4B Sales Tax Corporation Minutes - 09/08/2010d
MINUTES OF THE 4B SALES TAX CORPORATION
September 8, 2010
Present:
`Jim Ginnings, President
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Corporation Board Members
Charles Elmore, Vice President/Sec. Treasurer
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Darron Leiker
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Joe Nieto -
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Dustin Nimz
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`Bob Seabury
§
Rick Hatcher
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City Council
Jim Dockery, CFO /Asst. City Manager
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Kevin Hugman, Assistant City Manager
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City Staff
Jack Murphy, Director of Parks
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Miles Risley, City Attorney
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Russell Schreiber, Public Works Director
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Linda Merrill, Recording Secretary
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Absent:
Alan Donaldson
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Corporation Board Members
1. CALL TO ORDER
Jim Ginnings called the meeting to order at 4:03 p.m.
2. APPROVAL OF MINUTES (8/10/10)
Charles Elmore moved, seconded by Darron Leiker, that the minutes be
approved. The motion carried.
3. ELECTION OF OFFICERS
In the absence of nominations. Mr. Elmore volunteered to serve as the Board's
Vice President. He was appointed without objection. Later in the meeting, Mr. Leiker
moved that the positions of Vice President and Secretary- Treasurer be combined.
Seconded by Dustin Nimz, the motion carried. Mr. Leiker nominated Mr. Ginnings to
serve as the Board's President. Seconded by Mr. Elmore, the motion carried.
4. FY 2010 -11 BUDGET
Mr. Ginnings opened the public hearing for budget discussions at 4:05 p.m.
There being no members of the public present, he closed the hearing at 4:06 p.m.
Kevin Hugman provided an overview of the proposed FY 2010 -11 budget.
Sales tax revenues: Budgeted at a conservative estimate of $3,214.125.
Interest rates: $7,500 (significant decrease). Joe Nieto asked the types of
accounts the City uses to invest the funds. Jim Dockery said funds are invested in two
local governmental investment pools. Emphasis is placed on safety of principal and
liquidity. Interest earnings are at .25 %.
Open Projects: The 413 Board is carrying the debt service for several bond
projects approved by voters.
Administrative charges: This cost is maintained at $10,000 to help offset some
of the City staff time involved in 4B activities.
Street Improvements: This is a new line item request of $400,000, to be used
for eligible street repair and improvement projects. The City Council endorsed the staff
to approach the 4B Board for these funds.
Russell Schreiber said he was coordinating all capital divisions — water, sewer,
streets, and storm drainage — and formulating 5 -10 year plans. He does not want to
pave a street under which a sewer line would then need to be fixed. His first thought
regarding the 4B funds would be to extend repairs off the new intersections downtown.
Mr. Dockery said the City will identify the streets needing repair, check with Legal
on their eligibility for 413 funds, and then provide a list to the 4B Board where the money
is being spent. Mr. Nieto questioned the criteria for the chosen streets. He was not sure
the retail business downtown warranted this type of expenditure. Mr. Leiker said the City
has a sophisticated evaluation system in place, and ranking is not based on revenues.
Total expenditures are just over $3 Million, with total revenues just under $3.5
Million, leaving approximately $493,000 of undesignated funds over the dedicated
expenditures. The beginning cash balance is an estimate of the funds that will be
available at the end of this fiscal year. The sum of $2.9 Million is reserved for
encumbrances for previously- approved expenditures, which leaves an unreserved fund
balance of $1,787,000. This assumes no additional projects are approved over the next
year, and is the projected fund balance at the end of FY 2011.
Mr. Dockery said the City has $1.5 Million available from bond proceeds. These
funds must be used for park - related improvements at the discretion of the 413 Board and
City Council. Mr. Elmore asked if the funds could be used for Hawk Ridge, and Bob
Seabury mentioned Park Central. Mr. Leiker said the Council would want to finish the
circle trail over the other projects suggested. The City received a new grant to advance
the trail system on the western edge of the City in two sections (from Lake Shore Drive
along Barnett to Johnson Road near the Cypress plant, and on Seymour Highway to the
ry
80 -acre park site). There is a local match requirement of $600,000. The Council
accepted the grant and will get $2.4 Million.
Mr. Ginnings asked for an update on the expenditure for the wheelchair lift
approved for the Wichita Theatre at the last meeting. Staff had been asked to see if the
money being spent was justified. Mr. Leiker said staff will get information from the
Jacksons on what they want to purchase and run it by Building Inspection. Miles Risley
added that there will be a contract with the Jacksons requiring them to turn in invoices
indicating how they spent the funds.
Darron Leiker moved, seconded by Charles Elmore, that the budget be approved
as submitted. The motion carried.
Bob Seabury congratulated Jack Murphy for the construction of the South Weeks
Park Pond. Mr. Murphy said the credit should go to the Public Works Department.
Mr. Ginnings said he would like an item on the agenda for Board discussions,
such as the comment made by Mr. Seabury. Mr. Risley explained that a general "Other
Business" agenda item is not completely accounted for under the Texas Open Meetings
Act. However, when a statement is made in an open meeting, it is not a criminal
violation. It does not make it legal, per se, to have an Other Business item, but he will
include one on future 4B agendas.
5. ADJOURN
Mr. Ginnings adjourned the meeting at 4:58 p.m.
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