HomeMy WebLinkAboutOrdinances (O-98-1121)-10/20/1998
ORDINANCE 0-98-1121
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS,
APPROVING AND ADOPTING THE ANNUAL BUDGET FOR THE COLLEYVILLE
ECONOMIC DEVELOPMENT CORPORATION, FOR THE FISCAL YEAR BEGINNING
OCTOBER 1,1998 THROUGH SEPTEMBER 30, 1999, A COPY OF SAME BEING ON
FILE IN THE OFFICE OF THE CITY SECRETARY, TO BECOME EFFECTIVE UPON
PASSAGE BY THE CITY COUNCIL.
WHEREAS, the by-laws of the Colleyville Economic Development Corporation require
the Board of Directors of the Corporation to adopt a budget of proposed
revenues and expenditures and the budget must be formally approved by
the City Council; and,
WHEREAS, on Septem ber 14, 1998 the Board of Directors of the Colleyville Economic
Development Corporation approved the following budget for expected
revenues and expenditu res;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVI LLE, TEXAS:
Sec. 1. THAT the budget of the proposed revenues and expend itures for the fiscal
year beginning October 1, 1998, and ending September 30, 1999, for the
Colleyville Econom ic Development Corporation, a copy of which is on file
in the office of the City Secretary, is hereby made a part of this ordinance
by reference and is hereby approved and adopted by the City Council of the
City of Colleyville, Texas, as the official budget for the fiscal year beginning
October 1, 1998, and ending September 30, 1999.
Sec. 2.
THAT the revenue and expenditure amounts for the Fiscal Year 1999
budget for the Colleyville Economic Development Corporation are hereby
fixed as follows:
Revenues
Expenditu res
$ 1,521,428
$ 1,321,494
The first Reading and Public Hearing being conducted on October 6, 1998,
The second Reading and Public Hearing being conducted on October 20, 1998.
PASSED, APPROVED AND ADOPTERjBY THE CITY ~UNCll OF THE CITY OF
COllEYVlllE, TEXAS, THISTHE2.a~ DAY OF O~ ber ,1998 BYTHE
FOllOWING VOTE:
Steven Helling ayl_
Frank Carroll OJ{l
Ginny Tigue art
Donna Arp (1.Jf~
Nelson Thibodeaux IJYe.-
ATTEST:
J~!d~
City Secretary
~VfL1-
Richard Newton
Mayor
TO FORM AND LEGALITY:
Ros 1. ster
City Attorney
COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION
FY 99 BUDGET
ENDING FUND BALANCE AT 9-30-98 WHICH
INCLUDES $80,000 IN BOND PROCEEDS
TO BE USED IN FY 99
REVENUES:
SALES TAX REVENUES
INTEREST INCOME
USE OF BOND PROCEEDS
USE OF FUND BALANCE
TOTAL REVENUES
LESS EXPENSES:
ADMINISTRATIVE EXPENSES
DEBT SERVICE
CAPITAL PROJECTS:
BRANSFORD PARK PLAN
CITY ENTRANCE MARKERS
CITY PARK SHADE STRUCTURES
COMMUNITY CENTER CAPITAL START-UP
KIMZEY PARK DEVELOPMENT
MC PHERSON LAND PARK PLAN
PARK MASTER PLAN UPDATE
RESTROOMS FOR EXISTING PARKS
SCHOOUSOCCER FIELD PARK LAND
TOTAL EXPENSES
EXCESS REVENUES OVER EXPENSES
NOTE: A COVERAGE RATIO OF 1.4 IS REQUIRED TO MEET THE SALES TAX
BOND COVENANTS, FOR FY 99 REVENUES MUST EXCEED EXPENDITURES
BY AT LEAST $197,838,
PROPOSED
FY99
$
594,790
$
836,428
$
50,000
$
$
80,000
555,000
$
1,521,428
$
7,400
$
$494,594
$ $6,755
$ $179,142
$ 45,000
$ $50,000
$ $250,000
$ $30,000
$ $15,000
$ $153,603
$ $90,000
$ 1,321,494
$199,934