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Home My WebLink AboutRES 4B 2018-002 GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 4B 2018-002 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, 2018 AND ENDING SEPTEMBER 30, 2019; 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 a budget proposal has been prepared by the Grapevine 4B Economic Development Corporation Board, a copy of which is attached hereto as Exhibit Section 2. That the Grapevine 4B Economic Development Corporation Board adopts the proposed operating budget for fiscal year ending September 30, 2019. 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 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 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 2019. 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 18th day of September, 2018. APPROVED: --WjC- 47 William D. Tate Mayor ATTEST: GRAPE fi ✓/4'/_ 4 VI Im Tara Brooks i ( City Secretary .\ 0' * * APPROVED AS TO FORM: City Attorney RES. NO. 4B 2018-002 2 FY 2018-19 PROPOSED OPERATING BUDGET r STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BALANCE 4B TRANSIT FUND 1 lir 2015-16 2016-17 2017-18 2017-18 2018-19 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE: 460,686 465,202 357 357 10,337 OPERATING REVENUE: Sales Tax 9,881,507 9,408,363 10,237,500 10,612,500 10,833,750 Interest Income 4,516 10,404 10,000 9,980 10,000 Total Operating Revenue 9,886,022 9,418,767 10,247,500 10,622,480 10,843,750 TRANSFERS IN: TOTAL REVENUE AND TRANSFERS 9,886,022 9,418,767 10,247,500 10,622,480 10,843,750 OPERATING EXPENDITURES: Contractual Services-The T 3/8 Cent 9,550,381 9,077,750 9,852,350 10,228,120 10,389,140 Total Operating Expenditures 9,550,381 9,077,750 9,852,350 10,228,120 10,389,140 TRANSFERS OUT: Transfer to Visitor Shuttle Fund 331,126 330,613 385,150 384,380 444,610 Transfer to Economic Development Fund - 475,249 - - - Total Transfers Out 331,126 805,862 385,150 384,380 444,610 LTOTAL EXPENDITURES AND TRANSFERS 9,881,507 9,883,612 10,237,500 10,612,500 10,833,750 SURPLUS/(DEFICIT) 4,516 (464,844) 10,000 9,980 10,000 ENDING FUND BALANCE: 465,202 357 10,357 10,337 20,337 L Section 2-Special Funds 75 7 FY 2018-19 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BALANCE ECONOMIC DEVELOPMENT FUND(122,124) Iumw 2015-16 2016-17 2017-18 2017-18 2018-19 Actual Actual Budget Estimate Proposed BEGINNING FUND BALANCE: 21,529,337 21,968,057 5,249,383 5,168,818 5,216,533 OPERATING REVENUE: Sales Tax- 1/8 Cent Sales Tax 4,170,133 4,062,180 3,412,500 3,537,500 3,611,250 Interest Income 98,303 238,778 210,000 209,580 150,000 Miscellaneous 626 (10,704) - - - Total Operating Revenue 4,269,063 4,290,254 3,622,500 3,747,080 3,761,250 TOTAL REVENUE AND TRANSFERS 4,269,063 4,290,254 3,622,500 3,747,080 3,761,250 OPERATING EXPENDITURES: Personnel Services 437,428 458,904 473,576 472,629 504,552 Supplies 20,454 7,104 6,300 6,287 6,300 Services 1,462,028 1,394,510 1,370,412 1,367,671 1,489,871 Insurance - - - - 58,083 Total Operating Expenditures 1,919,910 1,860,519 1,850,288 1,846,587 2,058,806 TRANSFERS OUT 1,910,433 19,148,409 1,852,777 1,852,777 1,702,444 TOTAL EXPENDITURES AND TRANSFERS 3,830,343 21,008,928 3,703,065 3,699,364 3,761,250 LSURPLUS/(DEFICIT) 438,720 (16,718,674) (80,565) 47,716 - RESERVED FOR DEBT SERVICE 1,595,548 1,595,548 1,595,548 1,402,400 1,402,400 ENDING FUND BALANCE AVAILABLE: 20,372,509 3,653,835 3,573,270 3,814,133 3,814,133 I Section 2-Special Funds 80