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Home My WebLink AboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-4/15/2008<-~..._„ ~~~~~ ~~~ City of Colleyville ~~ Agenda ,:,.., Colleyville Economic Development Corporation Board Tuesday, April 15, 2008 5:15 PM 100 Main Street Colleyville, Texas 76034 (817) 503-1000 www.colleyville.com City Council Chambers 1. 2. 2a 3. 3a CALL TO ORDER CONSENT: READING AND PUBLIC HEARING -Resolution R-08-97 Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors' meeting held September 4, 2007 RESOLUTION(S): READING AND PUBLIC HEARING R-08-98 Amendment to the Economic Development Capital Improvement Program for Fiscal Years 2008-2012 of the Colleyville Economic Development Corporation 3b R-08-99 Amending Resolution R-07-95 adopting the Colleyville Economic Development Corporation Fiscal Year 2008 budget 4. ADJOURNMENT I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday, April 11, 200 by 5:00 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. 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 817.503.1133, and reasonable accommodations will be made to assist you. City of Colleyville Page 1 Printed on 4/11/2008 RESOLUTION R-08-97 A RESOLUTION APPROVING BOARD ACTION UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION MEETING OF APRIL 15, 2008 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 September 4, 2007, are hereby approved. AND IT IS SO RESOLVED. APPROVED AND ADOPTED, this April 15, 2008. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION David Kelly President ATTEST: Cynthia Singleton Secretary L~. ~ I~~ ' City of Colleyville City Council Minutes -Draft ,<•:>- 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 The meeting of the Colleyville Economic Development Corporation Board of Directors was called to order by President Jon Ayers on September 4, 2007, at 5:30 p.m. 2. 2a 2b 2c 2d Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors' meeting held August 22, 2006 Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors' meeting held August 28, 2007 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 President Ayers read Resolution R-07-92 in its entirety. President Ayers opened the public hearing. There was no one present wishing to speak concerning this item and President Ayers closed the public hearing. Director Hendler moved to approve Resolution R-07-92. Director Hart seconded the motion. ROLL CALL: Directors John Terhoeve, Tom Hart, Rich Hendler, David Kelly and James Spriggs. President Jon Ayers, General Manager Bill Lindley, Assistant City Manager Kelly Cooper, Finance Manager Terry Leake Economic Development Manager Scott Welmaker, Community Development and Business Strategies Director Chris Fuller, Parks and Recreation Director Monica Walsh and Secretary Cynthia Singleton were also present. Director John Gray arrived at 5:43 p.m. CONSENT: READING AND PUBLIC HEARING -Resolution R-07-92 City of Colleyville Page 1 Printed on 4/8/2008 Colleyville Economic Development City Council Minutes -Draft September 4, 2007 Corporation Board The motion carried by the following vote: Aye: 6 -Jon Ayers, John Terhoeve, Tom Hart, Rich Hendler, David Kelly, James Spriggs Absent: 1 -John Gray 3. RESOLUTIONS(S): READING AND PUBLIC HEARING 3a R-07-93 Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice President President Ayers read Resolution R-07-93 in its entirety. President Ayers opened the public hearing. There was no one present wishing to speak concerning this item and President Ayers closed the public hearing. President Ayers opened the floor for nominations. Director Hart nominated Director Kelly for President of the Colleyville Economic Development Corporation Board of Directors. Director Hendler nominated Director Hart for Vice President of the Colleyville Economic Development Corporation Board of Directors. There were no other nominations. Director Hart moved to approve Resolution R-07-93, appointing Director Kelly as President and Director Hart as Vice President of the CEDC. Director Hendler seconded the motion. The motion carried by the following vote: Aye: 6 -Jon Ayers, John Terhoeve, Tom Hart, Rich Hendler, David Kelly, James Spriggs Absent: 1 -John Gray 3b R-07-94 Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2008-2012 President Ayers read Resolution R-07-94 in its entirety. City of Colleyville Page 2 Printed on 4/8/2008 Colleyville Economic Development City Council Minutes -Draft September 4, 2007 Corporation Board Finance Manager Terry Leake provided an overview of the Economic Development Capital Improvement Program. Parks and Recreation Director Monica Walsh provided a summary of current and future park projects, including cost estimates and priorities recommended by the Parks and Recreation Advisory Board and answered questions of the Board of Directors. Economic Development Manager Scott Welmaker provided an overview of the expenditures related to economic development and answered questions of the Board of Directors. President Ayers opened the public hearing. 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-07-94. Director Hart seconded the motion. The motion carried by the following vote: Aye: 7 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, Rich Hendler, David Kelly, James Spriggs 3c R-07-95 Adopting the Fiscal Year 2008 Budget President Ayers read Resolution R-07-95 in its entirety. Finance Manager Terry Leake was present to answer questions of the Board of Directors. President Ayers opened the public hearing. 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-07-95. Director Terhoeve seconded the motion. The motion carried by the following vote: Aye: 7 - Jon Ayers, John Terhoeve, John Gray, Tom Hart, Rich Hendler, David Kelly, James Spriggs City of Colleyville Page 3 Printed on 4/8/2008 Colleyville Economic Development City Council Minutes -Draft September 4, 2007 Corporation Board 3d R-07-96 Approval of authorized depository signatures President Ayers read Resolution R-07-96 in its entirety. President Ayers opened the public hearing. 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-07-96. Director Hendler seconded the motion. The motion carried by the following vote: Aye: 7 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, Rich Hendler, David Kelly, James Spriggs REPORT(S): 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 and answered questions of Board. 5. ADJOURNMENT There being no further business before the CEDC, Director Kelly moved to adjourn. Director Hart seconded the motion. The motion carried by the following vote: Aye: 7 -Jon Ayers, John Terhoeve, John Gray, Tom Hart, Rich Hendler, David Kelly, James Spriggs President Ayers declared the meeting adjourned at 5:57 p.m. City of Colleyville Page 4 Printed on 4/8/2008 Colleyville Economic Development City Council Minutes -Draft September 4, 2007 Corporation Board APPROVED BY A VOTE OF ABSTENTIONS ON THIS THE AYES, NAYS AND DAY OF 2008. Minutes taken and prepared by: Cynthia Singleton Secretary City of Colleyville Page 5 Printed on 4/8/2008 ~° ^~t of Colle Vl~~e 100 Main Street ~~ Y y Colleyville, Texas 76034 (817) 503-1000 ~~~~•- Agenda Briefing www•colleyville.com File Number: R-08-98 File Number: R-08-98 Version: 1 File Type: Resolution Agenda Date: 04/15/2008 Requester: Parks and Recreation Agenda No.: 3a Department Final Action: File Name: Amendment to the Economic Development Capital Improvement Program for Fiscal Years 2008-2012 of the Colleyville Economic Development Corporation Attachments: EDCIP FY 2008-2012 Exhibit 1 EDCIP FY 2008-2012 Exhibit 2 Resolution R-08-98.pdf History of Legislative File Status: Resolution Controlling Body: Colleyville Economic Development Corporation Board Version: Date: Acting Body: Action Text: 1 04/15/2008 Colleyville Economic Development Corporation Board Title Amendment to the Economic Development Capital Improvement Program for Fiscal Years 2008-2012 of the Colleyville Economic Development Corporation Explanation Reading and Public Hearing At the December 11, 2007, Colleyville Trails and Sidewalks Committee meeting, there was discussion of priorities for the 2008 Colleyville Economic Development Capital Improvement Program (EDCIP) funding for trails. The Fiscal Year 2008 (FY08) budget included funding for the Webb House trail connection to the Cottonbelt Trail. The 2008 priorities were reviewed due to the opportunities along Pleasant Run Road for pedestrian access at the new Colleyville Elementary School. The Colleyville Trails and Sidewalks Committee approved the following recommendation and seeks approval from the Colleyville Economic Development Corporation: The 2008 EDCIP funding for the Webb House trail of $160,000.00 be reallocated for the Pleasant Run trail construction (allowing pedestrian access in the school area) which was budgeted for 2010. A remaining balance of the $30,000.00 ($20,000.00 -Parkland Dedication Fund and $10,000.00 - CEDC Fund) will allow the design process for the Webb House trail to begin. This recommendation is based on projected timing of the Webb House trail construction related to Pleasant Run trail construction. City of Colleyville Page 1 Printed on 4/11/2008 Agenda Briefin_g Continued (R-08-98) The Parks and Recreation Advisory Board approved this recommendation at the February 5, 2008 meeting. Staff has provided an overview of these recommendations as illustrated in the attached EDCIP FY 2008-2012, Exhibit 1. The current EDCIP FY 2008-2012 is included as Exhibit 2. Financial Impact It has been determined that there is no financial impact as the $160,000.00 budgeted for the Webb House trail is being reallocated to the Pleasant Run trail. Recommendation Approval City of Colleyville Page 2 Printed on 4/11/2008 COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT 1 ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008 - FY 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 $160,000 $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 $10,000 $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 COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT 2 ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008 - FY 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 COLIEYVILLE BLVD.CONSTRUCTION RESOLUTION R-08-98 A RESOLUTION AMENDING RESOLUTION R-07-94 ADOPTION OF THE ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM (EDCIP) FOR 2008 - 2012 WHEREAS, the Bylaws of the Colleyville Economic Development Corporation (CEDC) require the Board of Directors annually adopt a combined Economic Development Capital Improvement Program; and WHEREAS, Resolution R-07-94 provides for the adoption of the Economic Development Capital Improvement Program for Fiscal Years 2008 -2012; and WHEREAS, the Board of Directors of Colleyville Economic Development Corporation desires that $160,000 of the $170,000 budgeted for the Webb House trail project be reallocated to the Pleasant Run Trail project in Fiscal Year 2008. 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 (EDCIP) of the Colleyville Economic Development Corporation (Exhibit 1) is hereby adopted. Sec. 2. THAT, upon approval, the EDCIP will be presented to the City Council for consideration. AND IT IS SO RESOLVED. PASSED AND ADOPTED, this April 15, 2008. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION David Kelly President ATTEST: Cynthia Singleton, TRMC City Secretary COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT 1 ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008 - FY 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 REVENUESr 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 $160,000 $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 $10,000 $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 City of Colleyville 100 Main Street '~'~ ~~~~ ~'; • Colle ville, Texas 76034 ~~ ~' (817) 503-1000 ~~~ ~~ Agenda Briefing www•colleyville.com File Number: R-08-99 File Number: R-08-99 Version: 1 File Type: Resolution Agenda Date: 04/15/2008 Requester: Finance Department Agenda No.: 3b Final Action: Colleyville Economic Development Corporation Board File Name: Amending Resolution R-07-95 adopting the Colleyville Economic Development Corporation Fiscal Year 2008 budget Attachments: FY 2008 Adopted Budget.pdf FY 2008 Revised Budget.pdf Resolution R-08-99.pdf Status: Resolution History of Legislative File Controlling Body Version: Date: Acting Body: Action Text: 1 04/15/2008 Colleyville Economic Development Corporation Board Title Amending Resolution R-07-95 adopting the Colleyville Economic Development Corporation Fiscal Year 2008 budget Explanation Reading and Public Hearing Resolution R-08-98, previously considered, contained an amendment to the Economic Development Capital Improvement Plan, substituting $160,000.00 of the $170,000.00 allocated for the Webb House trail to be used for the Pleasant Run trail in Fiscal Year 2008. The remaining $10,000.00 will continue to be allocated to the Webb House trail. As this will occur in the current fiscal year, the Fiscal Year 2008 budget resolution must be amended. Financial Impact It has been determined that there is no financial impact as the $160,000 budgeted for the Webb House trail is being reallocated to the Pleasant Run trail. Recommendation Approval City of Colleyville Page 1 Printed on 4/10/2008 COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION FY 2008 BUDGET SUMMARY FY 2008 ADOPTED BEGINNING FUND BALANCE $ 1,174,791 REVENUES: SALES TAX REVENUES $ 1,226,197 INTEREST INCOME $ 52,866 USE OF AVAILABLE CASH $ 288,806 TOTAL REVENUES $ 1,567,869 LESS EXPENSES: ADMINISTRATIVE EXPENSES $ 1,500 MARKETING $ 83,000 PERSONNEL- SENIOR CENTER SUPERVISOR $ 56,688 TRANSFER TO ARTS FUND $ 15,000 DEBT SERVICE $ 650,013 CAPITAL PROJECTS: ENTRY MARKERS $ 200,000 SENIOR CENTER OPEN AREA AND TRAIL DEVELOPMENT $ 131,663 TRAIL CONSTRUCTION -WEBB HOUSE CROSSING $ 170,000 TOTAL EXPENSES $ 1,307,864 EXCESS REVENUES OVER EXPENSES $ 260,005 ENDING FUND BALANCE $ 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. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION FY 2008 BUDGET SUMMARY -REVISED FY 2008 REVISED BEGINNING FUND BALANCE $ 1,174,791 REVENUES: SALES TAX REVENUES $ 1,226,197 INTEREST INCOME $ 52,866 USE OF AVAILABLE CASH $ 288,806 TOTAL REVENUES $ 1,567,869 LESS EXPENSES: ADMINISTRATIVE EXPENSES $ 1,500 MARKETING $ 83,000 PERSONNEL- SENIOR CENTER SUPERVISOR $ 56,688 TRANSFER TO ARTS FUND $ 15,000 DEBT SERVICE $ 650,013 CAPITAL PROJECTS: ENTRY MARKERS $ 200,000 SENIOR CENTER OPEN AREAAND TRAIL DEVELOPMENT $ 131,663 TRAIL CONSTRUCTION -PLEASANT RUN $ 160,000 TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $ 10,000 TOTAL EXPENSES $ 1,307,864 EXCESS REVENUES OVER EXPENSES $ 260,005 ENDING FUND BALANCE $ 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-08-99 A RESOLUTION AMENDING RESOLUTION R-07-95 ANNUAL BUDGET FOR FISCAL YEAR 2008 FOR THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION WHEREAS, the Board of Directors of Colleyville Economic Development Corporation desires that $160,000 of the $170,000 budgeted for the Webb House trail project be reallocated to the Pleasant Run Trail project; and WHEREAS, the Colleyville Economic Development Corporation Board of Directors determined the Pleasant Run Trail project, included in the amended annual budget for the fiscal year beginning October 1, 2007 through September 30, 2008, furthers the objectives of the purpose of the Colleyville Economic Development Corporation, as established by the electorate of the City and the provisions of state statute. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION: Sec. 1. THAT the revenue and expenditure amounts for the Fiscal Year 2008 budget for the Colleyville Economic Development Corporation are hereby fixed as follows and that $160,000 be reallocated from the Webb House trail project to the Pleasant Run Trail project: Revenues $ 1,567,869 Expenditures $ 1,307,864 AND IT IS SO RESOLVED. PASSED AND ADOPTED, this April 15, 2008. COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION David Kelly President ATTEST: Cynthia Singleton Secretary