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Home My WebLink AboutColleyville Economic Development Corporation (CEDC)-Minutes-9/20/2011~:,, ~„ City of Colleyville 100 Main Street ~ Colleyville, Texas 76034 Agenda 817. 503.1000 .~,Kg~ 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~-'1,~by 5:00,~~~~ n 1\ ~~~-~l ~ 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 Colleyville Page 1 Printed on 8/5/2011 "' °` City of Colleyville ~ Minutes ~ ~ r~~~a~. Economic Development Corporation Board City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Thursday, August 11, 2011 7:00 PM Executive Conference Room, 3rd floor The Colleyville Economic Development Corporation was called to order by President David Kelly on August 11, 2011, at 7:05 p.m. ROLL CALL: Directors Stan Hall, Tom Hart, Carel Tornes and Vice President Carol Wollin were present. President David Kelly, General Manager Je~inifer Fadden, Finance Manager Terry Leake, Economic Development Director Marty Wieder, Library Director Mary Rodne, Colleyville Center Manager Lin Przybyl and Secretary Cynthia Singleton were also present. Directors Greg Appel and Sue Kijowski were absent. 2. PRESENTATION AND DISCUSSION ~ 2a Colleyville Economic Development Corporation (CEDC) Fiscal Year 2011 (FY 2011) budget update Finance Manager Terry Leake provided an update of the Colleyville Economic Development Corporation (CEDC) Fiscal Year 2011 budget and answered questions of the Board. Ms. Leake spoke regarding the state of the economy and that the sales tax revenue is higher than projected and the CEDC is in a stronger financial position than the prior year for the same period. Ms. Leake further stated an audit payment of over $74,000, combined with the sales tax revenue of $90,000, leaves a projected fund balance of almost $170,000 over the adopted budget. Finance Manager Leake stated the design of the Bogart Drive to Mission Lane segment of the Pleasant Run Trail will not be completed and the budgeted funds will be reallocated to that project in the proposed FY 2012 CEDC budget. Ms. Leake further stated the interest income line item reflects the all time historic low interest rates. 2b Discussion of the FY 2012 - 2016 Economic Development Capital Improvement Program (EDCIP) priorities ~ Finance Manager Terry Leake stated the bylaws of the CEDC require the Board to develop an Economic Development Capital Improvement City of Colleyville Page 1 Printed on 9h5/2011 Economic Development Minutes August 11, 2011 ~ Corporation Board Program (EDCIP), which addresses the long and short-term development goals and needs of the City, reviewed the proposed FY 2012-2016 EDCIP priorities and answered questions of the Board. Ms. Leake stated the sales tax revenue projections are conservative based on previous history, however, the expected fund balance in 2016 will be approximately $850,000. Finance Manager Leake reviewed the carry forward funding for incomplete projects, which include Pleasant Run Trail design, Cotton Belt II spur at the Webb House, replacement tables at the Colleyville Center and Radio Frequency Identification (RFID) equipment for library material check-out and outlined the future projects funding allocation. Discussion ensued regarding the technology needs of the library and funding sources for completing the library's interior and furnishings. Library Director Mary Rodne stated a report identifying the remaining projects necessary to complete the library will be developed and provided to the CEDC Board for consideration. The Board requested the EDCIP and the FY 2012 budget be revised to provide for the library technology upgrades and projects. Discussion ensued regarding the Colleyville Center inventory and timetable for replacing tables and chairs. Discussion continued regarding the senior population in the City and the needs of the Senior Center. General Manager Jennifer Fadden stated the Parks Master Plan will come before the Parks and Recreation Advisory Board in October. General Manager Fadden suggested that the Master Plan be reviewed and the needs of seniors be prioritized at that time. There was general discussion regarding the McPherson Park Splash Pad and the promotions budget. Finance Manager Terry Leake stated $51,000 for library technology will be moved to the FY 2012 budget and the funding needed to complete the library projects will be moved from the 2014 future projects to the FY 2012 budget. The revised EDCIP and budget will be brought forward at the August 23, 2011 CEDC Board meeting for consideration. ~ City of Colleyville Page 2 Prlnted on 9H5/2011 ~ Economic Development Minutes August 11, 2011 Corporation Board 3. ADJOURNMENT There being no further business before the Board, President Kelly adjourned the meeting at 7:45 p.m. APPROVED BY A VOTE OF AYES, NAYS AND ~ ABSTENTIONS ON THIS THE ~_ DAY OF ~_ 2011. 1_1__~ ~ ~ Minutes and prepared by. n r--~ . C~lnthia Singleton, TRMC, C City Secretary ~ ~ City of Colleyville Page 3 Printed on 9/15/2011