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Home My WebLink AboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/2/2022City of Colleyville Page 1 City of Colleyville Colleyville Economic Development Corporation Board Agenda City Hall 100 Main Street Colleyville, Texas 76034 817.503.1000 www.colleyville.com Tuesday, August 2, 2022 4:30 p.m. Executive Conference Room Third Floor, City Hall 1. CALL TO ORDER 2. PRESENTATION AND DISCUSSION 2a Discussion of the FY 2023 proposed Colleyville Economic Development Corporation (CEDC) budget and the FY 2023 Economic Development Capital Improvement Program (EDCIP) priorities 3. ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards Friday, July 29, 2022 by 5:00 p.m. Christine Loven, TRMC City Secretary A quorum of the Colleyville City Council and/or any other Colleyville Board, Commission, or Committee may be in attendance 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 8/2/2022 Number Type Presentation and Discussion Department Finance Title Discussion of the FY 2023 proposed Colleyville Economic Development Corporation (CEDC) budget and the FY 2023 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 2023 through 2027 from the attached annual budget and EDCIP, which is currently scheduled for adoption by the Board at the CEDC meeting on August 23, 2022. Year one of the EDCIP (FY 2023) will also be brought forward for appropriation and budget adoption at that meeting. Attachments 1. EDCIP FY 2023-2027 2. CEDC Presentation 8-2-22 Final COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION Exhibit A ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2023 - FY 2027 Budget Projection Projection Projection Projection Projection Projection FISCAL YEAR 2022 2022 2023 2024 2025 2026 2027 BEGINNING FUND BALANCE $5,693,943 $5,693,943 $6,122,495 $5,556,545 $5,282,993 $4,800,098 $4,825,240 REVENUES: PROJECTED 1/2 CENT SALES TAX REVENUE $2,150,000 $2,455,739 $2,400,000 $2,448,000 $2,509,200 $2,565,657 $2,616,970 GRANT PROCEEDS $225,000 $0 $225,000 $227,250 $229,523 $231,818 $234,136 TIF TRANSFER $0 $0 $0 $0 $0 $0 $0 INSURANCE PROCEEDS $0 $0 $0 $0 $0 $0 $0 INTEREST INCOME $10,000 $15,000 $10,000 $10,500 $10,605 $10,711 $10,818 TOTAL REVENUE $2,385,000 $2,470,739 $2,635,000 $2,685,750 $2,749,328 $2,808,186 $2,861,924 EXPENDITURES: ADMINISTRATIVE:$2,000 $2,000 $2,000 $2,060 $2,122 $2,185 $2,251 LOAN-BACK TO TIF $5,000,000 COMMUNICATIONS PARKS: BEAUTIFICATION/LANDSCAPE SUPERVISOR & PARKS MAINTENANCE TECH I $0 $0 $177,319 $183,998 $190,934 $198,688 $206,786 WATER / WASTEWATER- MC PHERSON PARK $5,628 $1,350 $5,628 $5,684 $5,770 $5,856 $5,944 MAINTENANCE $310,942 $322,967 $310,942 $314,051 $318,762 $323,544 $328,397 LIBRARY: PERSONNEL $386,642 $318,764 $408,953 $423,709 $439,003 $455,128 $471,863 OPERATIONS $53,376 $36,251 $34,875 $36,070 $37,389 $38,766 $40,205 OFFICE EQUIPMENT/FURNITURE $0 $0 $174,553 $33,084 $33,580 $34,084 $34,595 TECHNOLOGY - HARDWARE REPLACEMENT $30,600 $16,000 $30,600 $30,906 $31,370 $31,840 $32,318 SENIOR CENTER: PERSONNEL $100,880 $105,737 $106,996 $110,990 $115,135 $119,713 $124,488 OPERATIONS $500 $0 $500 $500 $500 $500 $500 TECHNOLOGY - HARDWARE REPLACEMENT $3,100 $0 $3,100 $3,136 $3,191 $3,246 $3,302 COLLEYVILLE CENTER: PERSONNEL $136,717 $90,912 $141,268 $146,520 $151,971 $157,959 $164,200 OPERATIONS $2,000 $0 $5,000 $5,050 $5,126 $5,203 $5,281 ADVERTISING $45,000 $30,000 $45,000 $45,450 $46,132 $46,824 $47,526 FURNITURE REPLACEMENT $49,000 $56,438 $0 $0 $0 $0 $0 BALL ROOM LIGHTING $25,000 $25,000 $0 $0 $0 $0 $0 MONUMENT SIGN $0 $0 $16,500 $0 $0 $0 $0 TECHNOLOGY- SOFTWARE & MAINTENANCE CONTRACTS $7,241 $7,000 $7,241 $7,313 $7,423 $7,534 $7,647 TECHNOLOGY - HARDWARE REPLACEMENT $3,850 $0 $3,850 $3,889 $3,947 $4,006 $4,066 SPECIAL EVENTS: MOVIES IN THE VILLAGE $15,375 $15,375 $15,375 $15,375 $15,375 $15,375 $15,375 STARS & GUITARS $95,000 $95,000 $95,000 $95,000 $95,000 $95,000 $95,000 TREE LIGHTING / CHRISTMAS EVENT $60,000 $60,000 $65,000 $65,000 $65,000 $65,000 $65,000 HARVEST FESTIVAL $20,500 $20,500 $21,000 $21,000 $21,000 $21,000 $21,000 FARMERS MARKET $10,250 $10,250 $10,000 $10,000 $10,000 $10,000 $10,000 FINE ARTS EVENT $10,250 $10,250 $10,250 $10,250 $10,250 $10,250 $10,250 SPECIAL EVENTS $3,625 $3,625 $10,000 $12,266 $15,700 $19,184 $22,669 TOTAL OPERATING EXPENDITURES $6,377,476 $1,227,419 $1,700,951 $1,581,302 $1,624,677 $1,670,885 $1,718,663 EXCESS REVENUES OVER EXPENDITURES ($3,992,476)$1,243,320 $934,049 $1,104,448 $1,124,650 $1,137,301 $1,143,261 CAPITAL: SIDEWALK/TRAIL CONSTRUCTION/GRANT MATCH $300,000 $139,616 $300,000 $303,000 $307,545 $312,158 $316,841 RESTROOM FACILITY RENOVATIONS $75,000 $0 $150,000 $0 $0 $0 $0 SOFTBALL - SHADE STRUCTURE $260,152 $150,152 $0 $0 $0 $0 $0 SENIOR CENTER $500,000 $500,000 $100,000 $200,000 $0 $0 $0 KIMZEE PARK IMPROVEMENTS $0 $0 $0 $500,000 $0 $0 $0 WOODBRIAR PARK IMPROVEMENTS $0 $0 $0 $100,000 $0 $0 $0 FIRE STATIONS 2 & 3 LANDSCAPING $50,000 $0 $50,000 $0 $0 $0 $0 SAND VOLLEYBALL PITS $0 $0 $0 $50,000 $0 $0 $0 SECURITY CAMERAS $0 $0 $100,000 $100,000 $100,000 $0 $0 LD LOCKETT NEW AMENITY $0 $0 $700,000 $0 $0 $0 $0 FLAGPOLE AT MCPHERSON PARK $25,000 $25,000 $0 $0 $0 $0 $0 MCPHERSON PARK RESTROOM $0 $0 $0 $125,000 $0 $0 $0 CAPITAL PROJECTS FUNDED THROUGH EXISTING BALANCE: HEROES PARK $0 $0 $100,000 $0 $1,200,000 $800,000 $0 TOTAL CAPITAL EXPENDITURES $1,210,152 $814,768 $1,500,000 $1,378,000 $1,607,545 $1,112,158 $316,841 TOTAL EXPENDITURES (OPERATING & CAPITAL)$7,587,628 $2,042,187 $3,200,951 $2,959,302 $3,232,222 $2,783,043 $2,035,503 ENDING FUND BALANCE $491,315 $6,122,495 $5,556,545 $5,282,993 $4,800,098 $4,825,240 $5,651,661 Colleyville Economic Development Corporation (CEDC) August 2, 2023 •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 CEDC FY23 Budget Revenues Sales tax - $2,400,000 Interest income - $10,000 Potential Grant Proceeds - $225,000 Total - $2,635,000 Expenditures Operating - $1,700,951 •Library, Senior Center, Colleyville Center staff •Technology replacements, Park maintenance •Special events Capital - $1,610,000 •Restroom renovations •Landscaping / Beautification •Senior Center •Sidewalk/trail construction/grant match •Parks design and amenities •Security Cameras *Keeping very conservative on sales tax despite major gains due to recession conditions CEDC FY23 Budget *Intent is to draw from existing fund balance for Heroes Park Major operating additions include two new Parks positions: -Parks Maintenance Tech I -Beautification/Landscape Supervisor Other Increases: -Colleyville Center Sign -Library Remote Lockers -Library Automated Materials Handling System CEDC FY23 Budget QUESTIONS / COMMENTS CEDC Overview