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Home My WebLink AboutRES 4B 2007-04GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 4B 2007-04 A RESOLUTION OF THE GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF GRAPEVINE, TEXAS ADOPTING AND PROPOSING A BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2007 AND ENDING SEPTEMBER 30, 2008; PROVIDING FOR INVESTMENT OF CERTAIN FUNDS AND PROVIDING AN EFFECTIVE DATE WHEREAS, the provisions of Article 5190.6, Texas Revised Civil Statutes, the Industrial Development Act of 1979, Section 4B, and the Corporation Bylaws adopted by the Grapevine 4B Economic Development Corporation Board of Directors and the Grapevine City Council on July 3, 2007 requires the 4B Corporation to prepare a budget proposal; and WHEREAS, the Grapevine 413 Economic Development Corporation has adopted the same fiscal year as the City of Grapevine. NOW, THEREFORE, BE 1T RESOLVED BY THE GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF GRAPEVINTE, TEXAS: Section 1. That a budget proposal has been prepared by the Grapevine 413 Economic Development Corporation Board, a copy of which is attached hereto as Exhibit "A". Section 2. That the Grapevine 4B Economic Development Corporation Board adopts the revised budget for fiscal year ending September 30, 2007 and the proposed operating budget for fiscal year ending September 30, 2008. Section 3. That the City Manager is hereby authorized to make appropriate expenditures, transfers and other financial transactions during the fiscal year pursuant to the Corporation bylaws. Section 4. That the City Manager and/or Assistant City Manager and/or Director of Administrative Services and/or Managing Director of Financial Services are authorized to invest any funds not needed for current use in official City depositories, and any investment instrument authorized by the City's Investment Policy and investment strategy and allowed by the Texas Public Funds Investment Act. Section 5. That this budget proposal be transmitted to the Grapevine City Council and recommended for approval and inclusion in its operating budget for Fiscal Year 2008. Section 6. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION BOARD OF DIRECTORS OF THE CITY OF GRAPEVINE., TEXAS on this the 4th day of September, 2007. William D. Tate President ATTEST: C2" Linda Huff Secretary APPROVED AS TO FORM: John F. Boyle, Jr. City Attorney RES. NO. 4B 2007-04 2 EXHIBIT TO Page of CITY OF GRAPEVINE, TEXAS STATEMENT OF REVENUE, EXPENDITURES .AND CHANGES IN FUND BALANCE 4-B FUND 2006-07 2006-07 2006-07 2007-08 Approved Amended Estimate Proposed BEGINNING FUND BALANCE: 0 0 0 1,223,582 OPERATING REVENUE Sales. Tax 5,125,000 4,914,807 10,700,000 Sales Tax - Special Revenue Agreement 0 460,000 Interest Income 14,880 6,90.0 Total Operating Revenue 0 5,125,000 4,929,687 11,166,900 TRANSFERS IN: 0 n TOTAL REVENUE AND TRANSFERS 0 5,125,000 4,929,687 11,166,900 OPERATING EXPENDITURES: Professional Services 20,000 136,855 Contractual Services - The T 3,843,750 3,686,105 8,025,000 Capital,Outlay Total Operating Expenditures 0 3,843,750 3,706,105 8,161,855 TRANSFERS OUT: Transfer to General Fund Admin Fee 200,625 Total Transfers Out 0 0 0 200,625 TOTAL EXPENDITURES AND TRANSFERS 0 3,843,750 3,706,105 8,362,480 SURPLUS (DEFICIT) OF REVENUE OVER (UNDER) EXPENDITURES_ 0 1,281,250 1,223,582 2,804,420 ENDING FUND BALANCE: 0 1,281,250 1,223,582 4,028,002 , RESERVES: Reserved for Economic Development Projects 460,000 Reserved for Train Station Improvements 0 1,281,250 1,223,582 3,568,002 Total Reserves 0 1,281,250 1,223,582 4,028,002 EXHIBIT TO &9- ',jDs page. CITY OF GRAPEVINE 4-B FUND FY 2007 ESTIMATED REVENUE AND EXPENDITURES Year -to -Date Projected FY 2007 Revenue thru 08/30/07 thru 09/30/07 Total Sales Tax Receipts 2,275,909 ' 2,638,898. 2 4,914,807 Interest Income 5,644 9,236 14,880 Total Revenue 2,281,553 2,648,134 4,929,687 Year -to -Date Projected FY 2007 Expenditures thru 08/30/07 thru 09/30/07 Total Contractual Services - The T 1,706,932 1,979,174 3,686,105 Professional Services 4,280 3 15,720 4 20,000 Total Expenditures 1,711;212 1,994,894 3,706,105 Projected Ending Fund Balance (Revenue in excess of Expenditures) 1,223,582 Notes Sales tax collections for the months of April, June and July. . 2 Estimated collections for the months of July, August and September. City Attorney fees related to 4-131 The T matters. 4 Estimated legal fees dnd Huitt-Zollars consultant fees.