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Res 116-2022 Approving FY2023 WFEDC Budget 09/20/2022
Resolution No. 116-2022 Resolution approving the programs and expenditures of the Wichita Falls Economic Development Corporation Budget for Fiscal Year 2022-2023 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 September 15, 2022, the Wichita Falls Economic Development Corporation's Board of Directors approved the attached 2022-23 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 2022-23 WFEDC Budget of the Wichita Falls Economic Development Corporation (WFEDC) are hereby approved. PASSED AND APPROVED this the 20th day of September, 2022. MAYOR ATTEST: gaAA City Clerk City of Wichita Falls,TX Economic Development Corporation Financial Summary Current as of September 6,2022 El'2021 FY=2 FY 2023 Original Revised Year End Adopted Proposed YID Actual Award Budget Actual Budget Budget Beginning Fund Balance(10/1) $ 14,826,218 $ 14,826,21B 5 13,921,574 $ 18,662,110 $ 19,76.1,202 REVENUES Sales Taxes S 3,891,649 5 4,727,354 5 4,268,361 5 3,836,372 $ 5,110,000 Other Rents[ATCO Lease) - - - 720 - Reimbursements 200,404 177,211 200,000 328,000 200,000 Capital Gain/Loss - 4,663 - - - Interest 102,711 10,875 25,000 87,838 390,000 Total Revenues $ 4,194,360 $ 4,920,103 $ 4,493,361 $ 4,252,911 $ 5,700,000 EXPENDITURES Annual Programs Ad Va a•emTax $ 100,404 $ 58,963 $ 100,000 $ - $ 100,000 ATCO Structures Operating Expenses 60,404 81,566 60,000 18528 - Professional Fees 30,400 24,567 30,000 13,159 30,000 Chamber:Employee Recruitment 50,000 16,000 50,000 20,000 50,000 Chamber:Economic Development 1,004,871 581,353 1,431527 91.5569 983,315 Economic Development Marketing 92,500 34,750 - - - SheppardMilitaryAffairsCommittee 150,400 1.50,000 154,000 75,000 1.50,000 Downtown WF Development 110,004 110,000 106,500 106,500 115,000 Business Park Maintenance 105,696 95,641 110,044 68,762 110,000 Business Park Water/Sewer Sanitation 5,500 4,927 5500 6,344 5,500 Business Park Electricity 7,004 148 7,044 140 7,000 City Administrative Expense 60,000 60,000 84,000 60,000 80,000 'WF Regional Airport Facilities(2033) 140,004 140,003 144,000 140,000 Business Park Band Payment Enc.(2050) 516,204 - 516,200 519,800 Choose Wichita Falls Program 2,504 4,250 - - - Directors and Officers Insurance 7,419 14,410 7,500 6,350 7,500 Travel Expenses/Education Registration 240 240 240 - 250 Depreciation Expense - 54,537 - - - Annual Programs Total S 2,441;926 5 1,831351 5 2,394,467 5 1,290,953 S 2.303,165 Open Projects1t1 Business Park Project[2023) $ 1,050,000 $ 1,050,404 $ 21,632.10 $ 1,028,368 5 405,525 $ 622,843 MPEC/Hotel Parking Lot[Ongoing) 497,500 497,504 1,025,000 447,564 577,436 Panda Biotech(12/23) 2,800,000 2,800,404 1,000,000 1,800,000 - 1,800,000 Toter Processing 13/25) 150,000 150,404 - 150,000 - 150,000 Pamlico Air 110/22) 2,278,200 772,200 - 772,200 - 772,200 Clayton Homes 112124) 1,734,700 1,734,700 - 1,734,700 - 1,734,700 i-d-e.a Wichita Falls{FY 2021 Award) - - - 16,000 - 16,000 i-d-e.a Wichita Falls(2023 Admin) 50,000 50,404 50,000 54,004 50,000 50,000 Broad Ripple Strategies(2022), 106,500 106500 9,000 97.500 81.713 15.787 Howmet Phase 1(Sf22) 72,750 72,750 - 72,750 - 72,750 Delta T Thermal(9/25) - - - 435,0W - .135,000 Howmet Phase 2(6/25) 57,463 57,463 57,463 Airport Business Park(2022) - - - 75,000 12,000 63,000 Land O'Lakes(20231 - - - 1,248,000 - 1,24,5,000 Regional Airport Hangar Modifications 118.200 118,200 Sheppard AFB Airfield Projects and Equipment 133,979 133,979 Compass Container Works 1,500,000 1,500,000 Open Projects Total 8,797,113 7,233,650 1,089,632 10,314,160 996,803 9,367,357 City of Wichita Falk,TX Economic Development Corporation Financial Summary Current as of September 6,2022 IF1'221 Ff 2012 FY 2023 Original Revised Year End Adapted Proposed Award Budget Actual Budget YiD Actual Budget Beginning Fund Balance(10/1) $ 14,826,218 $ 14,826,2L8 5 13,921,574 5 18,667,110 5 19,764,202 Closed Projects Stanley ATCO Marketing Plan $ - $ 22,859 $ 22,859 $ - $ - Cryovac{UPS and Printer Labeling) 1,250,1)00 1,167,749 1,167,749 Opportunities Strategies 20,0070 - - - - Braun Intertec Environmental Study 345,000 6,675 6,675 - - SAFB Gate Project{Phase Bp 1,867,787 389,684 320,491 44,500 - - OuPlooy Trucking(8/22) 1,334,000 1,334,000 1,334,000 - - Pratt&Whitney Technology(6/22) 1,8L5,000 915,235 915,235 - Sharp Iron Recruitment(7/21) 24,000 15,000 - 1.5,000 - USA800{7/19} 3,359,200 487,863 - 487,863 - Closed Projects Total 10,014,987 4,339,065 1,517,774 2,796,598 - - Total Expenditures $ 14,014,641 $ 4,429,757 $ 15,505,225 $ 2,287,755 $ 11,670,722 Revenues Less Expenditures $ (9,820,281) $ 490,346 $ {11,011„864J $ 1,965,175 $ (5,970,72211 Less Encumbrance far Open Projects $ 9584.884 $ 10,420,871 Unrestricted Fund Balance $ 5,005,937 $ 5,731,680 $ 2,909,710 $ 1d,2706,415\ y 13,793,480 RI Date Ina ncial com•nitment ends.Ferta-mance end date may vary.