HomeMy WebLinkAboutRES 4B 2014-01A 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,
2014 AND ENDING SEPTEMBER 30,2015; 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.
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.
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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, 2015.
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 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 2015.
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 10th day of September, 2014.
D
William D. Tate
President
ATTEST:
Jodi d. Brown
Cit/Secretary
APPROVED AS TO FORM:
1�* L
Matthew Boyle
City Attorney
NO. 4B 2014-01 2
FY 2014-15 PROPOSED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
4B TRANSIT FUND
EX IBIT_Ll TOELY LfbR2-01
Page 1 of 1
2011-12 2012-13 2013-14 2013-14 2014-15
Actual Actual Budget Estimate Proposed
BEGINNING FUND BALANCE: 10,687,723 12,896,954 16,154,778 16,154,778 7,590,906
OPERATING REVENUE:
Sales Tax
11,637,444
12,290,417
12,637,500
12,918,101
13,305,644
Interest Income
30,478
17,649
37,500
25,287
27,000
Miscellaneous
0
0
0
19,500,000
0
Total Operating Revenue
11,667,922
12,308,066
12,675,000
32,443,387
13,332,644
TRANSFERS IN:
Transfer in from Visitor Shuttle Fund 0 244,460 0 0 0
Total Transfers In 0 244,460 0 0 0
TOTAL REVENUE AND TRANSFERS 11,667,922 12,552,526 12,675,000 32,443,387 13,332,644
OPERATING EXPENDITURES:
Personnel
0
0
0
0
0
Supplies
0
0
0
0
0
Services
7,283
3,491
31,116
25,932
290,000
Contractual Services - The T 3/8 Cent
7,768,204
8,619,843
8,542,667
8,758,575
9,084,424
Community Distributions
1,050,000
100,000
0
100,000
0
Capital Outlay
1,660
0
0
29,498,663
0
Total Operating Expenditures
8,827,147
8,723,334
8,573,783
38,383,170
9,374,424
TRANSFERS OUT:
Transfer to Visitor Shuttle Fund
366,970
298,819
385,458
380,000
344,809
Transfer to Economic Development Fund
0
0
2,000,000
2,000,000
3,326,411
Transfer to General Fund - Admin Fee
264,575
272,548
244,922
244,089
251,356
Total Transfers Out
631,545
571,368
2,630,380
2,624,089
3,922,576
TOTAL EXPENDITURES AND TRANSFERS 9,458,691 9,294,702 11,204,163 41,007,260 13,296,999
SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: 2,209,231 3,257,824 1,470,837 (8,563,872) 35,644
ENDING FUND BALANCE: 12,896,954 16,154,778 17,625,615 7,590,906 7,626,550
RESERVES:
Reserved for Economic Development Projects 1,729,632 2,129,632 679,632 579,632 579,632
Reserved for Train Station Improvements 11,167,322 14,025,146 16,945,983 7,011,274 7,046,918
Total Reserves 12,896,954 16,154,778 17,625,615 7,590,906 7,626,550