HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/5/2011~;~ w
City of Coileyville 100 Mltain Street
Colleyville, Texas 76034
Agenda 817. 503.1000
.~xa~ www.colleyville.com
Economic Development Corporation
Board
Thursday, August 11, 2011 7:00 PM Executive Conference Room, 3rd floor
1. CALL TO ORDER
2. PRESENTATION AND DISCUSSION
2a Colleyville Economic Development Corporation (CEDC) Fiscal Year
2011 (FY 2011) budget update
2b Discussion of the FY 2012 - 2016 Economic Development Capital
Improvement Program (EDCIP) priorities
3. ADJOURNMENT
I hereby certify the above a enda was posted on the bulletin boards at City Hall on Friday,
August 5, 2 by 5:00, .m.
/1 - ~ \ ~ 1 .~ 0'7'~..J
C~nthia 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 Co/leyville Page 1 Printed on 8/5/2011
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City of Colleyville 100 M~ain Street
~
Colleyville, Texas 76034
~r~~~~~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
Version: 1
Requester: Office of the City
Manager
File Type: Presentation and
Discussion
Agenda Date: 08/11/2011
Agenda No.: 2a
Final Action:
File Name: Colleyville Economic Development Corporation (CEDC) Fiscal Year 2011 (FY 2011) budget
update
Attachments: Colleyville Economic Development Corporation FY 2011 Budget Summary
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/11/2011 Economic Development
Corporation Board
Title
Colleyville Economic Development Corporation (CEDC) Fiscal Year 2011 (FY 2011) budget
update
Explanation
This briefing provides an update on the current FY 2011 CEDC budget.
A summary of the adopted FY 2011 CEDC budget is as follows:
Beginning Fund Balance $ 2,007,114
Total Budgeted Revenues $ 2,116,017
Total Budgeted Expenditures $ 1,858,339
*Estimated Excess Revenues Over Expenditures $ 257,678
Estimated Ending Fund Balance $ 1,342,316
* Must have a 1.4 times coverage ratio ($257,678) for Debt Service payment.
Attached is a comparison of the FY 2011 adopted budget versus the FY 2011 revised
projection. The FY 2011 beginning fund balance was higher than anticipated, due to the
higher than anticipated sales tax revenues received in four of the last five months of FY
2010. With two thirds of FY 2011 complete, sales tax revenues have totaled $820,966,
Status: Presentation and
Discussion
Controlling Body: Economic
Development
Corporation Board
City of Colleyville Page 1 Printed on 8/5/2011
Agenda Briefinq Continued
which is 5% ($38,700) above prior year tax revenues for the same period. It is projected
that sales tax revenues will be over $99,012 greater than the adopted budget of $1,178,488
at the end of the fiscal year, due to increased sales tax receipts and sales tax audit
collection payments. Also, due to the continued lower than anticipated interest rates,
income on investments is projected to be $11,1531ower than the adopted budget of
$15,053.
At the end of FY 2011, the design of the Bogart Drive to Mission Lane segment of the
Pleasant Run Trail will not be completed. The budgeted funds will be reallocated to that
project in the proposed FY 2012 CEDC budget.
Included in the budgeted revenue is the use of available cash, in the amount of $922,476.
The net of increase in sales tax revenue and lowering of the interest income and the
deferral of the design of the Bogart Drive to Mission Lane segment of the Pleasant Run Trail
will result in a lower amount of available cash being used ($728,360). The ending fund
balance is estimated to be $1,702,334.
City of Colleyville Page 2 Printed on 8/5/2011
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2011 BUDGET SUMMARY
BEGINNING FUND BALANCE
REVENUES:
SALES TAX REVENUES
INTEREST INCOME
USE OF AVAILABLE CASH
TOTAL REVENUES
LESS EXPENSES:
ADMINISTRATIVE EXPENSES:
MARKETING
PERSONNEL- SENIOR CENTER SUPERVISOR
PERSONNEL- LIBRARY
OPERATIONS - LIBRARY
WATER-MC PHERSON PARK
DEBT SERVICE
INTERFUND LOAN REPAYMENT - COLLEYVILLE CENTER RENOVATION
CAPITAL PROJECTS:
LIBRARY SECOND FLOOR EXPANSION
LIBRARY COLLECTION SORTER
TRAIL CONSTRUCTION - PLEASANT RUN (BOGART TO MISSION) DESIGN
TRAIL CONSTRUCTION - COTTON BELT II SPUR @ L. D. LOCKETT PARK
TOTAL EXPENSES
EXCESS REVENUES OVER EXPENSES
ENDING FUND BALANCE
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX
BOND COVENANTS. FOR FY 2011 REVENUES MUST EXCEED EXPENDITURES
BY AT LEAST $257,678.
FY 2011 FY 2011
ADOPTED PROJECTED
$ 2,007,114 $ 2,173,015
$ 1,178,488 $ 1,277,500
$ 15,053 $ 3,900
$ 922,476 $ 728,360
$ 2,116,017 $ 2,009,760
$ 2,000 $ 2,000
$ 120,000 $ 120,000
$ 70,095 $ 70,095
$ 68,181 $ 21,649
$ 4,046 $ 4,046
$ 16,000 $ 16,000
$ 644,195 $ 644,195
$ 165,331 $ 165,331
$ 524,000 $ 522,274
$ 86,491 $ 86,491
$ 58,000 $ -
$ 100,000 $ 100,000
$ 1,858,339 $ 1,752,081
$ 257,678 $ 257,679
$ 1,342,316 $ 1,702,334
c',~~ ' t~r
City of Colleyville 100 Mtain Street
Colleyville, Texas 76034
r~~~~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
File Type: Presentation and
Discussion
Status: Presentation and
Discussion
Version: 1
Requester: Office of the City
Manager
Agenda Date: 08/11/2011
Agenda No.: 2b
Controlling Body: Economic
Development
Corporation Board
Final Action:
File Name: Discussion of the FY 2012 - 2016 Economic Development Capital Improvement Program
(EDCIP) priorities
Attachments: EDCIP FY 2012-2016 Exhibit A.pdf • EDCIP FY 2011-2015 Exhibit B.pdf • FY 2012 CEDC
Promotional Budget.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/11/2011 Economic Development
Corporation Board
Title
Discussion of the FY 2012 - 2016 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 2012 through 2016 from the attached EDCIP (Exhibit A). Also attached is the
proposed FY 2012 Promotional budget. The proposed changes from the attached adopted
FY 2011 - FY 2014 EDCIP (Exhibit B) are as follows:
Revenues:
Projection of sales tax growth conservatively remains at 1% annually throughout the next
five years. There is a reduction of projected interest income, due to projected investment
return rates continuing to remain at record low levels. There is the use of available cash
from the .4 times bond coverage ratio in all years of the plan, with the ending target fund
City of Colleyville Page 1 Printed on 8/5/2011
Agenda Briefina Continued
balance in 2016 at a level slightly above $850,000.
Expenditures:
FY 2012:
Carry forward of funding for incomplete projects - Pleasant Run Trail design (Bogart Drive to
Mission Lane) -$58,000. In the FY 2011 budget, there was funding for four part-time library
clerk positions related to the expansion of the second floor of the library. The project was
completed and the second floor opened on June 6, 2011. This resulted is a salary savings
of $46,532, and it is proposed these savings be allocated for the purchase of additional
furniture and fi~ures related to the library expansion project. The $134,905 balance of the
Senior Center Open Area Phase I remains allocated to a future parks project, pending the
completion of the Parks Master Plan in FY 2012.
FY 2013:
Carry forward of funding for incomplete projects - Cotton Belt II spur at Webb House -
$165,000. Funding is included for the replacement of tables at the Colleyville Center
($9,000). These are replacements of the original tables purchased when the Colleyville
Center opened in 1998. There is also funding included for the replacement of the RFID
equipment for library material check-out ($51,000), which was installed when the Library
was opened in 2003. The existing equipment and Radio Frequency Identification (RFID)
material tags are no longer offered by the vendor.
FY 2014:
The future projects category was increased to $425,000 from $50,000.
FY 2015:
The future projects allocation is increased from $300,000 to $400,000. Funding is also
included for the replacement of chairs at the Colleyville Center ($37,000). The chairs are
used at over 600 events annually and were last replaced in 2005.
FY 2016:
The future projects allocation is $425,000.
City of Colleyville Page 2 Printed on 8/5/2011
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2012 • FY 2016
FISCAL YEAR 2011 2012 2013 2014 2015 2016
BEGINNING FUND BALANCE $2,173,015 $1,702,334 $1,485,524 $1,178,803 $959,055 $898,253
REVENUES:
PROJECTED 112 CENT SALES TAX REVENUE
$1,277,500
$1,290,275
$1,303,178
$1,316,210
$1,329,372
$1,342,665
INTEREST INCOME $3,900 $3,405 $2,971 $2,358 $1,918 $1,797
USE OF AVAILABLE CASH $728,360 $475,445 $566,068 $477,600 $318,956 $307,387
TOTAL REVENUES $2,009,759 $1,769,125 $1,872,216 $1,796,167 $1,650,245 $1,651,848
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $901,873 $905,223 $907,711 $902,482 $903,536 $910,584
PROMOTIONAL $120,000 $129,368 $130,615 $131,857 $133,129 $134,446
WATER I WASTEWATER- MC PHERSON PARK $16,000 $16,480 $16,974 $17,484 $18,008 $18,548
PERSONNEL - SENIOR CENTER $70,095 $70,095 $72,198 $74,364 $76,595 $78,893
PERSONNEL - LIBRARY $21,649 $69,024 $71,095 $73,227 $75,424 $77,687
OPERATIONS - LIBRARY $4,046 $4,167 $4,292 $4,421 $4,554 $4,690
CAPiTAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,331 $165,331 $165,331 $165,332 $0 $0
($661,325 REPAID OVER 4 YEARS)
COLLEYVILLE CENTER - REPLACEMENT TABLES $0 $0 $9,Q00 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT CHAIRS $0 $0 $0 $0 $37,000 $0
LIBRARY SECOND FLOOR EXPANSION $522,274 $0 $0 $0 $0 $0
LIBRARY - COLLECTION SORTER $86,491 $0 $0 $0 $0 $0
LIBRARY - BALANCE OF UNUSED 2011 SALARIES (FF&E) $0 $46,532 $0 $0 $0 $0
LIBRARY TECHNOLOGY REPLACEMENTS $0 $0 $51,000 $0 $0 $0
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION $0 $0 $165,000 $0 $0 $0
COTTON BELT II SPUR @ L,D. LOCKETT PARK CONSTRUCTION $100,000 $0 $0 $0 $0 $0
PLEASANT RUN TRAII DESIGN (BOGART TO MISSION)-CARRY FORWA $0 $58,000 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION) $0 $168,000 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION) $0 $0 $277,000 $0 $0 $0
FUTURE PROJECTS - PARKS $0 $134,905 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $0 $425,000 $400,000 $425,600
TOTAL EXPENDITURES $2,009,759 $1,769,125 $1,872,216 $1,796,167 $1,650,245 $1,651,848
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0
ADD BACK ,4 TIMES BOND COVERAGE RATIO $257,678 $258,635 $259,346
ENDING FUND BALANCE $1,702,334 $1,485,524 $1,178,803
ASSUMPTIONS: FY 2012:112 OF CITY SALES TAX BUDGET PROJECTION ! FY 2013 - 2016: 1% GROWTH
$0 $0 $0
$257,852 $258,153 $260,167
$959,055 $898,253 $851,034
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT B
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,t14 $1,342,316 $980,748 $810,873 $875,984
REU~NlJE5;
PROJECTED t/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
EXPENDI7UK~S:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $904,806 $901,873 $905,223 $907,711 $902,482 $903,536
PROMOTIONAL $216,400 $120,000 $120,370 $121,198 $122,231 $123,445
KEEP COLLEWILLE BEAUTIFUL AGENCY AGREEMENT $3,000 $0 $0 $0 $0 $0
WATER / WASTEWATER- MC PHERSON PARK $15,000 $16,000 $16,480 $16,974 $17,484 $18,008
PERSONNEL- SENIOR CENTER $70,654 $70,095 $72,198 $74,364 $76,595 $78,893
PERSONNEL-LIBR,4RY $0 $68,181 $70,226 $72,333 $74,503 $76,738
OPERATIONS-LIBRARY $0 $4,046 $4,167 $4,292 $4,421 $4,554
TRANSFERTO ARTSFUND $0 $0 $0 $0 $0 $0
CAPITAL:
ENTRY MARKER $293,521 $0 $0 $0 $0 $0
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $0 $165,331 $165,331 $165,337 $165,332 $0
($661,325 REPAID OVER 4 YEARS)
LIBRARY SECOND FLOOR EXPANSION $51,000 $524,000 $0 $0 $0 $0
LIBRARY - COLLECTION SORTER $0 $86,491 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR ~ WEBB HOUSE CONSTRUCTION $0 $0 $165,000 $0 $0 $0
COTTON BELT II SPUR (~ L.D. LOCKETT PARK CONSTRUCTION $0 $100,000 $0 $0 $0 $0
PLEASANT RUN TRAIL (HARDAGE LN. TO COTTONBELT) $86,510 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION) $0 $58,000 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION) $0 $0 $168,000 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION) $0 $0 $0 $277,000 $0 $0
SENIOR CENTER
OPEN AREA - PHASE I $15,095 $0 $0 $0 $0 $0
FUTURE PROJECTS - PARKS $0 $0 $134,905 $0 $0 $0
FUTURE PROJECTS $0 $0 $0 $0 $50,000 $300,000
TOTAL EXPENDITURES $1,657,986 $2,116,017 $1,823,900 $1,641,204 $1,415,048 $1,507,173
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,516 $257,678 $258,635 $259,346 $257,852 $258,153
ENDING FUND BALANCE $2,007,114 $1,342,316 $980,748 $810,873 $875,984 $861,412
ASSUMPTIONS: FY 2011: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2012 - 2015: 1% GROWTH
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2012 Promotional Budget