HomeMy WebLinkAboutRES 4B 2016-01GRAPEVINE 4B ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 4B 2016-01
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, 2016 AND ENDING SEPTEMBER 30, 2017; 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; 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 all matters stated hereinabove are found to be true and correct
and are incorporated herein by reference as if copied in their entirety.
Section 2. 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 3. That the Grapevine 4B Economic Development Corporation Board
adopts the proposed operating budget for fiscal year ending September 30, 2017.
Section 4. 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 5. 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
EXHIBIT "A"
FY 2016-17 PROPOSED OPERATING BUDGET
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
4B TRANSIT FUND
2013-14 2014-15 2015-16 2015-16 2016-17
Actual Actual Adopted Bdgt Estimate Proposed Bdgt
BEGINNING FUND BALANCE: 16,154,778 6,883,186 11,181,914 11,181,914 11,181,914
OPERATING REVENUE:
Sales Tax
13,012,488
13,556,070
14,250,000
13,993,159
13,923,193
Interest Income
5,919
10,875
6,000
23,539
33,000
Miscellaneous
19,500,000
5,775,030
0
0
0
Total Operating Revenue
32,518,407
19,341,975
14,256,000
14,016,698
13,956,193
TRANSFERS IN:
Transfer in from Visitor Shuttle Fund
Total Transfers In
TOTAL REVENUE AND TRANSFERS 32,518,407 19,341,975 14,256,000 14,016,698 13,956,193
OPERATING EXPENDITURES:
Personnel
0
0
0
0
0
Supplies
0
0
0
0
0
Services
713,534
137,488
7,046,398
12,877
7,051,043
Contractual Services - The T 3/8 Cent
8,829,174
9,222,903
9,740,000
9,524,869
9,471,292
Community Distributions
100,000
0
0
0
0
Capital Outlay
29,498,663
0
0
0
0
Total Operating Expenditures
39,141,371
9,360,391
16,786,398
9,537,746
16,522,334
TRANSFERS OUT:
Transfer to Visitor Shuttle Fund
365,179
350,590
372,500
370,000
371,103
Transfer to Economic Development Fund
2,000,000
5,136,157
3,562,500
3,498,290
3,480,798
Transfer to Parks Open Space Fund
0
196,108
0
0
0
Transfer to General Fund - Admin Fee
283,450
0
0
0
0
Total Transfers Out
2,648,629
5,682,855
3,935,000
3,868,290
3,851,901
TOTAL EXPENDITURES AND TRANSFERS 41,790,000 15,043,246 20,721,398 13,406,036 20,374,235
SURPLUS / GAP (9,271,592) 4,298,728 6,465,398 610,662 6,418,042
ENDING FUND BALANCE: 6,883,186 11,181,914 4,716,516 11,792,576 4,763,872
RESERVES:
Reserved for Economic Development Projects 638,256 1,231,815 1,831,815 1,831,815 2,431,815
Reserved for Train Station Improvements 6,244,930 9,950,099 2,884,701 9,960,761 2,332 056
Total Reserves 6,883,186 11,181,914 4,716,516 11,792,576 4,763,872
68
authorized by the City's Investment Policy and Investment Strategy and allowed by the
Texas Public Funds Investment Act.
Section 6. That this budget proposal be transmitted to the Grapevine City
Council and recommended for approval and inclusion in its operating budget for Fiscal
Year 2017.
Section 7. 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 6th day of September, 2016.
APPROVED:
�� 3 �,
William D. ate
President
ATTEST:
GRApF
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Tara Brooks
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
Resolution No. 4B 2016-01