Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Res 100-2023 Approving Type B Sales Tax Corporation FY 2023-2024 Budget 09/05/2023
Resolution No. 100-2023 Resolution approving the Wichita Falls Type B Sales Tax Corporation Budget for Fiscal Year 2023-2024 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 10, 2023, the Wichita Falls Type B Sales Tax Corporation's Board of Directors approved the attached 2023-24 Budget. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA FALLS, TEXAS, THAT: The programs and expenditures of the attached Fiscal Year 2023-24 Budget of the Wichita Falls Type B Sales Tax Corporation are hereby approved. PASSED AND APPROVED this the 5th day of September, 2023. MAYOR ATTEST: c , B City Clerk City of Wichita Falls.TX lt�ici 4B Sales Tax Corporation Financial Summary v Current as of July 31,2023 FY 2023 FY 2024 Original Revised Year End Revised Proposed YTD Actual Award Budget Actual Budget Budget Beginning Fund Balance(10/1) $ 8,637,125 $ 8,637,125 $ 9,511,344 $ 10,643,251 $7,484,474 REVENUES Sales Taxes $4,268,361 $ 5,183,398 $ 5,110,000 $ 3,396,611 $5,284,050 Interest 25,000 80,685 208,000 441,867 471,200 Reimbursement(TIF#2) 358,832 718,622 358,832 - 208,781 Reimbursement Prior Year(Trails) - 61,195 - 43,633 - Parking Garage Lease - - - 1,080 - Total Revenues 4,652,193 6,043.899 5,676,832 3,883,191 5,964,031 EXPENDITURES Annual Programs Debt Service-Projects Trail/Land/Firing Range(Ref.2018-2029)Series 2018E 452,500 452,500 452,900 - 454,900 Castaway Cove Water Pk(2010-2025)Series 2021 Taxable 388,600 388,600 231,750 - 101,762 TIF#2/Rhea Road(2011-2031)Series 2021 Tax Exempt 231,750 231,750 210,300 - 208,781 WF Municipal Airport(2013-2033) 140,000 140,000 140,000 - 140,000 TIF#2 Maplewood(2015-2026)Series 2015A 207,392 207,392 208,735 - 209,707 Golf Renovation(2015-2026)Series 2015B 321,012 321,012 323,230 - 324,936 MPEC Conference Center (2022-2050) 915,681 944,331 948,468 - 946,359 Downtown Improvement Grants 100,000 65,437 100,000 50,310 100,000 CVB Incentive Funding 35,000 35,000 35,000 35,000 35,000 Professional Fees&Advertising 4,000 3,162 4,000 2,850 4,000 Directors&Officers Insurance 5,000 3,421 5,000 4,967 5,000 Capital Equipment Maintenance 477,000 511,542 175,000 175,000 - Administration Charges 20,000 20,000 30,000 - 30,000 Parking Garage-Annual Program 25,000 30,035 25,000 20,380 25,000 Annual Programs Total 3,322,935 3,354,182 2,889,383 288,507 2,585,445 City of Wichita Falls,TX 45 Sales Tax Corporation Financial Summary 1. Current as of July 31,2023 FY 2023 FY 2024 Original Revised Year End Revised Proposed YTO Actual Award Budget Actual Budget Budget Beginning Fund Balance(10/1) $ 8,637,125 $ 8,637,125 $ 9,511,344 $ 10,643,251 $7,484,474 Open Projects 713 Indiana LLC 250,000 250,000 - 250,000 83,333 166,667 Bicycle Lanes 100,000 123,249 6,161 117,088 4,438 112,650 Districts Park Improvements 318,000 26,005 - 26,005 - 26,005 MPEC Conf.Center(Architect) 456,477 141,833 42,290 106,521 44,405 - MPEC Hotel Developer 2,000,000 2,000,000 - 2,000,000 - 2,000,000 The Kate/Petroleum Building 1,017,192 1,017,192 - 1,017,192 - 1,017,192 Restoring the Past(604 7th) 22,350 - - 22,350 - 22,350 S&A LLC 816 Indiana 69,556 - - 69,556 - 69,556 Chelsea Plaza(804 Lamar) 138,991 - - 138,991 - 138,991 Open Project Total 4,372,566 3,558,279 48,451 3,747,703 132,177 3,555,411 Closed Projects Half Pint III LLC(809 Ohio) 50,975 50,975 50,975 - - - Arts Council(Kemp Center) 120,000 120,000 120,000 - - - Chelsea Plaza,LLC(909 8th) 55,700 55,700 53,535 - - - Railroad Museum Downtown 7,500 7,500 - - - - MPEC Livestock Pens 150,000 150,000 148,837 - - - Downtown Streetscape Impr_ 35,000 35,000 35,000 - - - Pickers Universe 133,000 133,000 - 133,000 133,000 - Wichita Co Heritage(Kell House) 100,000 100,000 - 100,000 100,000 - Backdoor Theatre 104,632 104,632 - 104,632 104,632 - Land Purchase-1500 Scotland 62,443 62,250 - Arts Alliance Mural 10,000 10,000 5,000 5,000 5,000 - TAP Grant Match(Circle Trails) 2,391,923 635,000 221,793 599,781 - - Closed Projects Total 3,158,730 1,401,807 635,141 1,004,656 404,882 - Total Expenditures 8,283,021 4,037,773 7,641,942 825,566 6,138,856 Revenues Less Expenditures (3,630,828) 2,006,126 (1,965,110) 3,057,624 (174,825) Less Encumbrance for Open Projects 3,615,526 Less Encumbrance for Budgeted Annual Programs(riot yet spent) 2,600,875 Unrestricted Fund Balance $5,006,297 $10,643,251 $ 7,546,234 $ 7,484,474 $7,309,649