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Res 035-2019 4A WFEDC Directors & Officers Liability Insurance 4/2/2019
Resolution No. 35-2019 Resolution approving the programs and expenditures of the Wichita Falls Economic Development Corporation (WFEDC) and amending the budget to include funding up to $5,000 to purchase personal liability insurance coverage for the directors and officers of the WFEDC Board of Directors 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"; and, WHEREAS, on March 21, 2019, the Wichita Falls Economic Development Corporation (WFEDC) approved the project listed below and as stated in its agenda. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, THAT: 1. The Wichita Falls Economic Development Corporation's approval and funding of the following programs and expenditures, in a total amount not to exceed $5,000 as described below and in said corporation's agenda, is approved: To procure personal liability insurance coverage in the amount of $5 million per member for the directors and officers of the members of the Wichita Falls Economic Development Corporation. 2. The current fiscal year budget of the 4A Wichita Falls Economic Development Corporation is amended to provide for the aforementioned expenditures and changes thereto. PASSED AND APPROVED this the 2nd of April, 2019. ATTEST- LLI;L&Jy� - City Clerk 4A Corporation Budget & Financial Statement 3/2112019 Prior Remainina FY 17 FY 18 FY 18 FY 19 FY 19 Budget Actual Budget Actual Budget YTD Actual Revenue Sales Taxes S 3,735,556 $ 3,735,259 $ 3,976,836 S 3,984,690 1,352,785 Other Rents (ATCO Lease) $ 17,800 $ - $ - - Reimburse (Amfuel, Carter, DEAAG, Chamber) $ 7,843 $ 119,603 S 1,600,000 1,622,581 Interest $ 113,244 $ 100,000 $ 209,617 $ 180,000 137,548 Total Revenues $ $ 3.874.443 $ 3.835.259 $ 4.306.056 $ 5.664.690 3.012.914 Completed I Closed Projects Cryovac Iowa Park Water Project $ 300,000 $ 276,574 Eagle Rail Car -- Project II $ 428,800 $ 352,000 $ 76,800 Eagle Rail Car Services (10/2020) $ 20,400 $ 20,400 Bruce Facility Consulting Services $ 57,164 $ 57,164 Chantex Manufacturing $ 296,750 $ 296,750 Annual Programs Ad Valorem Tax $ 32,360 $ 72,284 $ 40,000 $ 81,309 $ 80,600 99,162 Professional Fees $ 30,000 $ 11,338 $ 30,000 $ 20,144 $ 30,000 26,414 CCI-Contract $ 560,907 $ 632,907 $ 601,716 $ 528,393 $ 610,144 301,072 Economic Development Marketing $ 225,000 $ 225,000 $ 325,000 $ 326,250 $ 370,000 185,000 SMAC $ 315,000 $ 315,000 $ 173,600 $ 166,736 $ 151,175 75,588 Downtown WF DeApmt, Inc. $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 50,000 Business Plan Contest (Lalani) $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 - Business Park Maintenance $ 109,591 $ 89,695 $ 112,940 $ 103,708 $ 105,696 - Water/Sewer Sanitation $ 8,000 $ 13,705 $ 4,500 $ 4,957 $ 5,500 1,910 Gas $ - $ 6,692 Electricity $ 400 $ 22,944 $ 400 $ 6,331 $ 7,000 31 City Administrative Expense $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 - WF Regional Airport Facilities (2033) $ 140,000 $ 140,000 $ 140,000 $ 140,000 $ 140,000 - Choose Wichita Falls Program $ 200,000 $ 199,507 $ 59,191 $ 69,208 $ 5,000 2,500 ED Strategic Planning $ 10,000 $ Labor Market Study $ 30,000 $ Best Practices Site Visits $ 15,000 $ Open Projects Pratt & Whitney Technology $ 1,815,000 $ 693,187 $ 156,793 $ GuidelT Project $ 463,000 $ 18,000 $ 80,500 $ Stanley Building Improvement Project $ 2,773,016 $ 1,975,007 $ 100,000 $ 623,028 $ 100,000 57,810 USA800 $ 3,359,200 $ 775,200 $ 1,659,995 Vitro -Super Caater $ 3,000,000 $ 2,700,000 ATCO Structures Operating Expenses $ 144,000 $ 17,714 $ 105,000 $ 64,494 $ 105,000 32,078 Stanley ATCO Marketing Plan $ 38,105 $ 19,053 $ 2,714 5,812 Market Street ED Plan $ 91,750 $ 55,000 $ 27,996 MPEC/Hotel Parking Lot $ 497,500 SAFB Gate Project (Phase II) $ 3,000,000 280.377 Owens Corning $ 1,615,000 Eagle Rail - Project III $ 500,000 $ 350,000 41 Braun Intertec Enviornmental Study $ 146,770 $ 54,573 17.421 Sharp Iron Recruitment $ 24,000 $ 3,000 6.000 Cryovac (UPS and Printer Labeling) $ 1,250,000 Nexstar $ 175,000 Magic Aire $ 500,000 Opportunities Strategies $ 20,000 Eagle Rail - Project IV $ 600,000 Arconic RR Crossings $ 50,000 Total Expenditures $ 15.140.943 $ 6 344.721 $ 9.133.117 $ 7.447.329 $ 2.510.115 1 140 175 Revenues Less Expenses $ 2� 47D.2781 $ 5�29 $ 3� 14 $ 3.154.575 1.872.739 Beginning Cash Balance $ 17,948,287 $ 15,478,009 $ 15,478,009 $ 12,336,736 12,336,736 Ending Cash Balance 15.478.009 10.180.151 12.336.736 15.491.311 14.209.475 Reserved For Encumbrances $ 8,725,610 $ 8,725,610 $ 10,371,087 $ 10,371,087 11,759,589 Unreserved Fund Balance $ 6.752.399 1.454.541 1.965.649 5.120.224 2.449.886