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Home My WebLink AboutRES 4B 2020-001 GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 4B 2020-001 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, 2020 AND ENDING SEPTEMBER 30, 2021; 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 ��A» Section 2. That the Grapevine 4B Economic Development Corporation Board adopts the proposed operating budget for fiscal year ending September 30, 2021. 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 2021. 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 1st day of September, 2020. APPROVED: William D. Tate President ATf EST: ' �o� �RAP��'2 � i �- �� Tara Brooks w � h�', ;k ►� City Secretary �� .�� . �r��"� APPROVED AS TO FORM: � City Attorney 2 Resolution No. 4B 2020-001 EXHIBIT A FY 2020-21 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BALANCE 4B TRANSFI'FUND 2017-18 2018-19 2019-20 2019-20 2020-21 Actual Actual Budget Estimate ' Proposed B�GINNING FUND BALANC�: 357 8,784 16,961 16,961 26,961 OPERATING REVENUE: Sales Tax 9,815,379 10,476,439 11,106,218 9,000,000 9,218,161 InlerestIncome 8,427 8,176 10,000 7,000 10,000 TotalOperatingRevenue 9,823,806 10,484,616 11,116,218 9,007,000 9,228,161 TRANSFERS IN: TOTAL REVENUE AND TRANSFERS 9,823,806 10,484,616 11,116,218 9,007,000. 9,228,161 OPERATING EXPENDITURES: Contractual Scrvices-Trinity Mctro 9;466,562 10,046,960 10,641,732 8,532,514 8,754,020 , Totul Operating Expenditures 9,466,562 10,046,960 10,641,732 8,532,514 8,754,020 TRANSFERS OUT: Transfer to Visitor Shuttle Fund 348,816 429,479 4G4,486 464,486 464,141 Total Transfers Out 348,816 429,479 464,486 464,486 464,141 TOTAL EXPENDITIJRES AND TRANSFERS 9,815,378 10,476,439 11,106,218 8,997,000 9,218,161 SURPLUS/(DEFICT1� 8,428 8,177 10,000 . 10,000. 10,000 �NDING FiJND BALANC�: 8,784 16,961 26,961 26,961 36,961 79 EXHIBIT A FY 2020-21 PROPOSED OPERATING BUDGET STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BALANCE ECONOMIC DEVELOPMENT FUND(122,124) 2017-18 2018-19 2019-20 2019-20 2020-21 Actual Actual Budget Estimate Proposed B�GINNING I'UND BALANC�: 17,500,237 5,201,059 5,773,970 5,773,970 6,339,885 OPERATING REVENUE: Sales Tax 4,256,509 4,393,875 4,402,073 3,000,000 3,653,721 Interest Income 179,326 144,127 125,000 90,000 110,000 Miscellaneous 16,930,000 4,232,422 - - - Total Operating Revenue 21,365,834 8,770,425 4,527,073 3,090,000 3,763,721 TRANSFERS IN: 627,905 - - - - TOTAL REVENUE AND TRANSFERS 21,993,739 8,770,425 4,527,073 3,090,000 3,763,721 OPERATING EXPENDITURES: Personnel Services 487,265 512,099 523,466 522,419 533,637 Supplies 6,678 9,233 6,300 6,287 5,600 Maintentmce - 6,712 - - - Services 1,098,204 707,735 2,231,816 286,004 1,481,620 Insurance - 66,293 58,097 57,981 51,141 Debt Service 17,212,082 - - - _ Total Operating Expenditures 18,804,229 1,302,072 2,819,679 872,692 2,071,998 TRANSFERS OUT 14,591,741 1,736,070 1,707,394 1,651,394 1,691,723 TOTAL EXPENDIT[JRES AND TRANSFERS 33,395,970 3,038,142 4,527,073 2,524,086 3,763,721 SURPLUS/(DEFICIT') (11,402,231) 5,732,283 - 565,915 - ENDING FIJND BALANCE AVAILABLE: 5,201,059 5,773,970 5,773,970 6,339,885 6,339,885 84