Res 013-2021 4A WFEDC Budget Amendment 02.02.2021 2/2/2021 Resolution No. 13-2021
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation by amending the budget for
Fiscal Year 2020-2021
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 January 21, 2021 , the Wichita Falls Economic Development
Corporation's Board of Directors approved the attached 2020-21 Budget amendment;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The programs and expenditures described in the attached Fiscal Year 2020-21
WFEDC Budget amendment of the Wichita Falls Economic Development Corporation
(WFEDC) are hereby approved.
PASSED AND APPROVED this the 2nd day of February, 2021.
MAYOR
ATTEST:
gag,
City Clerk
City of Wichita Falls,TX
411didpfk s Economic Development Corporation
Financial Report
Current as of 01.12.21
FY 2020-21
Original Award FY 2020-21 Revised Budget YID Actual
Original Budget
Budgeted EFB09.313.2020 9,984,167
Actual EFB 09.30.2020 14,826,218 14,826,218
Revenues
Sales Taxes $ 3,891,649 $ 3,891,649 $ 560,198
Other Rents(ATCO Lease) - - -
Reimbursements(Amfuel,Carter,Chamber) 200,000 200,000 -
Interest 102,711 102,711 6,710
Total Revenues: $ 4,194,36C $ 4,194,361J $ 566,908
Expenditures
Closed Projects:
Stanley ATCO Marketing Plan S 22,859.00 5 22,859.00
Cryovac.(UPS and Printer Labeling}(1) 1,250,000 1,167,749 1,167,749
Opportn-riles Strategies(2) 20,000.00 - -
8'aun Intertec Environmental Study(3) 345,000 6,675 6,675
Closed Project Total: 1,615,000 $ - 5 1,197,283 $ 1,197,283
Annual Programs:
Ad Valorem Tax $ 100,000 S 100,000 5 34,990
ATCO Structures Operating Expenses(4} - 60,000 6,645
Professional fees 313,00,0 30,000 8,155
Chamber Employee Recruitment Program(5) 50,000
CCI-Cont.(Marketing/Choose Wichita sep.
total$1,099,871} 1,004,871 1,004,871 245,481
Economic Development Marketing 92,500 92,500
SMAC 150,000 150,000 37,500
Downtown WF Devipmt,Inc.(6) 95,65C 110,000 55,000
Business Park Maintenance 105,696 105,696
Water/Sewer Sanitation 5,500 5,500 1,487
Electricity 7,000 7,000 21
City Administrative Expense 60,000 60,000
WF Regional Airport Facilities(2033) 140,000 140,000
Choose Wichita Falls Program 2,500 2,500
Directors and Officers Insurance 5,000 7,419 7,419
Travel Expenses/Education Registration 240 240
Annual Program Total: $ 1,798,717 $ 1,925,726 $ 396,938
Open Projects:
Cryovac(LIPS and Printer Labeling)(1) $ 1,250,000 $ 1,250,000
Opportunities Strategies(2) 20,000 181
Braun Intertec Environmental Study(3) 345,000 29,204
Business Park(7} 1,050,000 1,500,000 1,0513,000
Chamber! Employee Recruitment Program(5) 184,000
DuPlooy Trucking 1,334,000 1,334,000 1,334,000
i_d_e,a Wichita Falls 50,000 50,000 50,000
MPEC/Hotel Parking Lot 497,500 497,500 497,500
Pamlico Air 2,278,200 772,200 772,200
Panda Biotech 2,800,000 2,800,000 2,800,000
Pratt&Whitney Technology 1,815,000 915,215 915,215
SAFB Gate Project(Phase II} 1,867,787 389,684 389,684
City of Wichita Falls,TX
Economic Development Corporation
Financial Report
Current as of 01.12.21
FY 2020-21
Original Award FY2U20-21 Revised Budget YTD Actual
Original Budget
Budgeted EFB 09.30.2020 9,984,167
Actual EFB 09.30.2020 14,826,218 14,826,213
Sharp Iron Recruitment 24,000 15,000 15,000
Trier Processing 150,000 150,000 150,000
USA800 3,359,200 487,863 487,863
Open Project Total: 16,840,687 10,374,867 8,461,482 -
Total Expenditure: $ 12,173,583 $ 11,584,491 $ 1,594,221
Less Encumbrance for Projects $ 8,461,482
Revenues Less Expenditure $ (7,979,223) $ (7,390,131} $ (927,313)
Unrestricted FB $ 2,004,944 $ 7,436,087 $ 5,437,422
* Increase beginning fund balance to actual at year end,
1.Reflect payout of Cryovac contract,complete
2.Reflect completion of Opportunities Strategies Contract
3.Reflect completion of Braun Intertec Contract
4.Increase budget for ATCO Operating Structures from $0 to$60,000
5.Decrease Chamber Employee Recruitment from$184,000 remaining to$50,000 and make a program not a project
6.Increase Downtown WF Development Program from $95,650to$110,000
7.Decrease Business Park from$1,500,000 to$1,050,000