HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/26/2008~~ ,
City of Colleyville 100 Main Street
`,~7~~ ~=.`~,;~~; Colleyville, Texas 76034
817. 503.1000
~' Agenda
,.,, ,, www.colleyville.com
Colleyville Economic Development
Corporation Board
Tuesday, August 26, 2008 6:30 PM City Council Chambers
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-08-100
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting held April 15, 2008
2b Approval of the Annual Review of the Colleyville Economic Development
Corporation's Investment Policy
3. RESOLUTION(S):
READING AND PUBLIC HEARING
3a R-08-101 Appointing a Colleyville Economic Development Corporation (CEDC)
President and Vice President
3b R-08-102 Adopting the Economic Development Capital Improvement Program
(EDCIP) for FY 2009-2013
3c R-08-103 Adopting the Fiscal Year (FY) 2009 Budget
4. 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 22, 2008, b 0 p. J~„
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 1 Printed on 8/19/2008
Colleyville Economic Development Agenda August 26, 2008
Corporation Board
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 2 Printed on 8/19/2008
RESOLUTION R-08-100
A RESOLUTION APPROVING BOARD ACTION
UNDER CONSENT ITEMS AT THE COLLEYVILLE ECONOMIC DEVELOPMENT
CORPORATION MEETING OF AUGUST 26, 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 April 15, 2008, are hereby approved.
b. THAT the Annual Review of the Colleyville Economic Development
Corporation's Investment Policy, is hereby approved.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, THIS August 26, 2008.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
David Kelly
President
ATTEST:
Cynthia Singleton
Secretary
`"~°' City of Colleyville City Hall
;, ;T_ lv ~~ „ 100 Main Street
,, 4~-~ ~ '~~ Colleyville, Texas 76034
Minutes -Draft 817.503.1000
'`''`" www.colleyville.com
Colleyville Economic Development
Corporation Board
Tuesday, April 15, 2008 5:15 PM City Council Chambers
The meeting of the Colleyville Economic Development Corporation
Board of Directors was called to order by President David Kelly on April
15, 2008, at 5:18 p.m.
President Kelly welcomed new board member Yvonne Gilliam.
ROLL CALL: Directors Tom Hart, Yvonne Gilliam and James
Spriggs were present. President David Kelly, General Manager Bill
Lindley, Assistant City Manager Kelly Cooper, Finance Manager
Terry Leake, Parks and Recreation Director Monica Walsh, Interim
Fire Chief Russell Shelley and Secretary Cynthia Singleton were
also present.
Directors Jon Ayers, Greg Appel and Rich Hendler were absent.
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-08-97
2a Approval of the minutes of the Colleyville Economic Development
Corporation Board of Directors' meeting held September 4, 2007
President Kelly read Resolution R-08-97 in its entirety.
President Kelly opened the public hearing.
There was no one present wishing to speak concerning this item and
President Kelly closed the public hearing.
Director Hart moved to approve Resolution R-08-97.
Director Spriggs seconded the motion.
The motion carried by the following vote:
Aye: 4 -Yvonne Gilliam, Tom Hart, David Kelly, James Spriggs
Absent: 3 -Jon Ayers, Greg Appel, Rich Hendler
City of Colleyville Page 1 Printed on 8/19/2008
Colleyville Economic Development Minutes -Draft April 15, 2008
Corporation Board
3. RESOLUTION(S):
READING AND PUBLIC HEARING
3a Amendment to the Economic Development Capital Improvement
Program for Fiscal Years 2008-2012 of the Colleyville Economic
Development Corporation
President Kelly read Resolution R-08-98 in its entirety.
Parks and Recreation Director Monica Walsh provided information
regarding the proposed amendment to the Economic Development
Capital Improvement Program related to funding for trails. Ms. Walsh
stated the Colleyville Trails and Sidewalks Committee and the Parks and
Recreation Advisory Board recommended that $160,000 designated for
the Webb House Trail be reallocated to the Pleasant Run Trail and
answered questions of the City Council.
President Kelly opened the public hearing.
There was no one present wishing to speak and President Kelly closed
the public hearing.
President Kelly moved to approve Resolution R-08-98.
Director Spriggs seconded the motion.
The motion carried by the following vote:
Aye: 4 -Yvonne Gilliam, Tom Hart, David Kelly, James Spriggs
Absent: 3 -Jon Ayers, Greg Appel, Rich Hendler
3b Amending Resolution R-07-95 adopting the Colleyville Economic
Development Corporation Fiscal Year 2008 budget
President Kelly read Resolution R-08-99 in its entirety.
Finance Manager Terry Leake stated Resolution R-08-98 contained an
amendment to the Economic Development Capital Improvement Plan,
reallocating $160,000 of the $170,000 funding for the Webb House Trail
to the Pleasant Run Trail. As this occurs in the current fiscal year, the
Fiscal Year 2008 budget resolution must be amended.
President Kelly opened the public hearing.
City of Colleyville Page 2 Printed on 8/19/2008
Colleyville Economic Development Minutes -Draft April 15, 2008
Corporation Board
There was no one present wishing to speak concerning this item and
President Kelly closed the public hearing.
Director Hart moved to approve Resolution R-08-99.
Director Kelly seconded the motion.
The motion carried by the following vote:
Aye: 4 -Yvonne Gilliam, Tom Hart, David Kelly, James Spriggs
Absent: 3 -Jon Ayers, Greg Appel, Rich Hendler
4. ADJOURNMENT
There being no further business before the CEDC, Director Hart moved
to adjourn.
Director Spriggs seconded the motion.
The motion carried by the following vote:
Aye: 4 -Yvonne Gilliam, Tom Hart, David Kelly, James Spriggs
Absent: 3 -Jon Ayers, Greg Appel, Rich Hendler
President Kelly adjourned the meeting at 5:29 p.m.
APPROVED BY A VOTE OF AYES, NAYS AND
ABSTENTIONS ON THIS THE DAY OF 2008.
Minutes taken and prepared by:
Cynthia Singleton
Secretary
City of Colleyville Page 3 Printed on 8/19/2008
..`~"-°'-='~ Cit Hall
~- City of Colleyville 100 Main Street
~. ;~~~~~~~~ Colleyville, Texas 76034
~~~~'~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
File Type: Resolution
Status: Consent Agenda
Version: 1
Agenda Date: 08/26/2008
Requester: Finance Department Agenda No.: 2b
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Name: Approval of the Annual Review of the Colleyville Economic Development Corporation's
Investment Policy
Attachments: Investment Policy.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/26/2008 Colleyville Economic
Development
Corporation Board
Title
Approval of the Annual Review of the Colleyville Economic Development Corporation's
Investment Policy
Explanation
Reading and Public Hearing
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 that there is no financial impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 8/19/2008
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-to-day performance of managing the funds of the
Corporation.
Ethics and Conflict of Interest
All investment Officers and employees involved in the investment process shall refrain from
personal business activity that could conflict with proper execution of the investment
program, or that could impair their ability to make impartial investment decisions.
Employees shall disclose to the Colleyville Economic Development Corporation and Texas
Ethics Commission a statement under the following conditions:
A. If they have a personal business relationship with a business organization offering
to engage in an investment transaction with the entity. Under the Public Funds
Investment Act, a personal business relationship is defined as:
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:
Collateralized mortgage obligations
2. Commercial paper
3. Banker's acceptances
4. Reverse repurchase agreements (Local Government Investment Pools which
the Corporation participates in may engage in reverse repurchase
agreements if the term is 90 days or less)
5. No-load mutual funds other than SEC-registered no-load money market
mutual funds with a dollar weighted average portfolio of 90 days or less
whose assets consist exclusively of United States Government Securities
whose investment objectives include seeking to maintain a stable net asset
value of $1.00 per share.
6. Guaranteed investment contracts
7. Share certificates of qualifying credit unions
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 answer the Broker/Dealer questionnaire (Appendix A) and submit
their most recent audited financial statements to the City for evaluation of credit
worthiness. All personnel in the firms who will be trading or quoting securities to the
Corporation must maintain a current NASD license and be registered to deal securities in
the State of Texas. An investment certification form (Appendix B) on the firm's letterhead
signed by a principal of the firm must be on file with the Corporation.
Safekeeping
All marketable securities purchased by the Corporation shall be held in third party
safekeeping by an institution designated as primary agent. All securities will be delivered
to the third party institution by seller. Personnel in the third party institution will verify the
correct security was delivered by the seller ("delivery vs payment"). The third party
institution shall issue a safekeeping receipt to the Corporation listing the specific
instrument, rate/yield, maturity, CUSIP, and other pertinent information. Collateral on
deposit type securities which exceed the FDIC coverage shall be held in a third party
safekeeping institution. In the event a third party safekeeping institution is used, a
collateral agreement shall be executed between the Corporation, depositorywhich 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 Pledged Collateral Ratio
1. U.S. Treasury bills, notes, and bonds
a. maturing within 1 year 102%
b. maturing in 1-5 years 105%
c. maturing in more than 5 years 110%
2. Actively traded U.S. Government Agency securities
a. maturing in less than 1 year 103%
b. maturing in 1-5 years 107%
c. maturing in more than 5 years 115%
3. GNMA mortgage pass through securities 115%
4. Entities in the State of Texas bonds
General Obligation Bonds
a. maturing in less than 1 year 102%
b. maturing in 1-5 years 105%
c. maturing in more than 5 years 107%
Revenue Bonds
a. maturing in less than 1 year 105%
b. maturing in 1-5 years 110%
c. maturing in more than 5 years 115%
Collateral shall be audited annually be the Corporation's independent auditor and may be
audited by the Corporation at anytime during normal business hours of the safekeeping
bank.
Arbitrage
The Tax Reform Act of 1986 places limitations on the Corporation's yield from investing
certain tax-exempt bond proceeds, debt service funds and reserve funds. The rebate
provisions require that the Corporation compute earnings on investments from certain
issues of bonds on a periodic basis to determine if rebate is required.
To determine the Corporation's arbitrage position, the Corporation is required to calculate
the actual yield earned on the investment of the funds and compare it to the yield that
would have been earned if the funds had been invested at a rate equal to the yield on the
applicable bonds sold by the Corporation. The rebate provisions state that periodically (not
less than once every five years and not later than sixty days after maturity of the bonds),
the Corporation is required to pay the United States Treasury a rebate of any excess
earnings. These restrictions require extreme precision in the monitoring and record
keeping of investments, particularly in computing yields to ensure compliance. Failure to
comply can dictate that the bonds become taxable, retroactively from the date of issuance.
The investment strategy for bond funds which fall under the arbitrage provisions of the Tax
Reform Act of 1986, is that the Corporation will attempt to earn maximum allowable bond
yield with market conditions permitting.
Reporting Requirements
Included as a part of the City of Colleyville's quarterly investment report, Finance Manager
shall issue a written report concerning the Corporation's investment transactions for the
preceding quarter and describing in detail the investment position of the Corporation as of
the end of the quarter indicating the market values of all investments held during the
quarter. The report shall list for each investment held during the quarter: the purchase
price of the investment, the par value of the investment, the market value of the investment
at the beginning of the quarter, market value of the investment at the end of the quarter,
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.
,gin .,,
`- City of Colleyville City Hall
t--- _ ~ 100 Main Street
Colleyville, Texas 76034
r,=:;: Agenda Briefing 817.503.1000
www.colleyville.com
File Number: R-08-101
File Number: R-08-101
Version: 1
Requester: Office of the City
Secretary
File Type: Resolution
Agenda Date: 08/26/2008
Status: Resolution
Controlling Body: Colleyville
Economic
Development
Corporation Board
Agenda No.: 3a
Final Action:
File Name: Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice
President
Attachments: CEDC Bylaws excerpt.pdf Resolution R-07-93.pdf Resolution R-08-101.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/26/2008 Colleyville Economic
Development
Corporation Board
Title
Appointing a Colleyville Economic Development Corporation (CEDC) President and Vice
President
Explanation
Reading and Public Hearing
On September 7, 2007, the Colleyville Economic Development Corporation (CEDC) Board
of Director's elected Director David Kelly as President and Director Tom Hart as Vice
President.
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.
Financial Impact
It has been determined that there is no financial impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 8/22/2008
CEDC Bylaws excerpt
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 office 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 final 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-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 David Kelly shall be appointed to serve as President of
the Colleyville Economic Development Corporation.
Sec. 2. THAT Director Tom Hart 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
RESOLUTION R-08-101
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.
PASSED AND ADOPTED, THIS August 26, 2008.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
David Kelly
President
ATTEST:
Cynthia Singleton
Secretary
~~ ~"
~~~ ~ City Hall
City of Colleyville 100 Main Street
Colleyville, Texas 76034
'~~~~~~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number: R-08-102
File Number: R-08-102
File Type: Resolution
Status: Resolution
Version: 1
Agenda Date: 08/26/2008
Requester: Parks and Recreation Agenda No.: 3b
Department
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Name: Adopting the Economic Development Capital Improvement Program (EDCIP) for FY 2009-2013
Attachments: Memorandum from Monica Sue Walsh dated August 14, 2008 -Economic Development Capital
Improvement Program (EDCIP) for FY 2009-2013 Exhibit 1 -Economic Development Capital
Improvement Program FY 2008-2012 Exhibit 2 -Economic Development Capital
Improvement Program FY 2009-2013 2009 CEDC Marketing Budget.pdf Resolution
R-08-102. pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/26/2008 Colleyville Economic
Development
Corporation Board
Title
Adopting the Economic Development Capital Improvement Program (EDCIP) for FY
2009-2013
Explanation
The Colleyville Economic Development Corporation Bylaws require the Board to develop a
combined Economic Development Capital Improvement Program (EDCIP) annually, which
sets forth long and short-term goals. This program "shall be one that addresses the
development needs of the City within the financial constraints available to the Corporation."
The "EDCIP shall identify the projects to be undertaken by the Corporation and include
proposed methods and the expected cost of the implementation." After the EDCIP is
developed, it must be approved by the City Council.
Staff will provide an overview of current and future park projects, including master plans and
cost estimates. For the Board's information, the EDCIP for FY 2008-2012 is included as
Exhibit "1". For the FY 2009-2013 EDCIP, Exhibit "2" shows revenue and expenditure
changes being proposed. In FY 2009, funding is being allocated for the following projects:
• Personnel -Senior Center
• Transfer to Arts Fund
• Entry Marker
$ 64,429
$ 7, 500
$ 194,875
City of Colleyville Page 1 Printed on 8/19/2008
Agenda Briefin_g Continued (R-08-102)
• Webb House Trail Crossing $ 10,000
• Pleasant Run Trail $ 160,000
• Senior Center Open Area and Trail Development $ 128,519
• Marketing $ 120,000
• McPherson Park Final Phase $ 500,000
Additionally, there is an annual increase of $40,000 in the amount allocated for marketing
and other economic development purposes, bringing the annual total budget to $120,000.
Attached is the proposed FY 2009 marketing budget, which includes $80,000 for a holiday
and spring Shop Colleyville Marketing cooperative program. The marketing campaign and
program will include elements such as print ads with coupons, media spots and direct mail.
Financial Impact
The revenue estimate is one-half of the sales tax revenue estimated in the City's proposed
FY 2009 budget. FY 2010-2013 includes a 3% increase.
Recommendation
Approval
City of Colleyville Page 2 Printed on 8/19/2008
MEMORANDUM
TO: Kelly Cooper, City Manager
FROM: Monica Sue Walsh, Director of Parks and Recreation ~~~~~='"~"~~
DATE: August 14, 2008
SUBJECT: Economic Development Capital Improvement Program (EDCIP) for FY 2009-
2013
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 April 2008 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 2009-2013 strives to maintain this philosophy. Many
of the projects in the plan are related to the Parks and Recreation Department.
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 2008 and
increases the sales tax revenue to the amount in the proposed FY 2009 City of Colleyville
General Fund budget.
Projects
The proposed EDCIP plan proposes $356,011 in FY 2009-2013 for Senior Center
Personnel. The Senior Center Supervisor position is for the Colleyville Senior Center.
The proposed EDCiP plan proposes $500,000 in FY 2009 for Final Phase 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.
Additionally, the proposed plan provides funding for the allocation of $10,000 for Webb
House Crossing and $160,000 for Pleasant Run Trail in FY 2009, $340,000 for Pleasant
Run Trail, Webb House Crossing $160,000 and $100,000 for L.D. Lockett House Path
construction in FY 2010. These trail projects were approved by the Parks and Recreation
Advisory Board and City Council.
!n addition to the parks and recreation related improvements proposed FY 2009-2013
EDCIP plan also provides for the allocation of $600,000 for marketing, $47,500 in transfer to
Arts Fund and $194,875 for Entry Marker.
The proposed EDCIP plan proposes $128,519 in FY 2009 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, $400,000 in FY 2012 and
$400,000 in FY 2013 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 -Final Phase, Senior Center open area
development and leaves open the possibility of additional funds if the sales #ax receipts
exceed projects.
Recommendation
Staff recommends that the CEDC Board approve the five-year plan as proposed.
Attachments: 2008 Capital Improvements Projects -Citizen's Priorities
2008 Capital Improvement Projects
Priorities
Citizen Priorities based on Comprehensive Parks, Recreation and
Open Space Master Plan
i.
2.
3.
4.
5.
Recreation Center
Park Land Purchase
Senior Center Open Space Area
Pleasant Run Park Phase II
Bransford Park Phase II
6. Cottonbelt Phase II
7. Little Bear Creek Trail Extension
8. Longwood Trail
9. Tennis Courts
10. Park Maintenance Building
11. Uniform Park Signage
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008 - FY 2012
FfSCAL YEAR
UEGINNING FUND BALANCE
TZE~fENlJ.E5 ...
PROJECTED 1/2 CENT SALES TAX REVENUE
INTEREST INCOME
2005 BONfl SALE PROCEEDS
USE OF AVAILABLE CASH
TOTAL REVENUES
>rXPENDI;TURE9 :f
OPERATING:
ADMINISTRATIVE
2005 DEBT SERVICE & 1.4 TIMES COVERAGE
MARKETING
PERSONNEL -SENIOR CENTER
TRANSFER TO ARTS FUND
CAPITAL:
ADAIMPROVEMENTS
NATURE CENTER PARK
SPARGER PARK
CITY PARK
FIELD MAINTENANCE ENTRY IMPROVEMENTS
KiDSVILLE RENOVATIONS
CITYWIDE PLAYGROUND SAFETY SEGNS
CITYWIDE PICNIC TABLE REPLACEMENT
ENTRY MARKER
FUTURE PROJECTS
MC PHERSON PARK
Phase I
Phase I {Bond Sale Proceeeds}
Phase II
C17Y PARK ROAD >'XTENSION
PLEASANT RUN TRAIL
PLEASANT RUN - MOVING LEGHTS
SENIOR CENTER
OP>=N AREA AND TRAIL DEVELOPMENT
CITYWIDE IRRIGATION MONITORING SYSTEM
CITYW EDE TRAIL SYSTEM
TRAIL CONSTRUCTION -WEBS HOUSE CROSSING
TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH
TOTAL EXPENDITURES
EXHIBIT 1
2007 2008 2009 2010 2011 2012
$1,280,154 $1,174,790 $1,145,990 $1,173,587 $647,365 $861,389
$1,184,814 $1,226.197 $1,275,245 $1,326,255 $1,379.305 $1,434,477
$55,854 $52,866 $51,570 $52.811 $36,131 $38,762
$203,327 $0 $0 $0 $0 $0
$363,911 $288,806 $229,681 $584,738 $244,493 $0
$1.807,905 $1,567.869 $1,556,495 $1,963,804 $1,661,929 $1,473,240
$5.000 $1,500 $1,500 $1,500 $1,500 $1,500
$904,913 $910,018 $900,473 $904,806 $904,806 $905,222
$80.000 $83,000 $80,000 $80,000 $80,000 $80,000
$0 $56,688 $59,522 $62,499 $65,623 $68,905
$D $15,OOD $15,000 $15,D00 $15,OD0 $15,000
$S,DOa $o $o $o $o $o
$125,000 $0 $0 $0 $0 $0
$11,500 $0 $0 $0 $0 $0
$10,000 $0 $0 $0 $0 $0
$6,000 $0 $0 $0 $0 $0
$s,s6o $o $o $o $o $o
$0 $200,OD0 $0 $0 $0 $0
$0 $0 $0 $0 $595,000 $400,000
$238,000 $0 $0 $0 $0 $0
$203,327 $0 $0 $0 $p $0
$0 $0 $500,000 $0 $0 $0
$18,836 $0 $0 $0 $0 $0
$0 $0 $0 $500,000 $0 $0
$23,432 $0 $0 $0 $0 $0
$36,337 $#31,663 $0 $300,000 $0 $0
$135,000 $0 $0 $0 $0 $0
$0 $170,000 $0 $0 $0 $0
$o $o $a $1DO,DOO $o $D
$#,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
App BACK .4 TIMES BOND COVERAGE RATIO $258,547 $260,005 $257.278 $258,516 $2:,8,516 $258,635
ENDENG FUND BALANCE $1,174,790 $1,145,990 $1,173,587 $847,365 $861,369 $1.122,637
ASSUMPTIONS: FY 24D8: 112 OF CITY SALES TAX 8UDGET PROJECTION / FY 2009 - 2012: 4% GROWTH DUE TO COLLEYVILLE BLVD.CONSTRUCTION
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT 2
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM F'Y 2009 -1=Y 2013
FISCAL YEAR 2008 2009 2010 2011 2012 2013
BEGINNING FUND BALANCE $1,265,380 $1,732,154 $1,234,289 $844,485 $786,274 $956,133
RE:y~Jy[~ES
PROJECTED 112 CENT SALES TAX REVENUE $1,226,197 $1,280,688 $1,319,108 $1,358,683 $1,399,442 $1,441,425
INTEREST INCOME $55,046 $51,965 $37,029 $25,335 $23,588 $28,684
USE OF AVAELABLE CASH $0 $755,144 $648,764 $316,347 $89,247 $48,401
TOTAL REVENUES $1,281,243 $2,087,796 $2,004,900 $1,700,363 $1,512,277 $1,518,510
.,.;.
OPERATING:
ADMINISTRATIVE $1,500 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $910,018 $900,473 $304,806 $901,873 $905,222 $907,711
MARKET3NG $83,000 $120,000 $320,000 $120,000 $120,000 $120,000
PERSONNEL -SENIOR CENTER $56,688 $64,429 $67,650 $71,033 $74,585 $78,314
TRANSFER TO ARTS FUND $15,D00 $7,500 $10,000 $10,000 $10,000 $10,000
CAPITAL:
ADAlMPROVEMENTS
ENTRY MARKER $5,125 $194,875 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $0 $595,000 $400,000 $400,000
MC PHERSON PARK
Final Phase $0 $500,000 $0 $0 $0 $0
PLEASANT RUN TRAIL $D $160,000 $340,000 $0 $0 $0
SENIOR CENTER
OPEN AREA AND TRAIL DEVELOPMENT $3,344 $928,519 $300,000 $0 $0 $0
CITYWIDE TRAIL SYSTEM
TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $D $10.000 $3 60,000 $0 $0 $0
TRAIL CONSTRUCTION • L.D. LOCKETT HOUSE PATH $0 $0 $300,000 $0 $0 $0
70TA1 EXPENDITURES $1,074,475 $2,087,796 $2,004,456 $1,699,906 $1,511,806 $1,518,025
EXCESS REVENUES OVER EXPENDITURES $206,769 $0 $444 $457 $471 $485
ADD BACK .4 TIMES BOND COVERAGE RATIO $260,005 $257,278 $258,516 $257,678 $258,635 $259,346
ENDING FUND BALANCE $1,732,154 $1,234,289 $844,485 $786,274 $956,133 $1,367,563
ASSUMPTIONS: FY 2009: 112 OF CITY SALES TAX BUDGET PROJECTION 1 FY 2009 - 2013: 3% GROWTH
FY2009 CEDC MARKETING BUDGET
' Explanation Total Proposed
Costs
3 ads in Dallas Business Journal 1/4 a e color $5,000
Print ads in North Texas Commercial Association of Realtors NTCAR and ex o $3,500
Northeast Orchestras onsorshi $9,000
Re al O eras onsorshi $12,500
Bi-month) Colle ville Chamber of Commerce Publication Ad $5,000
Blue Shoe Pro'ect for Blues Fest in the Villa eat Colle ville $5,000
Sho Colle ville Marketin Coo erative Pro ram $80,000
Total $120,000
8/19/2008
RESOLUTION R-08-102
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PLAN (EDCIP) FOR FISCAL YEARS 2009-2013
WHEREAS, the by-laws of the Colleyville Economic Development Corporation require
that an Economic Development Capital Improvement Plan be developed
setting forth long and short term goals that address the needs of the City
within the financial constraints of revenues available to the Corporation; and
WHEREAS, the EDCIP shall identify the projects to be undertaken by the Corporation
and include proposed methods and the expected cost of the implementation.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1. THAT the Economic Development Capital Improvement Plan of the
Colleyville Economic Development Corporation, Exhibit "A" is hereby
adopted.
Sec. 2. THAT once approved, the EDCIP will be forwarded to the City Council for
their subsequent approval.
Sec. 3. THAT this Resolution shall become effective on the date of passage.
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this August 26, 2008.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
President
ATTEST:
Cynthia Singleton
Secretary
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2009 - FY 2013
FISCAL YEAR 2008 2009 2010 2011 2012 2013
BEGINNING FUND BALANCE $1,285,380 51,732,154 $1,234,289 $844,485 $788,274 $956,133
REVENUES: ,
PROJECTED 1/2 CENT SALES TAX REVENUE $1,226,197 $1,280,688 $1,319,108 $1,358,681 $1,399,442 $1,441,425
INTEREST INCOME $55,048 $51,885 $37,029 $25,335 $23,568 $28,684
USE OF AVAILABLE CASH $0 5755,144 $848,764 $316,347 $89,247 $48,401
TOTAL REVENUES $1,281,243 $2,087,798 $2,004,800 $1,700,383 $1,512,277 $1,518,510
EXPENDITURES
OPERATING:
ADMINISTRATIVE $1,500 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $910,018 $900,473 $904,808 $901,873 $905,222 $907,711
MARKETING $83,000 $120,000 $120,000 $120,000 $120,000 $120,000
PERSONNEL -SENIOR CENTER 558,888 564,429 $87,850 $71,033 $74,585 $78,314
TRANSFER TO ARTS FUND $15,000 $7,500 $10,000 $10,000 $10,000 $10,000
CAPITAL:
ADAIMPROVEMENTS
ENTRY MARKER $5,125 $184,875 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $0 $595,000 $400,000 $400,000
MC PHERSON PARK
Phase II $0 $500,000 $0 $0 $0 $0
PLEASANT RUN TRAIL $0 $180,000 $340,000 $0 $0 $0
SENIOR CENTER
OPEN AREA AND TRAIL DEVELOPMENT $3,144 $128,519 $300,000 $0 $0 $0
CITYWIDE TRAIL SYSTEM
TRAIL CONSTRUCTION -WEBS HOUSE CROSSING $0 $10,000 $180,000 $0 $0 $0
TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $0 $100,000 $0 $0 $0
TOTAL EXPENDITURES $1,074,475 $2,087,798 $2,004,456 51,899,808 $1,511,808 $1,518,025
EXCESS REVENUES OVER EXPENDITURES $208,789 $0 $444 $457 $471 $485
ADD BACK .4 TIMES BOND COVERAGE RATIO 5280,005 $257,278 $258,518 $257,878 $258,635 $258,348
ENDING FUND BALANCE $1,732,154 $1,234,289 $844,485 $788,274 $958,133 $1,167,563
ASSUMPTIONS: FY 2009: 1!2 OF CITY SALES TAX BUDGET PROJECTION J FY 2010 - 2013: 3% GROWTH
iIt p
~-~~ Clt of Colle V~~~e 100 Main Street
Colleyville, Texas 76034
'~~~~~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number: R-08-103
File Number: R-08-103
File Type: Resolution
Status: Resolution
Version: 1
Agenda Date: 08/26/2008
Controlling Body: Colleyville
Economic
Development
Corporation Board
Requester: Finance Department Agenda No.: 3c
File Name: Adopting the Fiscal Year (FY) 2009 Budget
Attachments: FY 2009 Budget Summary.pdf Resolution R-08-103.pdf
History of Legislative File
Final Action:
Version: Date: Acting Body: Action Text:
1 08/26/2008 Colleyville Economic
Development
Corporation Board
Title
Adopting the Fiscal Year (FY) 2009 Budget
Explanation
Reading and Public Hearing
Per the Corporate bylaws, 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 2009. The revenue estimate is
one-half of the sales tax revenue estimate in the City's proposed FY 2009 budget.
Expenditures include the following:
Funding for a Senior Center Supervisor ($64,429)
City roadway entry markers ($194,875 is a carry forward from the FY 2008 budget)
McPherson Park Phase II construction ($500,000)
• Senior Center trail development ($128,519 is a carry forward from the FY 2008
budget)
Trail construction -Pleasant Run ($160,000 is a carry forward from the FY 2008 budget)
Webb House Crossing trail construction ($10,000 is a carry forward from the FY 2008
budget)
• Debt service on the 2005 sales tax refunding bonds ($643,195)
Marketing ($120,000)
Transfer to Arts Fund to fund acquisition of art pieces to be placed in City-owned
locations with high public visibility ($7,500)
Board, audit and insurance expense ($2,000)
City of Colleyville Page 1 Printed on 8/19/2008
Agenda Briefing Continued (R-08-103)
The budget also utilizes $755,144 in available cash balance, with the projected ending
Fiscal Year 2008 Fund Balance being $1,732,153.
Financial Impact
Adoption will provide appropriations for the FY 2009 budget.
Recommendation
Approval
City of Colleyville Page 2 Printed on 8/19/2008
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2009 BUDGET SUMMARY
FY 2008
ANTICIPATED
BEGINNING FUND BALANCE $ 1,265,380
REVENUES:
SALES TAX REVENUES $ 1,226,197
INTEREST INCOME $ 55,046
USE OF AVAILABLE CASH $ -
TOTAL REVENUES $ 1,281,243
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 $ 5,125
MC PHERSON PARK PHASE II CONSTRUCTION $ -
SENIOR CENTER OPEN AREA AND TRAIL DEVELOPMENT $ 3,144
TRAIL CONSTRUCTION -PLEASANT RUN $ -
TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $ -
TOTAL EXPENSES $ 814,470
EXCESS REVENUES OVER EXPENSES $ 466,773
ENDING FUND BALANCE $ 1,732,153
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET TH E SALES TAX
BOND COVENANTS. FOR FY 2009 REVENUES MUST EXCEED EXPE NDITURES
BY AT LEAST $257,278.
FY 2009
PROPOSED
$ 1,732,153
$ 1,280,688
$ 51,965
$ 755,144
$ 2,087,797
$ 2,000
$ 120,000
$ 64,429
$ 7,500
$ 643,195
$ 194,875
$ 500,000
$ 128,519
$ 160,000
$ 10,000
$ 1,830,518
$ 257,279
$ 1,234,288
RESOLUTION R-08-103
A RESOLUTION ADOPTING AN ANNUAL BUDGET FOR FISCAL YEAR 2009 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 2009 budget amounts for the Colleyville Economic
Development Corporation are as follows:
Revenues $2,087,797
Expenditures $1,830,518
AND IT IS SO RESOLVED.
PASSED AND ADOPTED, this August 26, 2008.
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
President
ATTEST:
Cynthia Singleton
Secretary
City Hall
a~ ~ ~: ~ City of Colleyville 100 Main Street
'r';~
Colleyville, Texas 76034
~~~~~~~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
File Type: Report
Status: Reports
Version: 1
Agenda Date: 08/26/2008
Requester: Finance Department Agenda No.: 4a
File Name: Annual Activity Report
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
Attachments: Annual Report of the Colleyville Economic Development Corporation Economic
Development Capital Improvement Program (EDCIP) FY 2008-2012.pdf EDCIP FY
2008-2012 - Revised.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/26/2008 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, 2009 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 2, 2008 City Council meeting.
City of Colleyville Page 1 Printed on 8/19/2008
ANNUAL REPORT OF THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ACTIONS OF THE CORPORATION
On September 4, 2007, the Board held its annual meeting and approved the FY 2008 annual
budget for the Corporation with projected revenues of $1,567,869 and expenses of
$1,307,864. The Board also adopted the attached "Exhibit A" Economic Development Capital
Improvement Plan (EDCIP) for Fiscal Years 2008 through 2012. This plan provided funding
for Economic Development marketing, entry markers, McPherson Park Phase II construction,
Pleasant Run Trail, Citywide trail construction for Webb House Crossing and L.D. Lockett
house path, Senior Center open area development and future projects as determined by the
Parks Master plan update in 2008.
On April 15, 2008, the Board held a special meeting to re-allocate $160,000 of the $170,000
budgeted for the Webb House Trail project to the Pleasant Run Trail project. This was due to
the Colleyville Trails and Sidewalks Committee and Parks and Recreation Advisory Board
recommending greater pedestrian access to the Pleasant Run area due to the new Colleyville
Elementary School. The Board also revised the Economic Development Capital Improvement
Plan (EDCIP) for Fiscal Years 2008 through 2012 attached as "Exhibit B" to reflect the re-
allocation of funding.
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT A
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 MONITORfNG 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
COLLEYVILLE ECONOMIC DEVELOPMENT COPRORATION EXHIBIT B
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2008 - FY 2072 (REVISED)
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
:-` ~ ~;,~ City Hall
~~ J City of Colleyville 100 Main Street
Colleyville, Texas 76034
'~~~~~ Agenda Briefing 817. so3.lo00
www.colleyville.com
File Number:
File Type: Report
Status: Reports
Version: 1
Agenda Date: 08/26/2008
Requester: Finance Department Agenda No.: 4b
File Name: Annual Investment Report
Attachments:
History of Legislative File
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
Version: Date: Acting Body: Action Text:
1 08/26/2008 Colleyville Economic
Development
Corporation Board
Title
Annual Investment Report
Explanation
From the period of October 1, 2007 through July 31, 2008, the Colleyville Economic
Development Corporation had an average $1,010,583 invested in the Local Government
Investment Cooperative (LOGIC) Pool, earning $30,953 during this period. Also, from the
period of October 1, 2007 through May 15, 2008, the Corporation held a Treasury Note with
a par value of $540,000, that earned $16,281. Currently, the Corporation holds a Treasury
bill (par value $550,000) purchased June 30, 2008 yielding 2.262%. The Treasury bill will
mature on June 4, 2009, and as of July 31, 2008, the market value was $540,034 versus a
purchase price of $538,624.
City of Colleyville Page 1 Printed on 8/19/2008