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Res 084-2011 9/20/2011 RESOLUTION NO. _84-2011__ Resolution Approving The Programs And Expenditures Of The Wichita Falls Economic Development Corporation Budget For Fiscal Year 2011-2012 WHEREAS, Texas Local Gov’t Code §501.073(a) provides “The corporation's authorizing unit will approve all programs and expenditures of a corporation and annually review any financial statements of the corporation”; WHEREAS, on August 25, 2011, the Wichita Falls Economic Development Corporation’s Board of Directors approved the attached 2011-2012 Budget; and WHEREAS, the City Council finds the expenditures designated below for “administration” are for the administration of projects intended to create primary jobs pursuant to Tex. Local Gov’t. Code § 501.002, and the expenditures designated below as “promotional” are promotional expenditures that advertise and publicize the City of Wichita Falls for the purpose of developing new and expanded business enterprises. This resolution finds that the funds budgeted for the: Economic Development Services Contract (CCI Contract) are 100% administration and 0% promotional for the $383,889 expenditure therein for Chamber Personnel Economic Development Services Contract are $30,000 administration and $70,000 promotional for the Regional Marketing Taskforce Sheppard Military Affairs Committee, Inc. (SMAC) Contract are 100% administration and 0% promotional Business Plan Contest (Lalani Center) of Midwestern State University are 100% administration and 0% promotional Community Wide Promotional Expenditures are 100% promotional Downtown WF Development, Inc. are 100% promotional NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, THAT: Fiscal Year 2011- The expenditures and programs described in the attached 2012 Budget of the Wichita Falls Economic Development Corporation (WFEDC) are hereby approved. th PASSED AND APPROVED this the 20 day of September, 2011. ______________________________ M A Y O R ATTEST: ____________________ City Clerk 4A Corporation Proposed FY 2012 Budget as of 08-18-11AdoptedAdoptedYTDProjectedPROPOSED FY09FY10FY10FY11FY 11FY 11FY12 ActualBudgetActualBudgetActualActualBudget Revenue Sales Taxes$ 3,408,651 $ 3,000,000 $ 3,338,970 $ 3,214,125 $ 2,639,824 $ 3,528,670 $ 3,528,670 Other Rents (ATCO Lease)$ 106,800 $ 106,800 $ 106,800 $ 106,800 $ 97,900 $ 106,800 $ 106,800 Reimbursements$ 3,067 $ 27,615 $ -$ 28,977 $ 29,880 $ 29,880 $ 29,232 Interest$ 183,132 $ 91,200 $ 40,058 $ 37,500 $ 16,293 $ 18,000 $ 18,000 Sale of Property Total Revenues $ 3,701,650 $ 3,225,615 $ 3,485,828 $ 3,387,402 $ 2,783,897 $ 3,683,350 $ 3,682,702 Completed Projects Vernon College Machining School $ 42,406 Transit Buses $ 267,629 Community Wide Marketing $ 50,000 Pratt Whitney Canada $ 369,791 Old Dominion $ 128,953 Affiliated Energy Products $ 5,000 Machining Solutions $ 48,000 NEW Customer Service $ 148,000 On-Going Programs Insurance$ 1,210 $ -$ 1,210 $ - Ad Valorem Tax$ 27,579 $ 27,079 $ -$ 28,977 $ 29,880 $ 29,880 $ 29,232 Professional Fees $ 7,560 $ 60,000 $ 51,761 $ 60,000 $ 2,338 $ 15,000 $ 30,000 CCI-Contract$ 165,354 $ 286,064 $ 258,342 $ 285,868 $ 275,868 $ 275,868 $ 286,098 Regional Marketing Taskforce$ 103,912 $ 101,802 $ 101,804 $ 118,000 $ 118,000 $ 118,000 $ 100,000 Regional Workforce Development$ 56,250 $ 113,163 $ 113,164 $ 109,672 $ 109,672 $ 109,672 $ 97,791 SMAC $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 Downtown WF Devlpmt, Inc. (NOTE 1) $ 120,000 $ 120,000 $ 50,000 $ 50,000 $ 50,000 $ 62,500 Business Plan Contest (Lalani) $ 15,000 $ 14,682 $ 18,500 $ 18,012 $ 18,012 $ 27,500 Business Park Maintenance$ 91,919 $ 100,962 $ 92,648 $ 98,980 $ 98,980 $ 103,950 Water/Sewer Sanitation$ 31,064 $ 10,500 $ 8,336 $ 10,000 $ 10,923 $ 14,000 $ 13,000 Electricity$ 465 $ 500 $ 355 $ 500 $ 363 $ 500 $ 500 City Administrative Expense $ 10,000 $ 10,000 $ 30,000 $ 30,000 $ 30,000 Open Projects (Termination Date: MM/YYYY) Tryer (12/2011) $ 112,000 $ 112,000 $ 56,000 $ 35,000 $ 35,000 PITF Community Promotional $ 2,418 $ 250,000 $ 99,321 $ 250,000 $ 171,826 $ 171,826 $ 250,000 Carter Copter Construction $ 500,000 $ 468,750 $ - Carter Copter Aircraft Devt (10/2013) $ 3,500,000 $ 937,500 $ 937,500 Natura World Inc (01/2013) $ 9,300,000 $ 7,533,287 $ 294,431 $ 294,431 Sharp Iron / Armor Control (04/2013) $ 600,000 $ 46,800 $ 135,250 $ 135,250 WDSGlobal (02/2013) $ 3,675,000 $ 1,200,000 $ 1,593,900 $ 1,593,900 Health Care Equipmt Spec (04/2013) $ 521,434 $ 141,765 $ 248,664 $ 248,664 Latex Foam International (09/2014) $ 1,709,050 $ 90,000 $ 90,000 MagicAire (01/2014) $ 1,150,000 $ 1,000,000 $ - Excalibur Paint and Coatings (02/2013) $ 1,500,000 $ - Pratt & Whitney Canada (09/2011) $ 265,125 $ - WF Travel Center $ 211,815 $ - Wichita Clutch $ 300,000 $ 440,000 $ 345,228 $ 94,772 $ 94,772 Ameri-Kal Vitamin Manufact. $ 75,000 Arrow Manufacturing $ 178,250 SAFB Intervention Project (PUC) $ 20,000 $ 30,000 $ 27,000 Albert Moving Staffers $ 364,000 Cryovac $ 32,000 Total Expenditures $ 1,708,300 $ 24,233,764 $ 11,839,243 $ 2,607,897 $ 4,316,399 $ 4,461,255 $ 1,130,571 Revenues Less Expenses $ 1,993,350 $ (21,008,149)$ (8,353,415)$ 779,505 $ (1,532,502)$ (777,905)$ 2,552,131 Beginning Cash Balance $ 22,058,173 $ 24,068,318 $ 24,068,318 $ 17,723,064 $ 15,714,903 $ 15,714,903 $ 14,936,998 Ending Cash Balance $ 24,068,318 $ 3,060,169 $ 15,714,903 $ 18,502,569 $ 14,182,401 $ 14,936,998 $ 17,489,129 Reserved For Encumbrances $ 50,000 $ 50,000 $ 13,193,649 $ 15,233,955 $ 10,657,831 $ 10,461,180 $ 10,461,180 Unreserved Fund Balance $ 24,018,318 $ 3,010,169 $ 2,521,254 $ 3,268,614 $ 3,524,570 $ 4,475,818 $ 7,027,949 Allowed Promotional:$ 322,562 $ 338,740 $ 368,270 Promotional Expenses:$ 495,300 $ 389,000 $ 382,500 Remaining FY 2009 Carry-over$ 139,532 $ 89,272 $ 75,042 NOTE 1: DWFD budgeted from FY 2008-09 funds; shown in FY 2011