HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (Resolution R-20-155)-08/25/2020RESOLUTION R-20-155
A RESOLUTION ADOPTING THE ECONOMIC DEVELOPMENT CAPITAL
IMPROVEMENT PROGRAM (EDCIP) FOR FISCAL YEARS 2021-2025
WHEREAS, the bylaws of the Colleyville Economic Development
Corporation require that an Economic Development Capital
Improvement Program (EDCIP) 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 projects to be undertaken by the
Corporation 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
Program 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.
APPROVED BY A VOTE OF 7 AYES, 0 NAYS, ON THIS 25TH DAY OF AUGUST
2020.
President George Dodson Aye Director Kathy Wheat Aye
Vice Pres. Richard Newton Aye Director John Terhoeve Aye
Director Ralph Hunkins Aye Director Mark Slosson Aye
Director Bobby Lindamood Aye
ATTEST:
Christine Loven, TRMC
Secretary
COLLEYVILLE ECONOMIC
DEVELOPMENT CORPORATION
eor e Dodson
President
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION Exhibit A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2021 - FY 2025
Budget Projection Projection Projection Projection Projection Projection
FISCAL YEAR 2020 2020 2021 2022 2023 2024 2025
BEGINNING FUND BALANCE $4,150,120 $4,150,120 $3,445,727 $3,485,557 $3,303,555 $2,727,255 $3,099,929
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,907,400 $2,021,844 $2,052,391 $2,052,391 $2,103,700 $2,145,774 $2,177,961
GRANT PROCEEDS $225,000 $225,000 $225,000 $225,000 $225,000
INTEREST INCOME $25,000 $10,000 $10,000 $10,100 $10,201 $10,303 $10,406
TOTAL REVENUE $1,932,400 $2,031,844 $2,287,391 $2,287,491 $2,338,901 $2,381,077 $2,413,367
EXPENDITURES:
ADMINISTRATIVE:$2,000 $2,000 $2,000 $2,060 $2,122 $2,185 $2,251
DEBT SERVICE $604,144 $604,144 $600,752 $606,928 $602,672 $598,128 $603,152
PARKS:
WATER / WASTEWATER- MC PHERSON PARK $5,628 $5,628 $5,628 $5,986 $6,511 $6,917 $7,316
MAINTENANCE $50,000 $50,000 $50,000 $51,500 $53,045 $54,636 $56,275
LIBRARY:
PERSONNEL $392,999 $392,999 $395,467 $408,605 $417,100 $424,241 $429,710
OPERATIONS $33,802 $33,802 $33,802 $34,816 $35,861 $36,936 $38,044
TECHNOLOGY - HARDWARE REPLACEMENT $30,600 $30,600 $30,600 $31,518 $32,464 $33,437 $34,441
SENIOR CENTER:
PERSONNEL $92,626 $92,626 $96,372 $99,931 $102,733 $105,504 $107,993
OPERATIONS $500 $500 $500 $515 $530 $546 $563
TECHNOLOGY - HARDWARE REPLACEMENT $3,100 $3,100 $3,100 $3,193 $3,289 $3,387 $3,489
COLLEYVILLE CENTER:
PERSONNEL $0 $0 $126,010 $130,718 $134,617 $138,602 $142,280
OPERATIONS $2,000 $2,000 $2,000 $2,060 $2,122 $2,185 $2,251
TECHNOLOGY- SOFTWARE & MAINTENANCE CONTRACTS $7,241 $7,241 $7,241 $7,458 $7,682 $7,912 $8,150
TECHNOLOGY - HARDWARE REPLACEMENT $3,850 $3,850 $3,850 $3,966 $4,084 $4,207 $4,333
PROMOTIONAL:
MOVIES IN THE VILLAGE $0 $0 $15,000 $15,000 $15,375 $15,683 $15,918
STARS & GUITARS $0 $0 $60,000 $60,000 $61,500 $62,730 $63,671
TREE LIGHTING $0 $0 $35,000 $35,000 $35,875 $36,593 $37,141
HAUNTED TRAILS $20,000 $20,000 $20,500 $20,910 $21,224
FARMERS MARKET $0 $0 $10,000 $10,000 $10,250 $10,455 $10,612
MISCELLANEOUS $0 $0 $5,000 $5,000 $5,125 $5,228 $5,306
MEMORIAL DAY EVENT $0 $0 $15,000 $15,000 $15,375 $15,683 $15,918
FINE ARTS EVENT $0 $0 $10,000 $10,000 $10,250 $10,455 $10,612
FWSO CONCERT $0 $0 $20,000 $20,000 $20,500 $20,910 $21,224
SPECIAL EVENTS $112,000 $112,000 $15,239 $15,239 $15,620 $15,932 $16,171
PROMOTIONAL MATERIALS (MOVED TO HOTEL TAX FUND IN 2021)$25,000 $25,000 $0 $0 $0 $0 $0
PERSONNEL - COMMUNICATIONS (MOVED TO HOTEL TAX FUND IN 2021)$53,666 $53,666 $0 $0 $0 $0 $0
TOTAL OPERATING EXPENDITURES $1,419,156 $1,419,156 $1,562,561 $1,594,493 $1,615,201 $1,633,403 $1,658,045
EXCESS REVENUES OVER EXPENDITURES $513,244 $612,688 $724,830 $692,998 $723,700 $747,674 $755,322
CAPITAL:
COLLEYVILLE CENTER -
FACILITY UPDATES AND REPLACEMENTS $56,500 $56,500 $0 $0 $0 $0 $0
ROOF REPLACEMENT $300,000 $300,000 $0 $0 $0 $0 $0
OUTDOOR FURNITURE $10,000 $10,000 $0 $0 $0 $0 $0
LANDSCAPE IMPROVEMENTS AT MCPHERSON PARK $20,000 $20,000 $0 $0 $0 $0 $0
SIDEWALK/TRAIL CONSTRUCTION/GRANT MATCH $300,000 $300,000 $300,000 $300,000 $300,000 $300,000 $300,000
RESTROOM FACILITY RENOVATIONS $400,000 $400,000 $0 $75,000 $0 $75,000 $0
KIMZEE PARK PLAYGROUND IMPROVEMENT $0 $0 $0 $0 $1,000,000 $0 $0
PARKS HOUSE DEMO $0 $0 $20,000 $0 $0 $0 $0
SOFTBALL - SHADE STRUCTURE W/SEATING AND PLAYGROUND $0 $0 $300,000 $0 $0 $0 $0
WEBB HOUSE REPAIRS $5,912 $5,912 $0 $0 $0 $0 $0
SENIOR CENTER $0 $0 $65,000 $500,000 $0 $0 $0
LIBRARY RENOVATIONS $4,108 $24,669 $0 $0 $0 $0 $0
FUTURE PROJECTS / IMPLEMENTATION OF PARKS MASTER PLAN $200,000 $200,000 $0 $0 $0 $0 $0
TOTAL CAPITAL EXPENDITURES $1,296,520 $1,317,081 $685,000 $875,000 $1,300,000 $375,000 $300,000
TOTAL EXPENDITURES (OPERATING & CAPITAL)$2,715,676 $2,736,237 $2,247,561 $2,469,493 $2,915,201 $2,008,403 $1,958,045
USE OF FUND BALANCE ON CAPITAL PROJECTS/(ADDITIONS TO FUND
BALANCE)$783,276 $704,393 $0 $182,002 $576,300 $0 $0
ENDING FUND BALANCE $3,366,844 $3,445,727 $3,485,557 $3,303,555 $2,727,255 $3,099,929 $3,555,251
RESERVE FOR .4 TIMES BOND COVERAGE RATIO $241,657.60 $241,657.60 $240,300.80 $242,771.20 $241,068.80 $239,251.20 $241,260.80
AVAILABLE ENDING FUND BALANCE $3,125,187 $3,204,070 $3,245,256 $3,060,783 $2,486,186 $2,860,678 $3,313,990