HomeMy WebLinkAboutRES 4B 2017-001 GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 4B 2017-001
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, 2017 AND ENDING SEPTEMBER 30, 2018; 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; and
WHEREAS, all legal prerequisites for the adoption of this resolution have been
met, including but not limited to the Local Government Code and the Open Meetings Act;
and
WHEREAS, the Grapevine 4B Board hereby declares that the approval of this
resolution is in the best interests of the health, safety, and welfare of the public.
NOW, THEREFORE, BE IT RESOLVED BY THE GRAPEVINE 4B ECONOMIC
DEVELOPMENT CORPORATION OF THE CITY OF GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated herein by reference as if copied in their entirety.
Section 2. 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 3. That the Grapevine 4B Economic Development Corporation Board
adopts the proposed operating budget for fiscal year ending September 30, 2018.
Section 4. 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 5. That the City Manager, and/or Assistant City Manager and/or Chief
Financial Officer and/or designated investment officer are authorized to invest any funds
not 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 6. That this budget proposal be transmitted to the Grapevine City
Council and recommended for approval and inclusion in its operating budget for Fiscal
Year 2018.
Section 7. 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 13th day of September, 2017.
APPROVED:
William D. Tate
President
ATTEST:
'4-G R A PF,
U ; , m
Tara Brooks s r '
City Secretary
* * *
APPROVED AS TO FORM:
-ft R.
John F. Boyle, Jr.
City Attorney
Resolution No. 4B 2017-001 2
EXHIBIT "A"
FY 2017-18 PROPOSED OPERATING BUDGET
STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BALANCE
4B TRANSIT FUND
L
2014-15 2015-16 2016-17 2016-17 2017-18
Actual Actual Budget Estimate Proposed
BEGINNING FUND BALANCE: 6,883,186 11,181,914 14,452,028 14,452,028 14,599,431
OPERATING REVENUE:
Sales Tax 9,573,493 14,051,640 13,923,193 13,650,000 13,650,000
Interest Income 10,875 71,868 33,000 147,128 160,000
Sales of Fixed Assets-GV Gardens 5,775,030 4,224,970 0 0 0
Miscellaneous 0 300 0 275 0
Total Operating Revenue 15,359,397 18,348,778 13,956,193 13,797,403 13,810,000
TRANSFERS IN:
Total Transfers In 0 0 0 0 0
TOTAL REVENUE AND TRANSFERS 15,359,397 18,348,778 13,956,193 13,797,403 13,810,000
OPERATING EXPENDITURES:
Personnel 0 0 0 0 0
Supplies 0 0 0 0 0
Services 137,488 1,027,023 7,051,043 0 0
Contractual Services-The T 3/8 Cent 9,222,903 9,550,381 9,471,292 9,839,046 9,852,350
Community Distributions 0 0 0 0 0
Capital Outlay 0 0 0 0 0
Total Operating Expenditures 9,360,391 10,577,404 16,522,335 9,839,046 9,852,350
TRANSFERS OUT:
Transfer to Visitor Shuttle Fund 350,590 331,126 371,103 398,454 385,150
Transfer to Economic Development Fund 1,153,580 4,170,133 3,480,798 3,412,500 3,412,500
Transfer to Parks Open Space Fund 196,108 0 0 0 0
Transfer to General Fund-Admin Fee 0 0 0 0 0
Total Transfers Out 1,700,278 4,501,259 3,851,901 3,810,954 3,797,650
TOTAL EXPENDITURES AND TRANSFERS 11,060,669 15,078,664 20,374,236 13,650,000 13,650,000
SURPLUS/(DEFICIT) 4,298,728 3,270,115 (6,418,043) 147,403 160,000
ENDING FUND BALANCE: 11,181,914 14,452,028 8,033,985 14,599,431 14,759,431
RESERVES:
L Reserved for Economic Development Projects 638,256 638,256 638,256 638,256 638,256
Reserved for Train Station Improvements 10,543,658 13,813,773 7,395,730 13,961,176 14,121,176
Total Reserves 11,181,914 14,452,028 8,033,985 14,599,431 14,759,431