HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-08/10/2021City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board Worksession
Agenda
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 10, 2021
4:30 p.m.
Executive Conference Room
Third Floor – City Hall
1. CALL TO ORDER
2.PRESENTATION AND DISCUSSION
2a Discussion of the FY 2022 proposed Colleyville Economic Development
Corporation (CEDC) budget and the FY 2022 Economic Development
Capital Improvement Program (EDCIP) priorities
3.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, August 6,
2021 by 5:00 p.m.
Christine Loven, TRMC
City Secretary
A quorum of any Colleyville board, commission, or committee may be present at this
meeting.
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
817.503.1130, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic Development
Corporation Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2a Agenda Date 8/10/2021 Number
Type Presentation and Discussion
Department Finance
Title
Discussion of the FY 2022 proposed Colleyville Economic Development Corporation
(CEDC) budget and the FY 2022 Economic Development Capital Improvement Program
(EDCIP) priorities
Explanation
The Colleyville Economic Development Corporation (CEDC) is funded by a one-half cent
sales tax approved by voters in 1996. The ballot language states that the sales tax will
"provide for parks and park facilities, a library, a community center, open space
improvements, and other facilities and improvements only as authorized by Section 4B
of Article 5190.6" of the Local Government Code.
The CEDC Bylaws require the CEDC Board to develop a budget and a combined
Economic Development Capital Improvement Program (EDCIP) annually, which sets
forth long and short-term goals. 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 annual budget and 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 2022 through 2026 from the attached annual budget and EDCIP, which
is currently scheduled for adoption by the Board at the CEDC meeting on August 24,
2021. Year one of the EDCIP (FY 2022) will also be brought forward for appropriation
and budget adoption at that meeting.
Attachments
1.CEDC Presentation 8-10-21
2.EDCIP FY 2022-2026 Updated
Colleyville Economic Development
Corporation (CEDC)
August 10, 2021
•Colleyville Economic Development Corporation approved
by voters in 1996
•“The adoption of an additional one-half cent sales and use
tax to provide for parks and parks facilities, a library, a
community center, open space improvements, and other
facilities and improvements only as authorized by Section
4B of Article 5190.6, Vernon’s Texas Civil Statues, as
amended.”
CEDC Overview
•Continued operations (staffing, technology)
•Re-aligning costs with funding sources
–Continue to move expenses – mowing contract $260k
•Special events
–Continued focus on existing and new events
•Parks Projects
–Restroom renovations
–Landscaping / beautification
–Senior Center
–Sidewalk/trail construction/grant match
•Other Projects
–TIF transferred $5.5m into the CEDC to pay off bonds, CEDC may
loan $5m back to TIF to help CIP cash-flow. TIF to repay later.
FY2021 Projects
CEDC FY2022Budget
Revenues
Sales tax - $2,150,000
Interest income - $10,000
Potential Grant Proceeds -
$225,000
Total - $2,385,000
Expenditures
Operating - $1,376,250
•Library, Senior Center, Colleyville
Center staff
•Technology replacements,
Park maintenance
•Special events
Capital - $950,000
•Restroom renovations
•Landscaping / Beautification
•Senior Center
•Sidewalk/trail construction/grant
match
Potential TIF Loan - $5,000,000
CEDC FY2021 Budget
CEDC FY2021 Budget
CEDC FY2021 Budget
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION Exhibit A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2022 - FY 2026
Budget Projection Projection Projection Projection Projection Projection
FISCAL YEAR 2021 2021 2022 2023 2024 2025 2026
BEGINNING FUND BALANCE $4,479,889 $4,479,889 $5,539,224 $597,974 $1,208,629 $1,113,778 $1,913,809
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $2,052,391 $2,237,106 $2,150,000 $2,203,750 $2,253,334 $2,298,401 $2,332,877
GRANT PROCEEDS $225,000 $0 $225,000 $0 $0 $231,818 $0
TIF TRANSFER $5,518,968 $5,518,968 $0 $0 $0 $0 $5,000,000
INSURANCE PROCEEDS $0 $70,000 $0 $0 $0 $0 $0
INTEREST INCOME $10,000 $12,000 $10,000 $10,100 $10,201 $10,303 $10,406
TOTAL REVENUE $7,806,359 $7,838,074 $2,385,000 $2,213,850 $2,263,535 $2,540,522 $7,343,283
EXPENDITURES:
ADMINISTRATIVE:$2,000 $2,000 $2,000 $2,060 $2,122 $2,185 $2,251
DEBT SERVICE $4,775,000 $4,818,166 $0 $0 $0 $0 $0
LOAN-BACK TO TIF $0 $0 $5,000,000 $0 $0 $0 $0
PARKS:
WATER / WASTEWATER- MC PHERSON PARK $5,628 $5,878 $5,628 $5,986 $6,511 $6,917 $7,316
MAINTENANCE $50,000 $50,000 $310,942 $320,270 $337,378 $355,000 $373,150
LIBRARY:
PERSONNEL $395,467 $299,167 $386,231 $399,921 $414,758 $430,199 $439,084
OPERATIONS $33,802 $33,802 $53,376 $35,921 $39,492 $43,169 $46,957
TECHNOLOGY - HARDWARE REPLACEMENT $30,600 $30,600 $30,600 $31,518 $32,464 $33,437 $34,441
SENIOR CENTER:
PERSONNEL $96,372 $101,545 $100,880 $104,595 $109,108 $113,863 $117,180
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 $126,010 $130,295 $135,902 $140,916 $147,040 $153,498 $158,039
OPERATIONS $2,000 $1,080 $2,000 $2,060 $2,122 $2,185 $2,251
FURNITURE REPLACEMENT $0 $0 $49,000 $3,090 $3,183 $3,278 $3,377
BALL ROOM LIGHTING $0 $0 $25,000 $0 $0 $0 $0
TECHNOLOGY- SOFTWARE & MAINTENANCE CONTRACTS$7,241 $7,241 $7,241 $7,458 $7,682 $7,912 $8,150
TECHNOLOGY - HARDWARE REPLACEMENT $3,850 $3,471 $3,850 $3,966 $4,084 $4,207 $4,333
SPECIAL EVENTS:
MOVIES IN THE VILLAGE $15,000 $0 $15,375 $15,759 $16,153 $16,557 $16,971
STARS & GUITARS $60,000 119,883$ $61,500 $63,038 $64,613 $66,229 $67,884
TREE LIGHTING / CHRISTMAS EVENT $35,000 62,577$ $35,875 $36,772 $37,691 $38,633 $39,599
HAUNTED TRAILS / HARVEST FESTIVAL $20,000 $0 $20,500 $21,013 $21,538 $22,076 $22,628
FARMERS MARKET $10,000 $0 $10,250 $10,506 $10,769 $11,038 $11,314
MISCELLANEOUS $5,000 931$ $20,745 $26,009 $26,660 $27,326 $28,009
MEMORIAL DAY EVENT $15,000 31,717$ $15,375 $15,759 $16,153 $16,557 $16,971
FINE ARTS EVENT $10,000 $0 $10,250 $10,506 $10,769 $11,038 $11,314
FWSO CONCERT $20,000 1,810$ $20,500 $21,013 $21,538 $22,076 $22,628
SPECIAL EVENTS $15,239 $6,792 $4,630 $0 $0 $0 $0
TOTAL OPERATING EXPENDITURES $5,736,809 $5,710,556 $6,376,250 $1,328,195 $1,383,387 $1,440,491 $1,488,547
EXCESS REVENUES OVER EXPENDITURES $2,069,550 $2,127,518 ($3,991,250)$885,655 $880,148 $1,100,031 $5,854,736
CAPITAL:
COLLEYVILLE CENTER -
FACILITY UPDATES AND REPLACEMENTS $0 $180,000 $0
SIDEWALK/TRAIL CONSTRUCTION/GRANT MATCH $300,000 $300,000 $300,000 $0 $0 $300,000 $0
RESTROOM FACILITY RENOVATIONS $0 $243,031 $75,000 $75,000 $125,000 $0 $0
KIMZEE PARK PLAYGROUND IMPROVEMENT $0 $0 $0 $100,000 $500,000 $0 $0
PARKS HOUSE DEMO $20,000 $20,000 $0 $0 $0
SOFTBALL - SHADE STRUCTURE W/SEATING AND PLAYGROUND$300,000 $260,152 $0 $0 $0
SENIOR CENTER $65,000 $65,000 $500,000 $100,000 $200,000 $0 $0
WOODBRIAR PARK IMPROVEMENTS $100,000 $0 $0
FIRE STATIONS 2 & 3 LANDSCAPING $50,000 $0 $0
SAND VOLLEYBALL PITS $50,000 $0 $0
FLAGPOLE AT MCPHERSON PARK $25,000 $0 $0
TOTAL CAPITAL EXPENDITURES $685,000 $1,068,183 $950,000 $275,000 $975,000 $300,000 $0
TOTAL EXPENDITURES (OPERATING & CAPITAL)$6,421,809 $6,778,739 $7,326,250 $1,603,195 $2,358,387 $1,740,491 $1,488,547
ENDING FUND BALANCE $5,864,439 $5,539,224 $597,974 $1,208,629 $1,113,778 $1,913,809 $7,768,545
RESERVE FOR .4 TIMES BOND COVERAGE RATIO $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
AVAILABLE ENDING FUND BALANCE $5,864,439 $5,539,224 $597,974 $1,208,629 $1,113,778 $1,913,809 $7,768,545