HomeMy WebLinkAboutRES 4B 2012-01GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 413 2012-01
A RESOLUTION OF THE GRAPEVINE 4B ECONOMIC
DEVELOPMENT CORPORATION OF THE CITY OF
GRAPEVINE, TEXAS, ADOPTING AND PROPOSING A
BUDGET FORTHE FISCAL YEAR BEGINNING OCTOBER 1,
2012 AND ENDING SEPTEMBER 30,2013; 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.
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, 2013.
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 2013.
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 11th day of September, 2012.
APPROVED:
William D. Tate
President
ATTEST:
Jo i C. Brown
CiW Secretary
APPROVED AS TO FORM:
Matthew Boyle
City Attorney
RES. NO. 4B 2012-01 2
ATTACHMENT "A"
FY 2012-13 PROPOSED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
413 ECONOMIC DEVELOPMENT FUND EXHtsiTA TO kes 49 va - o i
Page of 1
2008-09 2009-10 2010-11 2011-12 2x11-12 2012-13
Actual Actual Actual Budget Estimate Proposed
BEGINNING FUND BALANCE: 4,660,533 4,560,934 10,687 723 13 955,089 13,955,089 17,581021
• ' ;; Ml R JZJA
Sales Tax
10,445,143
10,639,489
11,448,748
11,350,000
11,625,000
11,875,000
Interest Income
92,005
32,723
30,067
50,000
35,198
53,000
Miscellaneous
0
0
100
0
0
0
Total Operating Revenue
10,537,148
10,672,211
11,478,915
11,400,000
11,660,198
11,928,000
TRANSFERS IN -
0 0 0
TOTAL REVENUE AND TRANSFERS 10,537,148 10,672,211 11,478,915 11,400,000 11,660,198 11,928,000
Supplies
0
0
0
0
0
0
Professional Services
64,666
52,057
15,697
0
6,637
5,000
Contractual Services - The T
7,258,382
7,165,037
7,568,793
7,372,818
7,400,000
7,572,693
Capital Outlay
3,094,056
24,017
1,240
0
1,660
0
Total Operating Expenditures
10,417,103
7,241,111
7,585,730
7,372,818
7,408,297
7,577,693
TRANSFERS OUT:
Transfer to Visitor Shuttle Fund 0 327,472 368,759 359,453 408,000 527,379
Transfer to General Fund - Admin Fee 219,643 244,206 257,059 211,875 217,969 222,656
Total Transfers Out 219,643 571,678 625,818 571,328 625,969 750,035
TOTAL EXPENDITURES AND TRANSFERS 10,636,746 7,812,789 8,211,548 7,944,146 8,034,266 8,327,728
SURPLUS (DEFICIT) OF REVENUE
OVER (UNDER) EXPENDITURES: (99,598) - 2,859,422 3,267,366 3,455,854 3,625,932 3,600,272
ENDING FUND BALANCE: 4,560,934 7,420,356 13,955,089 17,410,943 17,581,021 21,181,293
RESERVES:
Reserved for Economic Development Projects 1,151,739 1,671,903 2,671,903 2,712,005 3,212,005 3,712,005
Reserved for Train Station Improvements 3,409,195 5,748,453 11,283,186 14,698,938 14,369,016 17,469,288
Total Reserves 4,560,934 7,420,356 13,955,089 17,410,943 17,581,021 21,181,293