Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Res 103-2023 Approving FY 2023-2024 WFEDC Budget 09/05/2023
Resolution No. 103-2023 Resolution approving the programs and expenditures of the Wichita Falls Economic Development 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 17, 2023, the Wichita Falls Economic Development 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 described in the attached Fiscal Year 2023-24 WFEDC Budget of the Wichita Falls Economic Development Corporation (WFEDC) are hereby approved. PASSED AND APPROVED this the 5th day of September, 2023. //r/te4--- MAYOR ATTEST: City Clerk - city of Wichita Falls,Tx Economic Development Corporation ictf. v Financial Summary V Current as of August 9,2023 FY 2023 FY 2024 Year End Proposed Revised Budget Actual Revised Budget YID Actual Budget Beginning Fund Balance (10/1) $ 13,921,574 $ 13,662,110 $ 19,764,202 $ 21,067,704 $ 19,810,115 REVENUES Sales Taxes $ 4,268,361 $ 5,183,398 $ 5,110,000 3,875,321 5,284,050 Other Rents(ATCO Lease) - 720 - - Reimbursements 200,000 378,000 200,000 387,118 200,000 Interest 25,000 123,247 390,000 725,607 719,100 Total Revenues $ 4,493,361 $ 5,685,365 $ 5,700,000 $ 4,988,045 $ 6,203,150 EXPENDITURES Annual Programs Ad Valorem Tax $ 100,000 $ - $ 100,000 - - ATCO Structures Operating Expknses 60,000 18,528 - - - Professional Fees 30,000 13,159 30,000 5,880 30,000 Chamber:Employee Recruitment 50,000 20,000 50,000 16,000 50,000 Chamber:Economic Development 1,031,527 915,569 988,315 802,492 1,169,113 Sheppard Military Affairs Committee 150,000 75,000 150,000 112,500 150,000 Downtown WF Development 106,500 106,500 115,000 115,000 126,500 idea Wichita Falls(2024 Admin) 50,000 50,000 50,000 50,000 50,000 Business Park Maintenance 110,000 68,762 110,000 - 90,000 Business Park Water/Sewer Sanitation 5,500 7,193 5,500 4,505 7,000 Business Park Electricity 7,000 168 7,000 107 7,000 City Administrative Expense 80,000 80,000 80,000 - 80,000 WF Regional Airport Facilities(2033) 140,000 140,000 140,000 - 140,000 Business Park Bond Payment Enc.(2050) 516,200 516,200 519,800 172,400 517,800 Directors and Officers Insurance 7,500 6,950 7,500 9,540 10,000 Travel Expenses/Education Registration 240 - 250 - 250 Annual Programs Total $ 2,444,467 $ 2,019,029 $ 2,353,365 $ 1,288,423 $ 2,427,663 Open Project& Orig.Award Business Park Project(2023) $ 1,050,000 $ 1,028,368 $ 277,400 $ 622,843 362,771 - Panda Biotech(12/23) 2,800,000 1,800,000 - 1,800,000 - 1,800,000 Tryer Processing(3/25) 150,000 150,000 - 150,000 - 150,000 Clayton Homes(12/24) 1,734,700 1,734,700 - 1,734,700 - 1,734,700 Delta T Thermal(9/25) 435,000 435,000 - 435,000 60,000 375,000 Howmet Phase 2(6/25) 57,463 57,463 - 57,463 - 57,463 Land O'Lakes(2023) 1,248,000 1,248,000 - 1,248,000 46,026 1,201,974 Regional Airport Hangar Modifications 118,200 118,200 44,000 118,200 71,534 46,666 Sheppard AFB AirField Projects and Equip_ 133,979 133,979 - 133,979 - 133,979 Compass Container Works 1,500,000 1,500,000 - 1,500,000 - 1,500,000 Regional Airport Master Plan(10%match) 76,000 76,000 - 76,000 Open Projects Total $ 9,303,342 $ 8,205,710 $ 321,400 $ 7,876,185 $ 540,331 $ 7,075,782 Current as of August 9,2023 1 grominunt FY 2023 FY 2024 Year End Proposed Revised Budget Actual Revised Budget YTD Actual Budget Closed Projects Howmet Phase 1(8/22) 72,750 72,750 - 72,750 72,750 - i.d.e.a Wichita Falls(FY 2021 Award) 16,000 16,000 - 16,000 16,000 - SAFB Gate Project(Phase II) 1,867,787 44,500 - - - - DuPloay Trucking(8f22) 1,334,000 1,334,000 - - - - Pratt&Whitney Technology(6/22) 1,815,000 915,235 - - - - Sharp Iron Recruitment(7/21) 24,000 15,000 - - - - USA800(7/19) 3,359,200 487,863 - - - - Pratt&Whitney Aera_Expansion(10/22) 2,750,000 - - 2,750,000 2,750,000 - Pamlico Air (10/22) 2,278,200 772,200 - 772,200 - - Broad Ripple Strategies(2022) 106,500 97,500 94,225 15,787 - - Airport Business Park(2022) 75,000 75,000 12,000 63,000 - - MPEC/Hotel Parking Lot 497,500 1,025,000 834,117 577,436 513,188 - Closed Projects Total $ 14,195,937 $ 4,855,043 8 940,343 $ 4,267,173 $ 3,351,938 $ - Total Expenditures $ 15,505,225 $ 3,279,772 $ 14,496,722 $ 5,180,691 $ 9,503,445 Revenues Less Expenditures $ (11,011,864) $ 2,405,593 S (8,796,722) $ (192,646) $ (3,300,295) Less Encumbrance for Open Projects 7,335,854 7,075,782 Less Encumbrance for Budgeted Annual Programs(not yet spent) 1,064,942 Unrestricted Fund Balance $ 2,909,710 $ 21,067,704 $ 10,967,480 $ 12,474,261 (103066' , , 71 Date financial commitment ends.Performance end date may vary.