The motion carried by the following vote:
Aye: 6 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, David
Kelly, James Spriggs
Absent: 1 -Rich Hendler
4. REPORTS:
4a Annual Activity Report
Finance Manager Terry Leake provided an overview of the Annual
Activity Report.
4b Annual Investment Report
Finance Manager Terry Leake provided an overview of the Annual
Investment Report.
5. RESOLUTION:
READING AND PUBLIC HEARING
Discussion and consideration of a Resolution ratifying Corporate Board action
for the meeting of August 22, 2006 -Resolution R-06-91
This resolution was not needed.
City of Colleyville Page 3 Printed on 8/30/2007
Colleyville Economic Development Minutes -Draft August 22, 2006
Corporation Board
6. ADJOURNMENT
Director Kelly moved to adjourn.
Director Hart seconded the motion.
The motion carried by the following vote:
Aye: 6 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, David
Kelly, James Spriggs
Absent: 1 -Rich Hendler
President Ayers declared the meeting adjourned at 7:06 p.m.
APPROVED BY A VOTE OF AYES, NAYS AND
ABSTENTIONS ON THIS THE OF 2007.
Minutes taken and prepared by:
Terry Leake
Finance Manager
City of Colleyville Page 4 Printed on 8/30/2007
``"~"' City of Colleyville
`~~~ ~ Minutes -Draft
7Y~ca>
Colleyville Economic Development
Corporation Board
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyvil le.com
Tuesday, August 28, 2007
6:30 PM
City Council Chambers
The meeting of the Colleyville Economic Development Corporation
Board of Directors was called to order by Director David Kelly on August
28, 2007, at 6:40 p.m.
ROLL CALL: Directors David Kelly, Tom Hart and James Spriggs
were present. General Manager Bill Lindley, Assistant City Manager
Kelly Cooper, Finance Manager Terry Leake, Economic
Development Manager Scott Welmaker, Community Development
and Business Strategy Director Chris Fuller, Parks and Recreation
Director Monica Walsh, Management Assistant Matt McCombs and
Secretary Cynthia Singleton were also present.
President Jon Ayers, Vice-President John Terhoeve and Directors
Rich Hendler and John Gray were absent.
2.
2a
2b
2c
3.
3a
3b
3c
3d
CONSENT: READING AND PUBLIC HEARING -Resolution R-07-92
Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting held August 22, 2006
Approval of the Annual Review of the Corporation's Investment Policy
Approval of a Pledge Agreement with the Federal Reserve Bank for bank
depository account collateral
RESOLUTION(S):
READING AND PUBLIC HEARING
R-07-93 Appointing a Colleyville Economic Development Corporation (CEDC)
President and Vice President
R-07-94 Adopting the Economic Development Capital Improvement Program
(EDCIP) for FY 2008-2012
R-07-95 Adopting the Fiscal Year 2008 Budget
R-07-96 Approval of authorized depository signatures
City of Colleyville Page 1 Printed on 8/30/2007
Colleyville Economic Development Minutes -Draft August 28, 2007
Corporation Board
4. REPORT(S):
4a Annual Activity Report
4b Annual Investment Report
5. ADJOURNMENT
Director Kelly adjourned the meeting at 6:41 p.m. due to a lack of
quorum.
APPROVED BY A VOTE OF AYES, NAYS AND
ABSTENTIONS ON THIS THE DAY OF 2007.
Minutes taken and prepared by:
Cynthia Singleton
Secretary
City of Colleyville Page 2 Printed on 8/30/2007
;~. ,,,
~'''''° " Cat of Colle N~~~@ 100 Main Street
~yy~`~,~ Y Y Colleyville, Texas 76034
(817) 503-1000
Agenda Briefing www•colleyville.com
File Number: File Type: Resolution Status: Consent Agenda
Version: 1 Agenda Date: 09/04/2007 Controlling Body: Colleyville
Economic
Development
Corporation Board
Requester: Finance Department Agenda No.: 2c Final Action:
File Name: Approval of the Annual Review of the Corporation's Investment Policy
Attachments: Investment Policy.pdf
History of Leg islative File
Version: Date: Acting Body: Action Text:
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Colleyville Economic
Development
Corporation Board
Title
Approval of the Annual Review of the Corporation's Investment Policy
Explanation
A section in the Public Funds Investment Act requires that an entity's governing body review
the investment strategy of the entity annually. The Corporation's investment strategy is
contained in the section entitled, "Investment Strategy" and is presented for the Board's
review. Additionally, there are no changes proposed to the existing policy.
Financial Impact
It has been determined there is no fiscal impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 8/30/2007
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.
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 with the specific day-today pertormance 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:
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 Assistant to
the Finance Director 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 dollarweighted 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.
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
2. Commercial paper
3. Banker's acceptances
4. Reverse repurchase agreements (Local Govemment 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
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 eighteen (18) 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.
(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.
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.
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 answerthe Broker/Dealerquestionnaire (AppendixA) 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 ICBA, and Standard and
Poor's.
F. Surety Bond
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 PledgedCollateral Ratio
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 maybe
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,
the market change from the beginning until the end of the quarter, and fully accrued
interest for the period. This report shall be in compliance with provisions of the Public
Funds Investment Act, as amended. The report shall be signed by the General Manager
and Finance Manager.
Training Requirements
Both the Finance Manager and Assistant to the Finance Manager shall complete ten hours
of training every two years as required by the Public Funds Investment Act. 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, or
Texas Municipal League. 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.
Appendix A
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BROKER/DEALER
CERTIFICATION QUESTIONNAIRE
1. Name of Firm
2. Address
3. Telephone -National Local
4. Primary Representative /Branch Manager
5. Is your firm a primary dealer in U.S. Government securities? If so, how long?
6. Identify all personnel who will be trading or quoting securities to our City's employees.
7. Identify which personnel have read the City of Colleyville's investment policy.
8. Please indicate the current licenses of your representative(s) and attach a copy of their
registration.
Representative Name(s) License(s)
9. Have any of your public sector clients ever reported to your firm, its officers or
employees, orally or in writing, that they sustained a loss (in a single year) exceeding 10
percent of original purchase price on any individual security purchased through the firm?
10. Has your firm consistently complied with Federal Reserve Bank's capital adequacy
guidelines?
As of this date, does your firm comply with the guidelines?
11. By what factor does your firm presently exceed the capital adequacy guidelines.
12. Please attach a sample of any confirmations or transactions reports that the City will
receive after a transaction has occurred.
13. Does your firm participate in the S.I.P.C. insurance program? If not, what is the
comparable alternative?
14. What percentage of your transactions failed last month? Last year?
15. Describe the precautions taken by your firm to protect the interests of the public when
dealing with governmental agencies as investors.
16. Please attach a copy of your firm's most recent audited financial statements.
(Condensed statements are acceptable)
(To be completed on your firm's letterhead)
Appendix B
Texas Public Funds Investment Act
Certification by Business Organization
This certification is executed on behalf of the City of Colleyville, Texas ("the Investor"), and
(name of firm) ("the Business Organization") pursuant to the Public Funds Investment Act,
Chapter 2256, Texas Government Code, (the Act) in connection with investment
transactions conducted between the Investor and the Business Organization.
The undersigned Qualified Representative ofthe Business Organization hereby certifies on
behalf of the Business Organization that:
1. The undersigned is a Qualified Representative ofthe Business Organization offering
to enter an investment transaction with the Investor (Note: as such terms are used
in the Public Funds Investment Act, chapter 2256, Texas Government Code) and
2. The Qualified Representative of the Business Organization has received and
reviewed the Investment Policy furnished by the Investor and
3. The Qualified Representative of the Business Organization has implemented
reasonable procedures and controls in an effortto preclude investmenttransactions
conducted between the Business Organization and the Investor that are not
authorized by the Investor's investment policy, except to the extent that this
authorization is dependent on an analysis of the makeup of the Investor's entire
portfolio or requires an interpretation of subjective investment standards.
Qualified Representative of the Business Organization
Signature
Name
Title
Date
i ll\ .i~
'~ - City of Colleyville CoIle00 Main Street
~~ ~k~,';~~~6~~ yville, Texas 76034
~" (817) 503-1000
' Age11C~a Brl@f111g www.col-eyville.com
File Number:
File Type: Resolution
Status: Consent Agenda
Version: 1
Agenda Date: 09/04/2007
Requester: Finance Department Agenda No.: 2d
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Name: Approval of a Pledge Agreement with the Federal Reserve Bank for bank depository account
collateral
Attachments: Pledgee Agreement Form.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Colleyville Economic
Development
Corporation Board
Title
Approval of a Pledge Agreement with the Federal Reserve Bank for bank depository
account collateral
Explanation
As a part of depository services for a public entity, a bank must provide collateral for all
public deposits above the FDIC limit of $100,000. Currently, the Corporation has an
agreement with the Federal Reserve Bank of Boston, which holds the Corporation's pledged
collateral. Periodically, the Federal Reserve Bank requires the Corporation to update the
agreement. Attached is the updated Pledge Agreement with the Federal Reserve Bank for
the collateral that safeguards the Corporation's deposits.
Financial Impact
It has been determined there is no financial impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 8/30/2007
Pledgee Agreement Form
To: Wells Fargo Bank Tel: 800-327-0147 opt 1
333 Market Street, 17`x' Floor Fax: 415-371-3292
MAC A01019-173
San Francisco, CA 94105
Attn: Public Funds Administration Date: September 4 , 2007
We, the _ ColleXville Economic Development Corporation agree to the terms of Appendix C of your Operating
Circular 7, dated August 19, 2005, as it may be amended from time to time with respect to the account on your books
designated __ K3HX_. (4 digit alpha-numeric account number)
We further agree that you may accept par for par substitutions: securities from the Pledgor as a replacement of, or in
substitution for, those securities presently held (please check one):
NO (Instructions required for ~ YES (Standing approval)
each withdrawal)
provided that the replacement or substitution does not reduce the aggregate par amount of securities held in custody for us.
(See Operating Circular 7, Appendix C, Section 4.3.)
We authorize you to use the following call-back procedure for securities transactions pertaining to this account (please
check one):
~~~ Three-party call-back ^ Four-party call-back
II
We certify that the individuals listed below may take authoritative action on our behalf with respect to the account,
including a direction to release collateral from the account. You may rely on the authority of these individuals with respect to
the account until we otherwise notify you.
Telephone
Fax:
817-503-1015
817-503-1019
Telephone: 817 - 5 0 3 -1014
Fax:
Telephone
817-503-1019
817-503-1115
Fax: 817-503-1019
Print Name: TERRY L E
Signature:
TitIeFINANCE
DIRECTOR
Date:
Print Name: n F R R v S .OTT Title: n s~ I-S T-A N T T.~
THE FINANCE DIRECTOR
Signature: Date:
Print Name: KELLY COOPER
Signature:
Title: A S S I S T A N T
CITY MANAGER
Date:
REV 01/2006
Pledgee Agreement
(page 2 of 2)
Telephone: 817-503-1034 Print Name: KAREN HINES Title: ACCOUNTANT
Fax: 817 - 5 0 3 -1019 Signature: Date:
The Undersigned hereby certifies that he/she is the present lawfu] incumbent of the designated public office.
Pledgee
COLLEYVILLE ECONOMIC DEVELOPMENT
Name of governmental unit C O R P O R A T I O N
100 MAIN STREET
Street Address or P.O Box Number
COLLEYVILLE, TX 76034
City, State, Zip Code
Official Signature/ Date
Printed Name and Title
State of
County of
On this
he/she resides at
State of
that he/she is the [Title] of
and that he/she executed this document on behalf of
before me.
(Signature of Notary)
(Print name of Notary)
My commission expires on
Notary
day of 200_ before me personally appeared
to me personally known or satisfactorily proven, who by me duly sworn, did depose and say that
in the City of _, in the
[Date]
REV 01/2006
` `'~~~ Clt of Colle V~~~e 100 Main Street
{~~~ ~.,~~~, ~ Y y Colleyville, Texas 76034
' (817) 503-1000
~~ - Agenda Briefing www•colleyville.com
File Number: R-07-93
File Number: R-07-93
File Type: Resolution
Status: Resolution
Version: 1
Requester: Office of the City
Secretary
Agenda Date: 09/04/2007
Agenda No.: 3a
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Name: Appointing a Colleyville Economic Devleopment Corporation (CEDC) President and Vice
President
Attachments: CEDC Bylaws excerpt.pdf Resolution R-06-88.pdf Resolution R-07-93.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Coileyville Economic
Development
Corporation Board
Title
Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice
President
Explanation
On August 22, 2006, Director Jon Ayers was elected President and Director John Terhoeve
was elected Vice President of the Colleyville Economic Development Corporation.
As per the CEDC Bylaws, Article III, Officers, 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 as provided in Article
II, Section I.
This item provides for the Board of Directors to elect a President and Vice President of the
CEDC to serve cone-year term.
Financial Impact
It has been determined that there is no financial impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 8/29/2007
C. The Secretary of the Corporation shall act as Secretary of all meetings of the
Corporation, but in the absence of the Secretary, the presiding officer may
appoint any person to act as Secretary of the meeting. The Secretary shall
keep minutes of the transactions of the Board and committee meetings and
shall cause such official minutes to be recorded in books kept for that
purpose in the principal offce of the Corporation.
SECTION 6. COMMITTEES OF THE BOARD
An official committee of the Board shall consist of two (2) or more directors. It is
provided, however, that all Tina! official actions of the Corporation may be exercised
only by the Board. Each committee so designated shall keep regular minutes of the
transactions of its meetings and shall cause such minutes to be recorded in books
kept for that purpose in the principal office of the Corporation.
SECTION 7. COMPENSATION OF DIRECTORS
The directors, including the President and Vice President, shall not receive any
salary or compensation for their services. However, directors may be reimbursed
for their actual expenses incurred in the performance of their duties hereunder,
including but not limited to the cost of travel, lodging and incidental expenses
reasonably related to the corporate duties of the Board. Travel expenses incurred
by directors for both regular and special meetings are not eligible for
reimbursement.
ARTICLE III.
OFFICERS
SECTION 1. TITLES AND TERM OF OFFICE
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 as provided in Article II, Section 1.
SECTION 2. POWERS AND DUTIES OF THE PRESIDENT
The President shall be the chief executive officer of the Corporation, and shall
preside at all meetings of the Board, and absent any different designation by a
majority of the Board, shall sign and execute all contracts, conveyances, franchises,
bonds, deeds, assignments, mortgages, and notes in the name of the Corporation.
In addition the President shall:
-4-
RESOLUTION R-06-88
A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION PRESIDENT AND VICE PRESIDENT
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation
require 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 as provided in Article II, Section 1.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT. CORPORATION:
Sec. 1. THAT Director Jon Ayers shall be appointed to serve as President of
the Colleyville Economic Development Corporation.
Sec. 2. THAT Director John Terhoeve shall be appointed to serve as Vice
President of the Colleyville Economic Development Corporation.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, THIS AUGUST 22, 2006.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
~--~ .Jon Ayers ~~
President
ATTEST:
~~
Cynthia Singleton
Secretary
RESOLUTION R-07-93
A RESOLUTION APPOINTING A COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION PRESIDENT AND VICE PRESIDENT
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation
require 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 as provided in Article II, Section 1.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT Director shall be appointed to
serve as President of the Colleyville Economic Development
Corporation.
Sec. 2. THAT Director shall be appointed to
serve as Vice President of the Colleyville Economic Development
Corporation.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, THIS September 4, 2007.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
Jon Ayers
President
ATTEST:
Cynthia Singleton
Secretary
~i~
'~'"~ -~ Clt of Colle V~~~@ 100 Main Street
'Q><~} ~,~'~,p_ ! Y y Colleyville, Texas 76034
(817) 503-1000
'~'' Agenda BPI@f111g www.colleyville.com
File Number: R-07-94
File Number: R-07-94
Version: 1
File Type: Resolution
Agenda Date: 09/04/2007
Requester: Finance Department Agenda No.: 3b
Final Action:
File Name: Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2008-2012
Attachments: Memorandum from Monica Sue Walsh dated August 14, 2007- Economic Development Capital
Improvement Program (EDCIP) for FY 2008-2012 Exhibit 1 -Economic Development Capital
Improvement program FY 2007-2011 Exhibit 2 -Economic Development Capital
Improvement Program FY 2008-2012 Memorandum from Scott Welmaker dated August 22,
2007 -Promotional Fund Allocation FY 2007 and FY 2008 Resolution R-07-94
History of Legislative File
Status: Resolution
Version: Date: Acting Body: Action Text:
Controlling Body: Colleyville
Economic
Development
Corporation Board
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Colleyville Economic
Development
Corporation Board
Title
Adopting the Economic Development Capital Improvement Program (EDCIP) for FY
2008-2012
Explanation
The CEDC 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.
Staff will provide an overview of current and future park projects, including master plans and
cost estimates and review the priorities established and recommended by the Parks and
Recreation Advisory Board at their August 6, 2007, meeting (see attached report). For the
Board's information, the current EDCIP for FY 2007-2011 is included as Exhibit "1 ". For the
FY 2008-2012 EDCIP, Exhibit "2" shows revenue and expenditure changes being proposed.
In FY 2008, funding is being allocated for the following projects:
City of Colleyville Page 1 Printed on 8/30/2007
Agenda Briefing Continued (R-07-94)
• Personnel -Senior Center $ 56,688
• Transfer to Arts Fund $ 15,000
• Entry Marker $200,000
• Webb House Trail Crossing $170,000
• Senior Center Open Area and Trail Development $131,663
• Marketing $ 83,000
Financial Impact
The revenue estimate is one-half of the sales tax revenue estimated in the City's proposed
FY 2008 budget. FY 2009-2012 includes a 4% increase due to growth resulting from
Colleyville Boulevard construction.
Recommendation
Approval
City of Colleyville Page 2 Printed on 8/30/2007
MEMORANDUM
TO: Bill Lindley, City Manager
FROM: Monica Sue Walsh, Director of Parks and Recreation
DATE: August 14, 2007
SUBJECT: Economic Development Capital Improvement Program (EDCIP) for FY 2008-
2012
Among the primary responsibilities of the Colleyville Economic Development Corporation
(CEDC) Board of Directors is the adoption of a five-year plan and an annual budget. The
five-year plan was last updated in August 2006 and is attached for your reference.
Historically, the CEDC Board has limited the use of funds to capital expenditures and a
small administrative charge. The plan for FY 2008-2012 strives to maintain this philosophy.
Many of the projects in the plan are related to the Parks and Recreation Department.
On August 6, 2007, the Parks and Recreation Advisory Board established their priorities for
CIP projects that were not totally funded. (See attached). In consideration of establishing
their priorities, the Parks and Recreation Advisory Board reviewed the citizen priorities
based on the Comprehensive Parks, Recreation and Open Space Master Plan. (See
attached). The proposed FY 2008-2012 EDCIP attempts to incorporate some of the Parks
and Recreation Advisory Board identified priorities:
1. Cottonbelt Trail -Phase III
2. Park Land Purchase
3. Bransford Park - Phase II
4. Pleasant Run Park - Phase II
5. Uniform Park Signage
6. Longwood Trail
New Tennis Courts
7. Little Bear Creek Trail Extension
Parks Maintenance Facility
8. Recreation Center
Revenue
The sole source of revenue for the CEDC budget is a one-half cent sales tax. The revenue
projection in this plan includes the estimated amount to be received in FY 2007 and
increases the sales tax revenue to the amount in the proposed FY 2008 City of Colleyville
General Fund budget.
Projects
The proposed EDCIP plan proposes $313,237 in FY 2008-2012 for Senior Center
Personnel. The Senior Center Supervisor position is needed for the new Colleyville Senior
Center, this position will allow the facility to be open longer during the week. This position
was also requested by the Senior Center Advisory Committee.
The proposed EDCIP plan proposes $500,000 in FY 2009 for Phase II of McPherson Park
which includes expanded parking, park service center improvements, group pavilions with
restrooms, picnic areas, restoration of rock house, tree farm and demonstration gardens.
The total cost of this project is approximately $2 million and has been proposed to be funded
from CEDC ($500,000), Utility Fund ($1,200,000) and Voluntary Park Funds ($300,000).
Additionally, the proposed plan provides funding for the allocation of $170,000 in FY 2008
for Webb House Crossing with $100,000 of that being carried over from last year, $500,000
in FY 2010 for Pleasant Run Trail and $100,000 in FY 2010 for L.D. Lockett House Path
construction. In January 2006, these trail projects were approved by the Parks and
Recreation Advisory Board and City Council.
In addition to the parks and recreation related improvements proposed FY 2008-2012
EDCIP plan also provides for the allocation of $403,000 for marketing, $75,000 in transfer to
Arts Fund and $200,000 for Entry Marker.
The proposed EDCIP plan proposes $131,663 in FY 2008 and $300,000 in FY 2010 for
open area and trail development in conjunction with the new Senior Center facility.
The Comprehensive Parks and Recreation Open Space Master Plan will be updated in
2008. This will reflect new priorities and projects for the next 5 to 10 years.
The proposed EDCIP plan proposed $595,000 in FY 2011 and $400,000 in FY 2012 for
future projects.
Conclusion
With limited funds and multiple projects, the recommended five-year plan does not provide
sufficient resources for every project identified as a priority of the Parks and Recreation
Advisory Board or the City Council.
It does provide funds for Senior Center Personnel, Webb House Crossing, L.D. Lockett
House Path, Pleasant Run Trail, McPherson Park -Phase II, Senior Center open area
development and leaves open the possibility of additional funds if the sales tax receipts
exceed projects.
Recommendation
Staff recommends that the CEDC Board approve the five-year plan as proposed
Attachments: Parks and Recreation Advisory Board CIP Priorities
2007 Capital Improvements Projects -Citizen's Priorities
PARKS AND RECREATION ADVISORY BOARD CIP PRIORITIES
At the Parks and Recreation Board meeting on August 6, 2007, the Board prioritized the
following CIP projects:
PRIORITY LIST
One being the most important
Cottonbelt Trail -Phase III 1
Park Land Purchase 2
Bransford Park -Phase II 3
Please Run Park -Phase II 4
Uniform Park Si na e 5
Lon wood Trail 6
New Tennis Courts 6
Little Bear Creek Trail Extension 7
Parks Maintenance Facili 7
Recreation Center 8
2007 Capital .Improvement Projects
Priorities
Citizen Priorities based on Comprehensive Parks, Recreation and
Open Space Master Plan
1. Recreation Center
2. Park Land Purchase
3. McPherson Park Phase I
4. Pleasant Run Park Phase II
5. Bransford Park Phase II
6. McPherson Park Phase III
7. McPherson Park Phase II
8. ADA Improvements
9. Cottonbelt Phase III
10. Little Bear Creek Trail Extension
li. Longwood Trail
12. Tennis Courts
13. Senior Center
14. McPherson Park Phase N
15. Park Maintenance Building
16. Uniform Park Signage
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT 1
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2007-2011
PROJECTED
FISCAL YEAR 2006 2007 2008 2009 2010 2011
BEGINNING FUND BALANCE $1,270,587 $1,202,265 $770,596 $849,560 $854,867 $505,129
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,072,909 $1,105,096 $1,149,299 $1,195,271 $1,243,082 $1,292,805
INTEREST INCOME $38,118 $54,102 $34,677 $38,230 $38,469 $22,731
2005 BOND SALE PROCEEDS $1,796,673 $203,327 $0 $0 $0 $0
USE OF AVAILABLE CASH $325,494 $806,393 ~ $302,453 $382,482 $608,255 $269,270
TOTAL REVENUES $3,233,193 $2,168,917 $1,486,429 $1,615,984 $1,889,806 $1,584,806
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900,099 $904,913 $910,018 $900,473 $904,806 $904,806
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
2000 DEBT SERVICE 8 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
MARKETING $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
CAPITAL:
ADAIMPROVEMENTS
NATURE CENTER PARK $69,293 $5,000 $0 $0 $0 $0
SPARGER PARK $0 $125,000 $0 $0 $0 $0
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS $0 $11,500 $0 $0 $0 $0
KIDSVILLE RENOVATIONS $0 $10,000 $0 $0 $0 $0
CITYWIDE PLAYGROUND SAFETY SIGNS $0 $6,000 $0 $0 $0 $0
CITYWIDE PICNIC TABLE REPLACEMENT $0 $6,000 $0 $0 $0 $0
MC PHERSON PARK
Phasel $0 $238,000 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $196,673 $203,327 $0 $0 $0 $0
Phaselt $0 $0 $0 $500,000 $0 $0
Phase III $0 $0 $0 $0 $0 $350,000
Phaselt/ $0 $0 $0 $0 $0 $245,000
CITY PARK ROAD EXTENSION $63,121 $20,000 $0 $0 $0 $0
PLEASANT RUN PRACTICE FIELD PARKING LOT $39,006 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $0 $0 $0 $500,000 $0
PLEASANT RUN -MOVING LIGHTS $0 $35,000 $0 $0 $0 $0
PARK LAND PURCHASE (Bond Sale Proceeds) $400,000 $0 $0 $0 $0 $0
SENIOR CENTER
FACILITY (Bond Sale Proceeds) $1,200,000 $0 $0 $0 $0 $0
FF&E AND RENOVATIONS $150,000 $0 $0 $0 $0 $0
OPEN AREA AND TRAIL DEVELOPMENT $0 $168,000 $0 $0 $300,000 $0
CITYWIDE IRRIGATION MONITORING SYSTEM $50,000 $135,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
GRANT MATCH $0 $0 $300,000 $0 $0 $0
TRAIL CONSTRUCTION $80,000 $100,000 $70,000 $0 $100,000 $0
TOTAL EXPENDITURES $3,233,192 $2,052,740 $1,365,018 $1,485,473 $1,889,806 $1,584,806
EXCESS REVENUES OVER EXPENDITURES $0 $116,178 $121,411 $130,511 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $257,171 $258,547 $260,005 $257,278 $258,516 $258,516
ENDING FUND BALANCE $1,202,265 $770,596 $849,560 $854,867 $505,129 $494,376
ASSUMPTIONS: FY 2007: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2008 - 2011: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT 2
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008-2012
FISCAL YEAR 2007 2008 2009 2010 2011 2012
BEGINNING FUND BALANCE $1,280,154 $1,174,790 $1,145,990 $1,173,587 $847,365 $861,389
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,184,814 $1,226,197 $1,275,245 $1,326,255 $1,379,305 $1,434,477
INTEREST INCOME $55,854 $52,866 $51,570 $52,811 $38,131 $38,762
2005 BOND SALE PROCEEDS $203,327 $0 $0 $0 $0 $0
USE OF AVAILABLE CASH $363,911 $288,806 $229,681 $584,738 $244,493 $0
TOTAL REVENUES $1,807,905 $1,567,869 $1,556,495 $1,963,804 $1,661,929 $1,473,240
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $5,000 $1,500 $1,500 $1,500 $1,500 $1,500
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $904,913 $910,018 $900,473 $904,806 $904,806 $905,222
MARKETING $80,000 $83,000 $80,000 $80,000 $80,000 $80,000
PERSONNEL -SENIOR CENTER $0 $56,688 $59,522 $62,499 $65,623 $68,905
TRANSFER TO ARTS FUND $0 $15,000 $15,000 $15,000 $15,000 $15,000
CAPITAL:
ADAIMPROVEMENTS
NATURE CENTER PARK $5,000 $0 $0 $0 $0 $0
SPARGER PARK $125,000 $0 $0 $0 $0 $0
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS $11,500 $0 $0 $0 $0 $0
KIDSVILLE RENOVATIONS $10,000 $0 $0 $0 $0 $0
CITYWIDE PLAYGROUND SAFETY SIGNS $6,000 $0 $0 $0 $0 $0
CITYWIDE PICNIC TABLE REPLACEMENT $5,560 $0 $0 $0 $0 $0
ENTRY MARKER $0 $200,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $0 $0 $595,000 $400,000
MC PHERSON PARK
Phasel $238,000 $0 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $203,327 $0 $0 $0 $0 $0
Phase II $0 $0 $500,000 $0 $0 $0
CITY PARK ROAD EXTENSION $18,836 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $0 $0 $500,000 $0 $0
PLEASANT RUN -MOVING LIGHTS $23,432 $0 $0 $0 $0 $0
SENIOR CENTER
OPEN AREA AND TRAIL DEVELOPMENT $36,337 $131,663 $0 $300,000 $0 $0
CITYWIDE IRRIGATION MONITORING SYSTEM $135,000 $0 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $0 $170,000 $0 $0 $0 $0
TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $0 $0 $100,000 $0 $0
TOTAL EXPENDITURES $1,807,905 $1,567,869 $1,556,495 $1,963,805 $1,661,929 $1,470,626
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $2,614
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,547 $260,005 $257,278 $258,516 $258,516 $258,635
ENDING FUND BALANCE $1,174,790 $1,145,990 $1,173,587 $847,365 $861,389 $1,122,637
ASSUMPTIONS: FY 2008: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2009 - 2012: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION
C
1 imefess Neighh«rhoods f' rrptionsi People
TO: Colleyville Economic Development Corporation Board
FROM: Scott Welmaker, Economic Development Manager
SUBJECT: Promotional fund allocation FY2007 and FY2008
DATE: August 22, 2007
Of the $80,000 allocation from the CEDC for Economic Development activities
for FY2007, $30,909.80 was used for promotional marketing. This includes print
advertisements in Shopping Centers Today, Fort Worth Texas Magazine, Dallas
Business Journal and Fort Worth Star Telegram. Staff took advantage of the
new water billing system to distribute the Dining Guide in April. Staff also worked
to develop and design new aerial posters.
The cultural commitments totaled $33,633.07. Activities included sponsorship in
Celebrate Colleyville, Culture Fest, Market Days, two concerts by the Northeast
Orchestra, and three Third Thursday Concerts in conjunction with Market Street
and other sponsors.
With approval of the Board, the balance of $15,457.13 will be carried forward in a
Special Studies fund to assist with the redevelopment of State Highway 26.
For FY 2008, the Economic Development Department plans to distribute the
dining guide quarterly as well as advertise in Shopping Centers Today, the North
Texas Commercial Association of Realtors (NTCAR) Expo publication, a special
Dallas Business Journal 114 Corridor section and the Dallas Office Guide.
Cultural activities budgeted for FY2008 include sponsorship of four Northeast
Orchestra concerts, sponsorship of a summer concert series and development of
a promotional video.
The Economic Development Department would like to allocate an additional
$12,500 to the Special Studies fund for FY2008.
Economic Development Department
100 Main Street Colleyville, Texas 76034 817-503-1060
FY2007 CEDC Budget allocated to Economic Development $80,000.00
12/15/2006 Star Telegram advertisement $2,625.00 A
enc Aerial Focus aerial posters $8,450.00 A
4/18/2007 AIS Dining Guide in water bill $2,465.00 A
8/15/2007 Fort Worth Texas magazine Experience Colleyville $1,688.00 A
10/1/2006 ICSC Ripe for Retail $3,085.50 A
10/1/2006 Shopping Center Business Ripe for Retail $3,500.00 A
11/12/2006 ICSC Ripe for Retail $1,815.00 A
11/17/2006 DBJ Ripe for Retail $2,067.90 A
11/23/2006 DBJ Ripe for Retail $2,067.90 A
12/18/2006 ICSC Ripe for Retail $3,085.50 A
6/20/2007 Colleyville Center Business Appreciation $60.00 A
11/29/2006 Magic Snow Systems Celebrate Colleyville $9,825.00 C
11/29/2006 Magic Snow Systems Celebrate Colleyville $6,675.00 C
10/16/2006 IOS Fine Art Culture Fest $2,300.00 C
11/17/2006 Colleyville Courier Culture Fest $300.00 C
11/20/2006 David Thompson Culture Fest $255.74 C
11/2012006 SW Culture Fest $557.81 C
12/18/2006 J Marketing Market Days banner $420.00 C
12/18/2006 J Marketing Market Days bounce house $125.00 C
1 011 5/2 0 06 KMKI-AM Metro Cinema opening $4,125.00 C
3/30/2007 Colleyville Center NE Orchestra $720.00 C
5/18/2007 Colleyville Center NE Orchestra $720.00 C
6/15/2007 Colleyville Courier Third Thursday $798.70 C
6/21/2007 Aloha Third Thursday $330.00 C
6/22/2007 Buyers Barricades Third Thursday $415.00 C
6/22/2007 Sunbelt Rentals Third Thursday $392.50 C
7/10/2007 Market Street Third Thursday $2,670.00 C
7/20/2007 Aloha Third Thursday $330.00 C
7/31/2007 Colleyville Courier Third Thursday $798.62 C
7!31/2007 Sunbelt Rentals Third Thursday $353.50 C
enc Colleyville Courier Third Thursday $798.70 C
enc Aloha Third Thursday $330.00 C
enc Sunbelt Third Thursday $392.50 C
enc Special Studies carry forward $15,457.13 S
TOTAL $80,000.00
BALANCE $0.00
Advertising $30,909.80
Cultural $33,633.07
Special Studies $15,457.13
{b Y
Q
/~y
W
U ~
0
~~
U u.
c
a~
O
N
N
c O
~ _U
Q. c
D w
~ o
to o
rs~ o
~» o
<n o
is ~ o o
0 o
0 $ g g $ o~ o o o o o
~
•
$ ` ~ ~ ~ ~ ~ o
~
~~ ~
69 ~
~ ~ ti
EA N tp
EA M
EA fV M
00
~ ~
'~F,-
_ tn
I~
tt 0
I~
P 0
0
O 0
0
O 0
CO 0
~ 0
0
- 0
0 0
0 0
0 p
0 O
0 tp
tt>
- 00 . to O O O t0 h
` ~ ~ ~ ~ b09 ~ ~ ~ ~ ~ H ~ N
,'~-
,
Uf_
~;
~1?~:--- : ~ -
-, ~
I~ O
~ O
O O
O ~
~
~f l` 0 0 N
r;~;` ~: ~ N M b9 pip
.ti,. _; ~ EA b9 IA
'
.~
tSi:
~~
O
t.
J F-
;`;. ;~~ m
µ I4~ Q
~'
~
~
~ ~ ~~~~ • J
'..--1;'
•"J~
Q
~ lit
C
c
O
. ~ N
L ._
~
O
~ } ~
O d
'D ~ ~
+ W V ~ y
~
~ H w
~ y y
.
'
m i
a Q d ~ cn
~,` m O ~ O ~
vn",~~: ~ O W p •O
~
r _ ~ U
'
e
T
f~'- r , _ , '~ L QI ~7
: E ~ ~ ~ v `c° O
~
y
rte' ~ y A7 Z y ~ E
f`~--
~= y
m N f0 O N E m N
y
O p
-:
_
a
C ~ ~ ~y ~ Q of
L
~
~ -~
'
~ U ~
~ F-
Q V ~
Z
~
> y
c y
a
_,, m c p ~
c
~ c
•- ~
• 0 ~ m •~' ~
~~ ~ ~
0 c
o m =
Q
o y
v in
~
a~ o
:=. ~
m .
y
-
LL
~
~
u
'n
om
u~i
cq ~p N
~
E O
~ y
m f6
~
~
"~'r'~
n
rn a
U
~ W
~
oxo
~
Z
~
d
O
CA
F- I- F- f- F- F- I- I- F- 1- F- F-
Z Z Z Z Z Z Z Z Z Z Z Z
~_~~~= w w w W w w w w w w w w
y~j~,
' a
0 a
0 n.
0 a
0 a
0 ~
0 a
0 a
0 a
0 a
0 a
0 a
0
'
~7"
~;.~ J
W J
W J
W J
W J
W J
W J
W J
W J
W J
W J
W J
W
~'< » » ~ » > J » >
~~ W W W W W W W W W W W W
.•r D O O M 0 0 0 ~ ~ ~ ~ 0
T ~~ _U U_ _U U _U U_ U_ U_ U_ _U _U _U
~~}-_ ~ ~
-> -- 0 0 0 0 0 0 0 0 0 0 0 0
'~ Z Z Z Z Z Z Z Z Z Z Z Z
t 0 0 0 0 0 0 0 0 0 0 0 0
U U U U U C.~ 0 0 0 U U U
-. W W W W W W W W W W W W
RESOLUTION R-07-94
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR 2008-2012
WHEREAS, the Bylaws of the Colleyville Economic Development Corporation require
that annually the Board develop a combined Economic Development
Capital Improvement Program; and
WHEREAS, the program will address the development needs of the City within the
financial constraints 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 COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION:
Sec. 1. THAT the Economic Development Capital Improvement Program (EDCIP)
is hereby attached as Exhibit "2" that lists those projects and programs
recommended for implementation for FY 2008-2012.
Sec. 2. THAT once approved, the EDCIP will be forwarded to the City Council for
their subsequent approval.
AND IT IS SO RESOLVED.
APPROVED AND ADOPTED, THIS September 4, 2007.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
President
ATTEST:
Cynthia Singleton, TRMC
City Secretary
,
....
~ri
~
City of Colleyville
Colle
0'
IIe
aTe
76034
vQr~
H~_.
:, yv
~
,
xas
(817) 503-1000
Agenda Briefing www•colleyville.com
File Number: R-07-95
File Number: R-07-95
Version: 1
File Type: Resolution
Agenda Date: 09/04/2007
Requester: Finance Department Agenda No.: 3c
File Name: Adopting the Fiscal Year 2008 Budget
Attachments: FY 2008 Budget summary.pdf Resolution R-07-95.pdf
History of Legislative File
Final Action:
Version: Date: Acting Body: Action Text:
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Colleyville Economic
Development
Corporation Board
Title
Adopting the Fiscal Year 2008 Budget
Explanation
Per the Corporate by-laws, the Board of Directors must adopt an annual budget for the
Colleyville Economic Development Corporation. Attached is a proposed budget with
estimated revenues and expenditures for Fiscal Year 2008. The revenue estimate is 1/2 of
the sales tax revenue estimate in the City's proposed FY 2008 budget. Expenditures
include the following:
• Funding for a Senior Center Supervisor ($56,688)
• City roadway entry markers ($200,000)
• Senior Center trail development ($131,663 is a carry forward from the FY 2007
budget)
• Webb House Crossing trail construction ($170,000 /with $100,000 a carry
forward from the FY 2007 budget)
• Debt service on the 2005 sales tax refunding bonds ($650,013)
• Marketing ($83,000)
• Transfer to Arts Fund to fund acquisition of art pieces to be placed in City-owned
locations with high public visibility ($15,000)
• Board, audit and insurance expense ($1,500)
Status: Resolution
Controlling Body: Colleyville
Economic
Development
Corporation Board
City of Colleyville Page 1 Printed on 8/29/2007
Arc enda Briefing Continued (R-07-95)
The budget also utilizes $288,806 in available cash balance, with the projected ending
Fiscal Year 2007 Fund Balance being $1,549,358.
Financial Impact
Adoption will provide appropriations for the FY 2008 budget.
Recommendation
Approval
City of Colleyville Page 2 Printed on 8/29/2007
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2008 BUDGET SUMMARY
FY 2007
ANTICIPATED
BEGINNING FUND BALANCE $ 1,280,154
REVENUES:
SALES TAX REVENUES $ 1,184,814
INTEREST INCOME $ 55,854
USE OF 2005 BOND PROCEEDS $ 203,327
USE OF AVAILABLE CASH $ 363,911
TOTAL REVENUES $ 1,807,906
LESS EXPENSES:
ADMINISTRATIVE EXPENSES $ 5,000
MARKETING $ 80,000
PERSONNEL- SENIOR CENTER SUPERVISOR $ -
TRANSFER TO ARTS FUND $ _
DEBT SERVICE $ 646,366
CAPITAL PROJECTS:
ADA IMPROVEMENTS -NATURE CENTER $ 5,000
ADA IMPROVEMENTS - SPARGER PARK $ 125,000
CITY PARK FIELD MAINTENANCE ENTRY IMPROVEMENTS $ 11,500
CITY PARK KIDSVILLE RENOVATIONS $ 10,000
CITYWIDE PLAYGROUND SAFETY SIGNS $ 6,000
CITYWIDE PICNIC TABLE REPLACEMENT $ 5,560
ENTRY MARKERS $ _
MC PHERSON PARK PHASE I CONSTRUCTION $ 238,000
MC PHERSON PARK PHASE 1 CONSTRUCTION $ 203,327
CITY PARK ROAD EXTENSION $ 18,836
PLEASANT RUN -MOVING LIGHTS $ 23,432
SENIOR CENTER OPEN AREA AND TRAIL DEVELOPMENT $ 36,337
CITYWIDE IRRIGATION MONITORING SYSTEM $ 135,000
TRAIL CONSTRUCTION -WEBB HOUSE CROSSING $ -
TOTAL EXPENSES $ 1,549,358
EXCESS REVENUES OVER EXPENSES $ 258,548
ENDING FUND BALANCE $ 1,174,791
FY 2008
PROPOSED
$ 1,174,791
$ 1,226,197
$ 52,866
$ -
$ 288,806
$ 1,567,869
$ 1,500
$ 83,000
$ 56,688
$ 15,000
$ 650,013
$ -
$ -
$ -
$ -
$ -
$ -
$ 200,000
$ -
$ -
$ -
$ -
$ 131,663
$ -
$ 170,000
$ 1,307,864
$ 260,005
$ 1,145,990
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX
BOND COVENANTS. FOR FY 2008 REVENUES MUST EXCEED EXPENDITURES
BY AT LEAST $260,005.
RESOLUTION R-07-95
A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR FISCAL YEAR 2008 FOR
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
WHEREAS, the by-laws of the Colleyville Economic Development Corporation require that
an annual budget be adopted by the Board of Directors; and
WHEREAS, the by-laws 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 2008 budget amounts for the Colleyville Economic
Development Corporation are as follows:
Revenues $1,567,869
Expenditures $1,307,864
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this September 4, 2007.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
President
ATTEST:
Cynthia Singleton
Secretary
i its ~ ~
-- *~:~
City Of Co ~ ~ eyvi ~ ~ e
~
100 Main Street
+i~~
$~4:,~ p ~;; Coll
034
~
8
X
~
1
7) 503
1000
~~ Agenda Briefing www•colleyville.com
File Number: R-07-96
File Number: R-07-96
Version: 1
File Type: Resolution
Agenda Date: 09/04/2007
Requester: Finance Department Agenda No.: 3d
File Name: Approval of authorized depository signatures
Attachments: Resolution R-07-96.pdf
History of Legislative File
Status: Resolution
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
Version: Date: Acting Body: Action Text:
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Colleyville Economic
Development
Corporation Board
Title
Approval of authorized depository signatures
Explanation
The Colleyville Economic Development Corporation (CEDC) checking account's authorized
signers need to be updated, adding Kelly Cooper, who was recently named as the Assistant
City Manager. Attached is Resolution R-07-96, which adds Kelly Cooper to the list of
authorized signers that already includes William H. Lindley, General Manager, Cynthia
Singleton, Secretary, and Terry Leake, Finance Manager. As a point of reference, the
CEDC checking account requires two signatures on all checks.
Financial Impact
There is no financial impact.
Recommendation
Approval
Cify of Colleyville Page 1 Printed on 8/29/2007
RESOLUTION R-07-96
A RESOLUTION APPROVING AUTHORIZED DEPOSITORY SIGNATURES
WHEREAS, the authorized signers on the Colleyville Economic Development
Corporation's (CEDC) checking account are William H. Lindley, General
Manager, Terry Leake, Finance Manager, and Cynthia Singleton, Secretary,
it is necessary to update the authorized signers on the account to add Kelly
Cooper, Assistant City Manager for the City of Colleyville.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT the following people are authorized to be a signer on the Colleyville
Economic Development Corporation's checking account at Wells Fargo Bank
N.A. and any successor checking accounts:
William H. Lindley
Cynthia Singleton
Terry Leake
Kelly Cooper
Sec. 2. THAT this Resolution shall become effective on the date of passage.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this September 4, 2007.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
President
ATTEST:
Cynthia Singleton
Secretary
~,..
. fir.
~~ ~; ~. , City of Colleyville Colley ~Ile,aTexas 76034
~' (817) 503-1000
~` ~ ~~ Agenda Briefing vvwvv.colleyville.com
File Number: File Type: Report Status: Reports
Version: 1 Agenda Date: 09/04/2007 Controlling Body: Colleyville
Economic
Development
Corporation Board
Requester: Finance Department Agenda No.: 4a Final Action:
File Name: Annual Activity Report
Attachments: FY 2007 Annual Activity Report.pdf EDCIP FY 2007-2011.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Colleyville Economic
Development
Corporation Board
Title
Annual Activity Report
Explanation
The Colleyville Economic Development Corporation bylaws require that the Board make an
annual report by February 1, 2008 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 4, 2007 City Council meeting.
City of Colleyville Page 1 Printed on 8/29/2007
ANNUAL REPORT OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ACTIONS OF THE CORPORATION
On August 22, 2006, the Board held its annual meeting and approved the FY 2007 annual
budget for the Corporation with projected revenues of $1,965,591 and expenses of
$1,590,866. The Board also adopted the attached Economic Development Capital
Improvement Plan (EDCIP) for fiscal years 2007 through 2011. This plan provides funding for
Economic Development marketing, Nature Center and Sparger Park improvements, City Park
field maintenance entry improvements, City Park Kidsville renovations, City Park Road
extension, Citywide playground safety signs, Citywide picnic table replacement, McPherson
Park construction, Pleasant Run Park moving lights, Citywide irrigation monitoring system,
Citywide trail construction, trails grant match, and Senior Center open area development.
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2007 - FY 2011
PROJECTED
FISCAL YEAR 2006 2007 2008 2009 2010 2011
BEGINNING FUND BALANCE $1,270,587 $1,202,265 $770,596 $849,560 $854,867 $505,129
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,072,909 $1,105,096 $1,149,299 $1,195,271 $1,243,082 $1,292,805
INTEREST INCOME $38,118 $54,102 $34,677 $38,230 $38,469 $22,731
2005 BOND SALE PROCEEDS $1,796,673 $203,327 $0 $0 $0 $0
USE OF AVAILABLE CASH $325,494 $806,393 $302,453 $382,482 $608,255 $269,270
TOTAL REVENUES $3,233,193 $2,168,917 $1,486,429 $1,615,984 $1,889,806 $1,584,806
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900,099 $904,913 $910,018 $900,473 $904,806 $904,806
1997 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
2000 DEBT SERVICE & 1.4 TIMES COVERAGE $0 $0 $0 $0 $0 $0
MARKETING $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
CAPITAL:
ADAIMPROVEMENTS
NATURE CENTER PARK $69,293 $5,000 $0 $0 $0 $0
SPARGER PARK $0 $125,000 $0 $0 $0 $0
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS $0 $11,500 $0 $0 $0 $0
KIDSVILLE RENOVATIONS $0 $10,000 $0 $0 $0 $0
CITYWIDE PLAYGROUND SAFETY SIGNS $0 $6,000 $0 $0 $0 $0
CITYWIDE PICNIC TABLE REPLACEMENT $0 $6,000 $0 $0 $0 $0
MC PHERSON PARK
Phasel $0 $238,000 $0 $0 $0 $0
Phase I (Bond Sale Proceeeds) $196,673 $203,327 $0 $0 $0 $0
Phase II $0 $0 $0 $500,000 $0 $0
Phase III $0 $0 $0 $0 $0 $350,000
Phase IV $0 $0 $0 $0 $0 $245,000
CITY PARK ROAD EXTENSION $63,121 $20,000 $0 $0 $0 $0
PLEASANT RUN PRACTICE FIELD PARKING LOT $39,006 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $0 $0 $0 $500,000 $0
PLEASANT RUN -MOVING LIGHTS $0 $35,000 $0 $0 $0 $0
PARK LAND PURCHASE (Bond Sale Proceeds) $400,000 $0 $0 $0 $0 $0
SENIOR CENTER
FACILITY (Bond Sale Proceeds) $1,200,000 $0 $0 $0 $0 $0
FFBE AND RENOVATIONS $150,000 $0 $0 $0 $0 $0
OPEN AREA AND TRAIL DEVELOPMENT $0 $168,000 $0 $0 $300,000 $0
CITYWIDE IRRIGATION MONITORING SYSTEM $50,000 $135,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
GRANT MATCH $0 $0 $300,000 $0 $0 $0
TRAIL CONSTRUCTION $80,000 $100,000 $70,000 $0 $100,000 $0
TOTAL EXPENDITURES $3,233,192 $2,052,740 $1,365,018 $1,485,473 $1,889,806 $1,584,806
EXCESS REVENUES OVER EXPENDITURES $0 $116,178 $121,411 $130,511 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $257,171 $258,547 $260,005 $257,278 $258,516 $258,516
ENDING FUND BALANCE $1,202,265 $770,596 $849,560 $854,867 $505,129 $494,376
ASSUMPTIONS: FY 2007: 1/2 OF CITY SALES TAX BUDG ET PROJECTION / FY 2008 - 2011: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTI ON
.;~, ,
Cit of Colle N~~~e 100 Main Street
~ Y Y Colleyville, Texas 76034
V~~p_ .:
(817) 503-1000
~~ Agenda Briefing www.colleyville.com
File Number:
Version: 1
File Type: Report
Agenda Date: 09/04/2007
Requester: Finance Department Agenda No.: 4b
File Name: Annual Investment Report
Attachments:
History of Legislative File
Status: Reports
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
Version: Date: Acting Body: Action Text:
1 08/28/2007 Colleyville Economic
Development
Corporation Board
1 09/04/2007 Colleyville Economic
Development
Corporation Board
Title
Annual Investment Report
Explanation
From the period of October 1, 2006 through July 31, 2007, the Colleyville Economic
Development Corporation had an average $1,229,190 (Operating and 2005 Bond Funds)
invested in the Local Government Investment Cooperative (LOGIC) Pool, earning $53,995
during this period. Also, from the period of October 1, 2006 through February 28, 2007, the
Corporation held a Treasury Note with a par value of $525,000, that earned $4,113.70.
Currently, the Corporation holds a Treasury note (par value $540,000) purchased February
28, 2007 yielding 4.824%. The Treasury bill will mature on May 15, 2008, and as of July 31,
2007, the market value was $530,550 verses a purchase price of $526,184.
City of Colleyville Page 1 Printed on 8/29/2007