HomeMy WebLinkAboutRES 4B 2010-01GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 4B 2010-01
A RESOLUTION OF THE GRAPEVINE 4B ECONOMIC
DEVELOPMENT CORPORATION OF THE CITY OF
GRAPEVINE, TEXAS ADOPTING AND PROPOSING A
BUDGET FORTHE FISCAL YEAR BEGINNING OCTOBER 1,
2010 AND ENDING SEPTEMBER 30, 2011; 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 requires the 4B
Corporation to prepare a budget proposal; and
WHEREAS, the Grapevine 4B Economic Development Corporation has adopted the
same fiscal year as the City of Grapevine.
NOW, THEREFORE, BE IT RESOLVED BY THE GRAPEVINE 4B ECONOMIC
DEVELOPMENT CORPORATION OF THE CITY OF GRAPEVINE, TEXAS;
Section 1. That a budget proposal has been prepared by the Grapevine 4B
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 proposed operating budget for fiscal year ending September 30, 2011.
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, andlor Assistant City Manager and/or Director
of Administrative Services and/or Managing Director of Financial Services are authorized to
invest any funds no needed for current use in Official City Depositories, in 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 2011.
Section 6. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE GRAPEVINE 413 ECONOMIC DEVELOPMENT
CORPORATION BOARD OF DIRECTORS OF THE CITY OF GRAPEVINE, TEXAS on
this the 14th day of September, 2010.
ATTEST:
i Linda Fluff
City Secretary
APPROVED AS TO FORM:
Douglas H. Conner, III
Assistant City Attorney
RES. NO. 4B 2010--41 2
APPROVED:
CITY OF GRAPEVINE, TEXAS Pao 1 Of
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
413 ECONOMIC DEVELOPMENT FUND
2006-07 2007--08 2008-09 2009-10 2009-10 2010-11
Actual Actual Actual Budget Estimate Proposed
BEGINNING FUND BALANCE: 0 1,455,972 4,660,533 4,560,934 7,712,899 10,207,042
OPERATING REVENUE:
Sales Tax 5,503,577 11,557,866 10,445,143 10,625,000 10,013,186 10,450,000
Interest income 25,346 89,898 92,005 92,500 45,177 75,000
Total Operating Revenue 5,528,923 11,647,764 10,537,148 10,717,500 10,058,363 10,525,000
TRANSFERS IN:
TOTAL REV ENUE AND TRANSFERS 5,528,923 11,647,764 10,537,148 10,717,500 10,058,363 10,525,000
OPERATING EXPENDITURES:
Supplies
0
3,030
0
0
0
0
Professional Services
47,911
66,711
64,666
75,000
25,426
75,000
Contractual Services - The T
4,025,040
8,101,419
7,258,382
7,950,639
7,053,503
7,128,064
Capital Outlay
0
7,870
3,094,056
0
24,017
0
Total Operating Expenditures
4,072,951
8,179,030
10,417,103
8,025,639
7,102,945
7,203,064
TRANSFERS OUT:
Transfer to Visitor Shuttle Fund.
0
0
0
270,533
265,000
362,299
Transfer to General Fund - Adriiin Fee
0
264,173
219,643
199,219
196,275
195,938
Total Transfers Out
0
264,1.73
219,643
469,752
461,275
558,237
"TOTAL EXPENDITURES AND TRANSFERS 4,072,951 8,443,204 10,636,746 8,495,390 7,564,220 7,761,305
SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: 1,455,972 3,204,560 (99,598) 2,222,110 2,494,143 2,763,699
ENDING FUND BALANCE: 1,455,972 4,660,533 4,560,934 6,783,044 10,207,042 12,970,741
RESERVES:
Reserved for Economic Development Projects 460,003 1,030,808 1,538,916 2,118,916 2,698,916
Reserved for Train Station Improvements 1,455,972 4,200,530 3,530,126 5,244,128 8,088,126 10,271,825
Total Reserves 1,455,972 4,660,533 4,560,934 6,783,044 10,207,042 12,970,741