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Home My WebLink AboutColleyville Economic Development Corporation (CEDC)-Agenda Packets-8/6/2024City of Colleyville Page 1 CITY OF COLLEYVILLE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD WORKSESSION AGENDA 100 Main Street, Colleyville, Texas, 76034 Executive Conference Room - Third Floor TUESDAY, AUGUST 6, 2024 - 5:00 PM 1.CALL TO ORDER 2.PRESENTATION AND DISCUSSION 2a Discussion of the FY 2025 proposed Colleyville Economic Development Corporation (CEDC) budget and the FY 2025 Economic Development Capital Improvement Program (EDCIP) priorities 3. ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards Friday, August 2, 2024 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 817.503.1133, and reasonable accommodations will be made to assist you. City of Colleyville Page 1 CITY OF COLLEYVILLE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION BOARD WORKSESSION BRIEFING Agenda Number 2a Agenda Date 8/6/2024 Number Type Presentation and Discussion Department Finance Title Discussion of the FY 2025 proposed Colleyville Economic Development Corporation (CEDC) budget and the FY 2025 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 2025 through 2029 from the attached annual budget and EDCIP, which is currently scheduled for adoption by the Board at the CEDC meeting on August 20, 2024. Year one of the EDCIP (FY 2025) will also be brought forward for appropriation and budget adoption at that meeting. Attachments 1.CEDC Presentation 2.CEDC FY25 Proposed Budget Colleyville Economic Development Corporation (CEDC) FY 2025 Budget Colleyville Economic Development Corporation Board August 6, 2024 •What is an economic development corporation (EDC)? –Nonprofit created to finance new and expanded business enterprises. –Funded via local sales tax (local sales tax rate is capped at 2% in total). –City defines projects for the EDC (type). –City voters must approve the additional sales tax and creation of the corporation. •EDC Types –Type A – Developing Industries •Created to fund industrial development projects such as business infrastructure, manufacturing, and research and development. –Type B – Developing Industries and Cultivating Communities •Can fund quality of life improvements such as parks, museums, sports facilities, and affordable housing, in addition to projects eligible for Type A. Economic Development Corporations History •Approved by voters and incorporated on September 3, 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...” •Established as a Type B EDC •Funded by ½ cent (0.50%) local sales tax Highlights •Currently funds 18.950 FTEs across Library, Parks & Recreation and the Colleyville Center. •Funds operational costs of those departments. •Funds special events held throughout the year. •Funds capital improvements of the related facilities. CEDC History/Highlights FY 2025 Operating Budget FY 2025 Capital Budget QUESTIONS? 6 City of Colleyville2019 2020 2021 2022 20232025 2026 2027 2028 2029 2030Colleyville Economic Development Corporation (CEDC) Fund ProjectionOriginal BudgetRevised EstimateProposed BudgetRevenues:Sales Tax1,943,228$ 2,096,882$ 2,390,336$ 2,583,813$ 2,634,045$ 2,586,555$ 2,600,000$ 2,600,000$ 2,652,000$ 2,705,040$ 2,759,141$ 2,814,324$ 2,870,610$ Investment Income/(Losses)44,900 36,446 13,658 28,053 283,046 60,000 250,000 60,000 60,000 60,000 60,000 60,000 60,000 Miscellaneous‐ ‐ ‐ 254 1 225,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ Event Donations/Revenues‐ ‐ 4,617 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Grant Proceeds174,800 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Transfer From Other Funds‐ ‐ 5,518,968 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Total Revenues2,162,928 2,133,328 7,927,579 2,612,120 2,917,091 2,871,555 2,850,000 2,660,000 2,712,000 2,765,040 2,819,141 2,874,324 2,930,610 Expenses:Administration2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,040 2,081 2,122 2,165 2,208 Library986,971 338,817 357,887 349,015 401,744 711,983 653,462 592,104 612,028 632,673 654,068 676,240 699,219 Engineering251,408 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Parks Maintenance315,165 366,693 395,500 613,330 763,743 1,756,403 1,213,212 841,548 856,097 871,086 886,530 902,443 918,842 Recreation‐ ‐ ‐ ‐ 3,358 411,033 277,817 379,159 394,325 410,098 426,502 443,562 461,305 Senior Center86,438 93,830 299,478 900,535 177,954 115,985 191,782 268,128 276,281 284,759 293,574 302,741 312,273 Communications98,137 171,780 223,192 304,502 284,813 284,625 284,625 314,000 320,280 326,686 333,219 339,884 346,681 Colleyville Center464,606 253,728 95,763 234,100 227,291 157,336 198,458 236,046 243,178 250,573 258,240 266,190 274,435 Debt Service602,176 604,144 4,818,166 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Total Expenses2,806,902 1,830,993 6,191,986 2,403,482 1,860,902 3,439,365 2,821,356 2,632,985 2,704,230 2,777,956 2,854,256 2,933,226 3,014,963 Operating Surplus/(Deficit)(643,974) 302,335 1,735,592 208,638 1,056,189 (567,810) 28,644 27,015 7,770 (12,916) (35,115) (58,902) (84,353) Capital ExpendituresAwnings at Parks Facility‐ ‐ ‐ ‐ ‐ ‐ ‐ (200,000) ‐ ‐ ‐ ‐ ‐ Dredging of Ponds‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (120,000) ‐ ‐ ‐ Kimzey Park Playground‐ ‐ ‐ ‐ ‐ ‐ (250,000) ‐ ‐ ‐ ‐ ‐ ‐ McPherson Park Restroom Renovation‐ ‐ ‐ ‐ ‐ ‐ (125,000) ‐ ‐ ‐ ‐ ‐ ‐ Miscellaneous Park Improvements‐ ‐ ‐ ‐ ‐ ‐ (50,000) (85,000) ‐ ‐ ‐ ‐ ‐ Park Signage Replacement‐ ‐ ‐ ‐ ‐ ‐ ‐ (150,000) (150,000) ‐ ‐ ‐ ‐ Rec Center Master Plan Study‐ ‐ ‐ ‐ ‐ ‐ ‐ (200,000) ‐ ‐ ‐ ‐ ‐ Security Cameras in Parks‐ ‐ ‐ ‐ ‐ ‐ ‐ (100,000) ‐ ‐ ‐ ‐ ‐ Senior Center Land Improvement‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (400,000) ‐ ‐ Woodbriar Park Improvements‐ ‐ ‐ ‐ ‐ ‐ (200,000) ‐ ‐ ‐ ‐ ‐ ‐ Total Capital Expenditures(625,000) (735,000) (150,000) (120,000) (400,000) ‐ ‐ Net Change in Available Funds(643,974) 302,335 1,735,592 208,638 1,056,189 (567,810) (596,356) (707,985) (142,230) (132,916) (435,115) (58,902) (84,353) Available Funds, beginning7,518,652$ 6,922,296$ 6,214,311$ 6,072,081$ 5,939,165$ 5,504,049$ 5,445,148$ Available Funds, ending6,922,296 6,214,311 6,072,081 5,939,165 5,504,049 5,445,148 5,360,794 90‐day Operating522,989 575,896 593,707 612,139 631,214 650,956 671,391 Available Funds Above/(Below) Policy6,399,307 5,638,414 5,478,374 5,327,026 4,872,835 4,794,191 4,689,404 2024ActualProjected Budget