HomeMy WebLinkAboutRES 4B 2013-01GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 4B 2013-01
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,
2013 AND ENDING SEPTEMBER 30,2014; 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 413, 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 413 Economic Development Corporation Board
adopts the proposed operating budget for fiscal year ending September 30, 2014.
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 2014.
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, 2013.
UZZ11:16119"11
William D. Tate
President
ATTEST:
J0 4i Brown
Citwsecretary
Q'I
Matthew Boyle
City Attorney
RES. NO. 4B 2013-01 2
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EX I !T keS.; a p
FY 2013 -14 PROPOSED OPERATING BUDGET Page ! Of
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
4B ECONOMIC DEVELOPMENT FUND
TOTAL REVENUE AND TRANSFERS 11,478,915 11,667,922 11,928,000 12,282,500 12,675,000
OPERATING EXPENDITURES:
Supplies
2010 -11
2011 -12
2012 -13
2012 -13
2013 -14
Professional Services
Actual
Actual
Budget
Estimate
Proposed
Contractual Services - The T
7,568,793
7,768,204
7,572,693
8,169,531
8,542,667
BEGINNING FUND BALANCE:
7,420,356
10,687,723
12,896,954
12,896,954
16,304,209
Capital Outlay
1,240
1,660
0
0
0
OPERATING REVENUE:
7,585,730
8,827,147
7,577,693
8,171,495
8,573,783
Sales Tax
11,448,748
11,637,444
11,875,000
12,250,000
12,637,500
Interest Income
30,067
30,478
53,000
32,500
37,500
Miscellaneous
100
0
0
0
0
Total Operating Revenue
11,478,915
11,667,922
11,928,000
12,282,500
12,675,000
TRANSFERS IN:
0
0
0
0
0
TOTAL REVENUE AND TRANSFERS 11,478,915 11,667,922 11,928,000 12,282,500 12,675,000
OPERATING EXPENDITURES:
Supplies
0
0
0
0
0
Professional Services
15,697
7,283
5,000
1,964
31,116
Contractual Services - The T
7,568,793
7,768,204
7,572,693
8,169,531
8,542,667
Community Distributions
0
1,050,000
0
0
0
Capital Outlay
1,240
1,660
0
0
0
Total Operating Expenditures
7,585,730
8,827,147
7,577,693
8,171,495
8,573,783
TRANSFERS OUT:
Transfer to Visitor Shuttle Fund
368,759
366,970
527,379
467,969
385,458
Transfer to General Fund - Admin Fee
257,059
264,575
222,656
235,781
244,922
Total Transfers Out
625,818
631,545
750,035
703,750
630,380
TOTAL EXPENDITURES AND TRANSFERS 8,211,548 9,458,691 8,327,728 8,875,245 9,204,163
SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: 3,267,366 2,209,231 3,600,272 3,407,255 3,470,837
ENDING FUND BALANCE: 10,687,723 12,896,954 16,497,226 16,304,209 19,775,046
RESERVES:
Reserved for Economic Development Projects 2,212,005 1,729,632 2,279,632 2,279,632 2,829,632
Reserved for Train Station Improvements 8,475,718 11,167,322 14,217,594 14,024,577 16,945,414
Total Reserves 10,687,723 12,896,954 16,497,226 16,304,209 19,775,046