HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/14/2012City 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 14, 2012
7:00 p.m.
Executive Conference Room
Third Floor, City Hall
1. CALL TO ORDER
2. PRESENTATION AND DISCUSSION
2a Colleyville Economic Development Corporation (CEDC) Fiscal Year 2012 (FY
2012) budget update
2b Discussion of the FY 2013 - 2017 Economic Development Capital
Improvement Program (EDCIP) priorities
3. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, August 10,
2012, by 5:00 p.m.
Cynthia 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 Executive Secretary at least 48 hours in advance at
817.503.1110, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Worksession Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2a Agenda Date 08/14/2012 Number 2a
Type Presentation and Discussion
Department City Manager
Title
Colleyville Economic Development Corporation (CEDC) Fiscal Year 2012 (FY 2012)
budget update
Explanation
Attached is a comparison of the FY 2012 adopted budget versus the FY 2012 revised
projection. The FY 2012 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
2011. With three fourths of FY 2012 complete, sales tax revenues have totaled
$1,045,570, which is 7.59% ($73,716) above prior year tax revenues for the same
period. It is projected that sales tax revenues will be over $92,225 greater than the
adopted budget of $1,290,275 at the end of the fiscal year, due to increased sales tax
receipts. Also, there is a slight projected increase in interest income ($500), due a
slightly higher invested cash balance.
At the end of FY 2012, the design of the Bogart Drive to Mission Lane segment of the
Pleasant Run Trail will not be completed, and the acquisition of right-of-way (ROW) will
not occur until completion of design. Also, the amount allocated to future parks projects
($134,905) will not be spent in FY 2012. The budgeted funds will be reallocated to
those projects in the proposed FY 2013 CEDC budget.
Included in the budgeted revenue is the use of available cash, in the amount of
$605,011. The increase in sales tax revenue and interest income, the deferral expenses
for the ROW acquisition, and a portion of design of the Bogart Drive to Mission Lane
segment of the Pleasant Run Trail, and the deferral of expenses for future parks projects
will result in less available cash being used ($168,041). The ending fund balance is
estimated to be $1,945,474.
Attachments
1.FY 2012 CEDC adopted budget versus projected budget
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2012 BUDGET SUMMARY (ADOPTED VERSUS PROJECTED)
FY 2012 FY 2012
ADOPTED PROJECTED
BEGINNING FUND BALANCE 1,702,334$ 1,854,880$
REVENUES:
SALES TAX REVENUES 1,290,275$ 1,382,500$
INTEREST INCOME 3,405$ 3,905$
USE OF AVAILABLE CASH 605,011$ 168,041$
TOTAL REVENUES 1,898,691$ 1,554,446$
LESS EXPENSES:
ADMINISTRATIVE EXPENSES:2,000$ 2,000$
MARKETING 129,368$ 129,368$
PERSONNEL- SENIOR CENTER SUPERVISOR 70,095$ 70,095$
PERSONNEL- LIBRARY 69,024$ 69,024$
OPERATIONS - LIBRARY 4,167$ 4,167$
WATER-MC PHERSON PARK 16,480$ 16,480$
DEBT SERVICE 646,588$ 646,588$
INTERFUND LOAN REPAYMENT - COLLEYVILLE CENTER RENOVATION 165,331$ 165,331$
CAPITAL PROJECTS:
LIBRARY SECOND FLOOR EXPANSION FF&E (BALANCE OF UNUSED FY 2011 SALARIES)46,532$ 46,532$
LIBRARY SECOND FLOOR, TEEN ROOM AND FIRST FLOOR - TECHNOLOGY AND FF&E 78,566$ 78,566$
LIBRARY TECHNOLOGY REPLACEMENTS 51,000$ 51,000$
TRAIL CONSTRUCTION - PLEASANT RUN (BOGART TO MISSION) DESIGN 58,000$ 16,660$
TRAIL CONSTRUCTION - PLEASANT RUN (BOGART TO MISSION) ROW ACQUISITION 168,000$ -$
FUTURE PROJECTS - PARKS 134,905$ -$
TOTAL EXPENSES 1,640,056$ 1,295,811$
EXCESS REVENUES OVER EXPENSES 258,635$ 258,635$
ENDING FUND BALANCE 1,355,958$ 1,945,474$
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX
BOND COVENANTS. FOR FY 2012 REVENUES MUST EXCEED EXPENDITURES
BY AT LEAST $258,635.
City of Colleyville Page 1
City of Colleyville
Colleyville Economic
Development Corporation
Board
Worksession Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2b Agenda Date 08/14/2012 Number 2b
Type Presentation and Discussion
Department City Manager
Title
Discussion of the FY 2013 - 2017 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 2013 through 2017 from the attached EDCIP (Exhibit A). Also attached
is the proposed FY 2013 Promotional Budget. The proposed changes from the attached
adopted FY 2012 - FY 2016 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 slight change from year to year due to the annual changes in
investable cash from beginning fund balance in the two different EDCIP plans. 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 balance in 2017 at a level slightly above $850,000.
Expenditures:
FY 2013:
Carry forward of funding for incomplete projects - completion of Pleasant Run Trail
design (Bogart Drive to Mission Lane) - $41,340 and the right-of-way acquisition for the
trail ($168,000). As was included in the approved FY 2012 - 2016 EDCIP, there is
funding for the construction of the following trails: Pleasant Run Trail (Bogart Drive to
Mission Lane) - $277,000 and the Cotton Belt II spur at Webb House - $165,000.
Funding is included for the replacement of tables ($12,000) and chairs ($41,000) at the
CEDC Board Agenda Briefing 2b
City of Colleyville Page 2
Colleyville Center. These are used at over 600 events annually, and are replacements
of the original tables purchased when the Colleyville Center opened in 1998, and
replacements for the chairs acquired in 2005. The replacement of the chairs was moved
in the EDCIP from FY 2015 to FY 2013 and there was an increase of $3,000 for
replacement of additional tables that was scheduled for FY 2013 in the prior EDCIP.
Additionally, funding is included for the replacement of the original flat roof area of the
Colleyville Center ($50,000). The $134,905, which was allocated to a future parks
project, pending the completion of the Parks Master Plan in FY 2012, has been allocated
to a rebranding study of the Senior Center ($35,000) and renovations to the Senior
Center ($99,905). The rebranding study was recommended in the Parks Master Plan,
which was adopted by City Council on December 6, 2011, and will propose additional
uses for the Senior Center. It is anticipated there will be renovations needed to
accommodate the additional uses, and there is a need for replacement of air
conditioning components. There is also $9,000 included for the replacement of tables
and chairs, which have been in use since the Senior Center opened in 2006.
FY 2014:
The future projects category was increased from $400,000 to $425,000.
FY 2015:
The future projects allocation is increased from $370,000 to $425,000. Funding is also
included for the replacement of the main air conditioning unit at the Colleyville Center
($30,000), which is the original unit that has been in service since 1998.
FY 2016:
The future projects allocation is increased from $400,000 to $425,000.
FY 2017:
The future projects allocation is $450,000 and funding, in the amount of $25,000, is
included for the replacement of the original stage curtain that has been in use since
1998.
Attachments
1.EDCIP FY 2013-2017 Exhibit A
2.FY 2013 Proposed Promotional budget
3.EDCIP FY 2012-2016 Exhibit B
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT A
ECONOMIC DEVELOPMENT CAPITAL IMPROVEMENT PROGRAM FY 2013 - FY 2017
FISCAL YEAR 2012 2013 2014 2015 2016 2017
BEGINNING FUND BALANCE $1,854,880 $1,945,474 $1,171,976 $982,576 $935,233 $920,595
REVENUES:
PROJECTED 1/2 CENT SALES TAX REVENUE $1,382,500 $1,335,000 $1,348,350 $1,361,834 $1,375,452 $1,389,206
INTEREST INCOME $3,905 $3,891 $2,344 $1,965 $1,870 $1,841
USE OF AVAILABLE CASH $168,041 $1,032,845 $447,253 $305,497 $274,805 $316,048
TOTAL REVENUES $1,554,446 $2,371,735 $1,797,946 $1,669,295 $1,652,127 $1,707,095
EXPENDITURES:
OPERATING:
ADMINISTRATIVE $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
2005 DEBT SERVICE & 1.4 TIMES COVERAGE $905,223 $907,711 $902,482 $903,536 $910,584 $909,629
PROMOTIONAL $129,368 $133,889 $135,069 $136,380 $137,732 $139,105
WATER / WASTEWATER- MC PHERSON PARK $16,480 $16,974 $17,484 $18,008 $18,548 $19,105
PERSONNEL - SENIOR CENTER $70,095 $72,198 $73,642 $75,851 $78,127 $80,470
PERSONNEL - LIBRARY $69,024 $71,095 $72,517 $73,967 $75,446 $76,955
OPERATIONS - LIBRARY $4,167 $4,292 $4,421 $4,554 $4,690 $4,831
CAPITAL:
INTERFUND LOAN - COLLEYVILLE CENTER RENOVATIONS $165,331 $165,331 $165,332 $0 $0 $0
($661,325 REPAID OVER 4 YEARS)
COLLEYVILLE CENTER - REPLACEMENT TABLES $0 $12,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT CHAIRS $0 $41,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT MAIN AIR CONDITIONER UNIT $0 $0 $0 $30,000 $0 $0
COLLEYVILLE CENTER - REPLACEMENT FLAT ROOF $0 $50,000 $0 $0 $0 $0
COLLEYVILLE CENTER - REPLACEMENT STAGE CURTAIN $0 $0 $0 $0 $0 $25,000
LIBRARY - BALANCE OF UNUSED 2011 SALARIES (FF&E)$46,532 $0 $0 $0 $0 $0
LIBRARY - SECOND FLOOR, TEEN ROOM AND FIRST FLOOR-TECHNOLOGY / FF&$78,566 $0 $0 $0 $0 $0
LIBRARY TECHNOLOGY REPLACEMENTS $51,000 $0 $0 $0 $0 $0
CITYWIDE TRAIL SYSTEM
COTTON BELT II SPUR @ WEBB HOUSE CONSTRUCTION $0 $165,000 $0 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION)-CARRY FORWARD $16,660 $41,340 $0 $0 $0 $0
PLEASANT RUN TRAIL ROW ACQUISITION (BOGART TO MISSION)-CARRY FORW $0 $168,000 $0 $0 $0 $0
PLEASANT RUN TRAIL CONSTRUCTION (BOGART TO MISSION)$0 $277,000 $0 $0 $0 $0
PLAYGROUND AT LD LOCKETT PARK TRAIL NODE $0 $100,000 $0 $0 $0 $0
SENIOR CENTER
REBRANDING STUDY $0 $35,000 $0 $0 $0 $0
RENOVATIONS $0 $99,905 $0 $0 $0 $0
TABLE AND CHAIR REPLACEMENTS $0 $9,000 $0 $0 $0 $0
FUTURE PROJECTS $0 $0 $425,000 $425,000 $425,000 $450,000
TOTAL EXPENDITURES $1,554,446 $2,371,736 $1,797,947 $1,669,295 $1,652,128 $1,707,095
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $258,635 $259,346 $257,852 $258,153 $260,167 $259,894
ENDING FUND BALANCE $1,945,474 $1,171,976 $982,576 $935,233 $920,595 $864,442
ASSUMPTIONS: FY 2013: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2014 - 2017: 1% GROWTH
Description Explanation
A
j Total Proposed Costs
COLLEYVILLE CLOSEBUY: $26,680 Colleyville CloseBuy Program:
Five Fridays (CCB Promotional Events)*$6,000
Monthly Business Events (Ccard Kickoff, Cash Mobs)$6,000
CCB App Subscription $480
Frequent Buyer Cards $6,000
Colleyville CloseBuy Merchandise $4,000
Chamber Nation Subscription (Colleyville CloseBuy Website)$4,200
COME TO COLLEYVILLE PROGRAM: $22,182 Shopping and Dining Guide - Replacement Printing $2,800
Fort Worth, TX or D Magazine (contingency ads)$4,214
Bridal Expos $5,368
Marketing Design and Production $4,000
Certified Folder Display (Visitors Guide Distribution)$5,800
SPECIAL EVENTS: $85,000 Old Tyme BBQ/spring event (Colleyville Center/Town Center)$15,000
Holly Colley Christmas/Holiday Event (in the Village at Colleyville)$40,000
Red, White & Sousa (in the Village at Colleyville)$30,000
Total $133,862
*Five Fridays include Black Friday (Friday after Thanksgiving), as well as the Fridays
before Valentines Day, Mother's Day, Father's Day and Back to School.
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 2013 Promotional Budget
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION EXHIBIT B
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 $1,355,958 $1,100,004 $905,114 $874,215
REVENUES:
PROJECTED 1/2 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 $2,712 $2,200 $1,810 $1,748
USE OF AVAILABLE CASH $728,360 $605,011 $515,301 $452,742 $289,053 $282,430
TOTAL REVENUES $2,009,759 $1,898,691 $1,821,190 $1,771,151 $1,620,234 $1,626,843
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 $130,589 $131,841 $133,118 $134,441
WATER / 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 $9,000 $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 - SECOND FLOOR, TEEN ROOM AND FIRST FLOOR-TECHNOLOGY / FF&E $0 $78,566 $0 $0 $0 $0
LIBRARY TECHNOLOGY REPLACEMENTS $0 $51,000 $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 $100,000 $0 $0 $0 $0 $0
PLEASANT RUN TRAIL DESIGN (BOGART TO MISSION)-CARRY FORWARD $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 $400,000 $370,000 $400,000
TOTAL EXPENDITURES $2,009,759 $1,898,691 $1,821,191 $1,771,151 $1,620,235 $1,626,844
EXCESS REVENUES OVER EXPENDITURES $0 $0 $0 $0 $0 $0
ADD BACK .4 TIMES BOND COVERAGE RATIO $257,678 $258,635 $259,346 $257,852 $258,153 $260,167
ENDING FUND BALANCE $1,702,334 $1,355,958 $1,100,004 $905,114 $874,215 $851,953
ASSUMPTIONS: FY 2012: 1/2 OF CITY SALES TAX BUDGET PROJECTION / FY 2013 - 2016: 1% GROWTH