Res 104-2021 Approving the FY 2022 4A WFEDC Budget 09/07/2021 Resolution No. 104-2021
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation Budget for Fiscal Year
2021-2022
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 August 19, 2021, the Wichita Falls Economic Development
Corporation's Board of Directors approved the attached 2021-22 Budget.
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 2021-22
WFEDC Budget of the Wichita Falls Economic Development Corporation (WFEDC) are
hereby approved.
PASSED AND APPROVED this the 7th day of September, 2021.
MAYOR PRO TE
ATTEST:
City Clerk
City of Wichita Falls,TX
Economic Development Corporation
Financial Report
Current as of 08.19.21
FY 2020-21 FY 2021-22
Original Award Revised Budget YID Actual Proposed Budget
EFB 08.12.2021(estimated) 14,826,218 14,826,21E 13,921,574
Revenues
Sales Taxes $ 3,891,649 $ 3,499,362 $ 4,268,361
Other Rents - - -
Reimbursements(Amfuel,Carter,Chamber) 200,000 177,211 200,000
Interest 102,711 10,252 25,000
Total Revenues: $ 4,194,360 $ 3,686,826 $ 4,493,361
Expenditures
Closed Projects:
Closed Project Total: 1,665,000 1,247,283 1,247,283 -
Annual Programs:
Ad Valorem Tax $ 100,000 $ 34,990 $ 100,000
ATCO Structures Operating Expenses 60,000 53,570 60,000
Professional Fees 30,000 9,040 30,000
Chamber:Employee Recruitment Program 50,000 12,000 50,000
CCI Contract Total 1,099,871 1,020,3 53 1,031,527
SMAC 150,000 150,000 150,000
Downtown WF Devlpmt,Inc. 110,000 110,000 106,500
Business Park Maintenance 105,696 72,232 110,000
Water/Sewer Sanitation 5,500 4,439 5,500
Electricity 7,000 117 7,000
City Administrative Expense 60,000 60,000 80,000
WF Regional Airport Facilities(2033) 140,000 - 140,000
Business Park Bond Payment(2050) 516,200 - 516,200
Directors and Officers Insurance 7,419 6,991 7,500
Travel Expenses/Education Registration 240 240 240
Annual Program Total: $ 2,441,926 $ 1,533,973 $ 2,394,467
Open Projects:
i_d.e.a Wichita Falls 2022 $ 50,000 $ 50,000
Broad Ripple Study 106,500 106,500
Business Park Design/Engineering 1,050,000 1,050,000 534,223 515,777
DuPlooy Trucking 1,334,000 1,334,000 - 1,334,000
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 1,000,000 1,800,000
Pratt&WhitneyTechnology 1,815,000 915,235 - 915,235
SAFB Gate Project(Phase II) 1,867,787 389,684 275,991 44,500
Sharp Iron Recruitment 24,000 15,000 - 15,000
Tryer Processing 150,000 150,000 - 150,000
USA800 3,359,200 487,863 - 487,853
Clayton Homes 1,734,700 1,734,700 - 1,734,700
Open Project Total: 17,065,887 10,146,182 1,810,214 8,423,275
Total Expenditure: $ 13,835,391 $ 4,591,470 $ 10,817,742
Less Encumbrance for Projects $ 9,243,921 $ -
Revenues Less Expenditure $ (9,641,031) $ (904,644) $ (6,324,381)
Unrestricted FB $ 5,185,187 $ 4,677,653 $ 7,597,192