HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/10/2010City of Colleyville 100 Main Street
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~~~ ~,~ Colleyville, Texas 76034
"` =d Agenda 817.503.1000
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Colleyville Economic Development
Corporation Board
Tuesday, August 10, 2010 7:00 PM Executive Conference Room, Third Floor
1. CALL TO ORDER
2. PRESENTATION AND DISCUSSION
2a Colleyville Economic Development Corporation (CEDC) Fiscal Year
2010 (FY 2010) budget update
2b Discussion of the FY 2011 - 2015 Economic Development Capital
Improvement Program (EDCIP) priorities
3. ADJOURNMENT
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday,
August 6, 2010, by 5:0
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 8/6/2010
?~~ City Hall
~~ City of Colleyville 100 Main Street
Colleyville, Texas 76034
r.;~:;:F Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
Version: 1
Requester: Office of the City
Manager
File Type: Presentation
Agenda Date: 08/10/2010
Agenda No.: 2a
Final Action:
File Name: Colleyville Economic Development Corporation (CEDC) Fiscal Year 2010 (FY 2010) budget
update
Attachments: CEDC FY 2010 Budget Summary (adopted versus projected)
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/10/2010 Colleyville Economic
Development
Corporation Board
Title
Colleyville Economic Development Corporation (CEDC) Fiscal Year 2010 (FY 2010) budget
update
Explanation
This briefing provides an update on the current FY 2010 CEDC budget.
A summary of the adopted FY 2010 CEDC budget is as follows:
Beginning Fund Balance $ 2,255,064
Total Budgeted Revenues $ 2,806,872
Total Budgeted Expenditures $ 2,548,356
*Estimated Excess Revenues Over Expenditures $ 258,516
Estimated Ending Fund Balance
Status: Presentation
Controlling Body: Colleyville
Economic
Development
Corporation Board
$ 1,015,584
* Must have a 1.4 times coverage ratio ($258,516) for Debt Service payment.
Due to current economic conditions, the '/2 cent sales tax revenue collected for the CEDC is
projected to be lower than the budgeted revenue amount. It is conservatively projected that
sales tax revenues will total $1,168,820, which is $113,868 (-8.9%) below projection of the
City of Colleyville Page 1 Printed on 8/6/2010
Agenda Briefing Continued
budgeted revenue of $1,280,688. Also, due to the continued lower than anticipated interest
rates, income on investments is projected to be $17,045 lower than the adopted budget of
$28,188. This is anticipated to result in a total ending revenue deficit of $130,913. In
anticipation of this shortfall, staff took the following action:
• Eliminated the Transfer to Arts Fund in the amount of $10,000
• Deferred the construction of the senior elements of the Senior Center open area in
the amount of $134,905
These measures have resulted in an expenditure savings of $144,905 and will serve as a
means to keep the FY 2010 CEDC budget balanced. At the end of FY 2010, the following
projects will not be completed and budgeted funds will be reallocated to those projects in
the proposed FY 2011 CEDC budget: Library second floor expansion, Library collection
sorter, Webb House Crossing trail construction and L.D. Lockett House Path trail
construction.
City of Colleyville Page 2 Printed on 8/6/2010
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2010 BUDGET SUMMARY (ADOPTED VERSUS PROJECTED)
FY 2010 FY 2010
ADOPTED PROJECTED
BEGINNING FUND BALANCE $ 2,255,064 $ 2,228,621
REVENUES:
SALES TAX REVENUES $ 1,280,688 $ 1,166,820
INTEREST INCOME $ 28,188 $ 11,143
USE OF AVAILABLE CASH $ 1,497,996 $ 480,023
TOTAL REVENUES $ 2,806,872 $ 1,657,986
LESS EXPENSES:
ADMINISTRATIVE EXPENSES: $ 2,000 $ 2,000
MARKETING $ 216,400 $ 216,400
PERSONNEL- SENIOR CENTER SUPERVISOR $ 70,654 $ 70,654
KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT $ 3,000 $ 3,000
WATER-MC PHERSON PARK $ 35,000 $ 15,000
TRANSFER TO ARTS FUND $ 10,000 $ -
DEBT SERVICE $ 646,290 $ 646,290
CAPITAL PROJECTS:
ENTRY MARKERS $ 293,521 $ 293,521
LIBRARY SECOND FLOOR EXPANSION $ 575,000 $ 51,000
LIBRARY COLLECTION SORTER $ 86,491 $ -
SENIOR CENTER OPEN AREA -SENIOR ELEMENTS $ 200,000 $ 15,095
TRAIL CONSTRUCTION -PLEASANT RUN $ 270,000 $ 86,510
TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $ 40,000 $ -
TRAIL CONSTRUCTION - L. D. LOCKETT HOUSE PATH $ 100,000 $ -
TOTAL EXPENSES $ 2,548,356 $ 1,399,470
EXCESS REVENUES OVER EXPENSES $ 258,516 $ 258,516
ENDING FUND BALANCE $ 1,015,584 $ 2,007,114
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX
BOND COVENANTS. FOR FY 2010 REVENUES MUST EXCEED EXPENDITURES
BY AT LEAST $258,516.
'~ ,
Cit of Colle V~~~e 100 Main Street
w~lrr
Colleyville, Texas 76034
Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
File Type: Discussion
Status: Discussion
Version: 1
Requester: Office of the City
Manager
Agenda Date: 08/10/2010
Agenda No.: 2b
Controlling Body: Colleyville
Economic
Development
Corporation Board
Final Action:
File Name: Discussion of the FY 2011 - 2015 Economic Development Capital Improvement Program
(EDCIP) priorities
Attachments: EDCIP FY 2011-2015 -Exhibit A.pdf EDCIP FY 2010-2014 -Exhibit B.pdf FY 2011
CEDC Promotional Budget -Exhibit C.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/10/2010 Colleyville Economic
Development
Corporation Board
Title
Discussion of the FY 2011 - 2015 Economic Development Capital Improvement Program
(EDCIP) priorities
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.
This item will provide the Board the opportunity to review and discuss the proposed projects
for FY 2011 through 2015 from the attached EDCIP (Exhibit A). The proposed changes
from the attached adopted FY 2011 - FY 2014 EDCIP (Exhibit B) are as follows:
Revenues:
Reduction of the projection of sales tax growth from 2% to 1 % annually throughout the next
five years, and reduction of projected interest income due to projected investment return
rates continuing to remain at record low levels.
City of Colleyville Page 1 Printed on 8/6/2010
Agenda Briefing Continued
Expenditures:
FY 2011:
Carry forward of funding for incomplete projects -Library second floor expansion $524,000,
Library collection sorter - $86,491, Cotton Belt II spur at L.D. Lockett Park - $100,000, and
Pleasant Run Trail design (Bogart to Mission) - $58,000. Promotional expenditures were
reduced to $120,000 (Exhibit C) from $144,400 due to recent changes in state law limiting
those types of expenses to 10% of revenues. The Keep Colleyville Beautiful agency
agreement is proposed to be funded in the City of Colleyville's General Fund budget in FY
2011 and is eliminated from the all years of the EDCIP.
FY 2012:
Carry forward of funding for incomplete projects -Cotton Belt II spur at Webb House -
$165,000, and Pleasant Run Trail right-of-way acquisition (Bogart to Mission) - $168,000. A
portion of the Pleasant Run Trail right-of-way acquisition (Bogart to Mission) funding is
allocated from the future projects category. The $134,905 balance of the Senior Center
Open Area Phase I has been reallocated to a future parks project, pending the completion
of the Parks Master Plan in FY 2011.
FY 2013:
The Pleasant Run Trail construction (Bogart to Mission) funding in the amount of $277,000
is allocated from the future projects category. There is a possible federal grant that could
reduce the cost of this project.
FY 2014:
The future projects category was reduced to $50,000 from $215,000 primarily due to
funding in the prior year of the Pleasant Run Trail construction (Bogart to Mission) project.
FY 2015:
The future projects allocation is $300,000.
City of Colleyville Page 2 Printed on 8/6/2010
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2011 - FY 2015
FISCAL YEAR 2010 2011 2012 2013 2014 2015
BEGINNING FUND BALANCE $2,228,621 $2,007,114 $1,342,316 $980,748 $810,873 $875,984
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,166,820 $1,178,488 $1,190,273 $1,202,176 $1,214,197 $1,226,339
INTEREST INCOME $11,143 $15,053 $13,423 $9,807 $8,109 $8,109
USE OF AVAILABLE CASH $480,023 $922,476 $620,204 $429,221 $192,741 $272,725
TOTAL REVENUES $1,657,986 $2,116,017 $1,823,900 $1,641,204 $1,415,047 $1,507,173
EXPENDITURES
OPERATING:
ADMINISTRATIVE $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $904,806 $901,873
PROMOTIONAL $216,400 $120,000
KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT $3,000 $0
WATER /WASTEWATER- MC PHERSON PARK $15,000 $16,000
PERSONNEL -SENIOR CENTER $70,654 $70,095
PERSONNEL -LIBRARY $0 $68,181
OPERATIONS -LIBRARY $0 $4,046
TRANSFER TO ARTS FUND $0 $0
CAPITAL:
ENTRY MARKER $293,521 $0
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $0 $165,331
($661,325 REPAID OVER 4 YEARS)
LIBRARY SECOND FLOOR EXPANSION $51,000 $524,000
LIBRARY -COLLECTION SORTER $0 $86,491
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR ~ WEBB HOUSE CONSTRUCTION $0 $0
COTTON BELT II SPUR ~ L.D. LOCKETT PARK CONSTRUCTION $0 $100,000
PLEASANT RUN TRAIL (HARDAGE LN. TO COTTONBELT) $86,510 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION) $0 $58,000
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION) $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION) $0 $0
SENIOR CENTER
OPEN AREA - PHASE I $15,095 $0
FUTURE PROJECTS -PARKS $0 $0
FUTURE PROJECTS $0 $0
TOTAL EXPENDITURES $1,657,986 $2,116,017
EXCESS REVENUES OVER EXPENDITURES $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,516 $257,678
ENDING FUND BALANCE $2,007,114 $1,342,316
ASSUMPTIONS: FY 2011: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2012 - 2015: 1% GROWTH
EXHIBIT A
$2,000 $2,000 $2,000 $2,000
$905,223 $907,711 $902,482 $903,536
$120,370 $121,198 $122,231 $123,445
$0 $0 $0 $0
$16,480 $16,974 $17,484 $18,008
$72,198 $74,364 $76,595 $78,893
$70,226 $72,333 $74,503 $76,738
$4,167 $4,292 $4,421 $4,554
$0 $0 $0 $0
$0 $0 $0 $0
$165,331 $165,331 $165,332 $0
$0 $0 $0 $0
$0 $0 $0 $0
$165,000 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$168,000 $0 $0 $0
$0 $277,000 $0 $0
$0 $0 $0 $0
$134,905 $0 $0 $0
$0 $0 $50,000 $300,000
$1,823,900 $1,641,204 $1,415,048 $1,507,173
$0
$258,635 $0
$259,346 $0
$257,852 $0
$258,153
$980,748 $810,873 $875,984 $861,412
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2010 - FY 2014
FISCAL YEAR 2009 2010
BEGINNING FUND BALANCE $1,881,856 $2,255,064
REVENUES;
$1,015,584 $895,691 $863,575 $848,687
PROJECTED 1/2 CENT SALES TAX REVENUE $1,280,688 $1,280,688 $1,306,301 $1,332,427 $1,359,076 $1,386,257
INTEREST INCOME $16,755 $28,188 $12,695 $11,196 $10,795 $10,609
USE OF AVAILABLE CASH $0 $1,497,996 $377,572 $290,751 $274,233 $249,545
TOTAL REVENUES $1,297,442 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411
EXPENDITURES
OPERATING:
ADMINISTRATIVE $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $900,473 $904,806
MARKETING $59,462 $216,400
KEEP COLLEYVILLE BEAUTIFUL AGENCY AGREEMENT $0 $3,000
WATER - MC PHERSON PARK $0 $35,000
PERSONNEL -SENIOR CENTER $64,429 $70,654
PERSONNEL -LIBRARY $0 $0
OPERATIONS -LIBRARY $0 $0
TRANSFER TO ARTS FUND $7,500 $10,000
CAPITAL:
$2,000 $2,000 $2,000 $2,000
$901,873 $905,223 $907,711 $902,482
$144,400 $144,400 $144,400 $144,400
$3,000 $3,000 $3,000 $3,000
$36,050 $37,132 $38,245 $39,393
$74,187 $77,896 $81,791 $85,880
$68,181 $70,226 $72,333 $74,503
$4,046 $4,167 $4,292 $4,421
$10,000 $10,000 $10,000 $10,000
ENTRY MARKER $15,195 $293,521 $0 $0 $0 $0
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATION $0 $0 $165,331 $165,331 $165,331 $165,331
($661,325 REPAID OVER 4 YEARS)
LIBRARY SECOND FLOOR EXPANSION $0 $575,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $157,500 $215,000 $215,000 $215,000
LIBRARY -COLLECTION SORTER $0 $86,491 $0 $0 $0 $0
PLEASANT RUN TRAIL $132,454 $270,000 $0 $0 $0 $0
SENIOR CENTER
OPEN AREA (SENIOR ELEMENTS) $0 $200,000 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
TRAIL CONSTRUCTION - WEBB HOUSE CROSSING $0 $40,000 $130,000 $0 $0 $0
TRAIL CONSTRUCTION - L.D. LOCKETT HOUSE PATH $0 $100,000 $0 $0 $0 $0
TOTAL EXPENDITURES $1,181,513 $2,806,872 $1,696,568 $1,634,375 $1,644,104 $1,646,411
EXCESS REVENUES OVER EXPENDITURES $115,930 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $257,278 $258,516 $257,678 $258,635 $259,346 $257,852
ENDING FUND BALANCE $2,255,064 $1,015,584
ASSUMPTIONS: FY 2010: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2011 - 2014: 2% GROWTH
EXHIBIT B
2011 2012 2013 2014
$895,691 $863,575 $848,687 $856,995
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2011 -Promotional Budget
EXHIBIT C
Description
ADVERTISING: $6,000
Explanation
Fort Worth, TX or D Ma zine contin enc ads Total Proposed
Costs
$6,000
KEEP IT COLLEYVILLE PROGRAM: $19,000 Kee It Colle ille Pro ram:
Event & Pro ram ads, events Colle ville Courier $4,000
Monthl Business Events $500/month for 20 on the 20th $6,000
VIP Preferred Cards $4,000
Gift Cards $4,000
Kee It Colle ville Merchandise $1,000
COME TO COLLEYVILLE PROGRAM Sho in & Dinin Guide $26,000
SPECIAL EVENTS: $69,000 Old T me BBQ/s rin event
Celebrate Colle ille/Event co-s onsorshi & romotion $16,000
$0
Holle Colle Christmas/Holida Event in the villa a $16,000
To-Be-Named Fall Festival in the villa a $16,000
Red, White & Sousa Town Center $16,000
Summermovies and concerts $5,000
Blue Shoe Pro'ect Bluesfest $0
Total $120,000