4A Wichita Falls Economic Development Minutes - 07/30/2002MINUTES OF THE
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
Meeting of July 30, 2002
Present:
Members: Gary Shores, President
Ray Clymer, Vice - President
Jim Berzina, Secretary- Treasurer
Lou Rodriguez
Bo Stahler
City Staff: Bill Altman, Mayor
Matt Benoit, Assistant City Manager
Bill Sullivan, City Attorney
Linda Merrill, Recording Secretary
BCI Staff: Leo Lane, Chairman
Tim Chase, President
Todd McDaniel
I. Call to Order.
President Gary Shores called the meeting to order at 8:00 a.m.
II. Approval of Minutes (May 13, 2002)
Bo Stahler moved, seconded by Ray Clymer, that the minutes be approved.
The motion carried.
III. Election of Officers
Mr. Stahler moved, seconded by Lou Rodriguez, that Gary Shores be
reelected as President. Mr. Stahler then moved that Mr. Clymer be reelected as
Vice - President. Mr. Clymer declined such reelection. Mr. Rodriguez subsequently
moved, seconded by President Shores, that Bo Stahler be elected as Vice - President.
President Shores then noted that the minutes of the meeting should reflect that the
Wichita Falls Economic Development Corporation July 30, 2002 Meeting Minutes Page 2
current slate of officers should remain the same, with the exception of Mr. Stahler
serving as Vice - President.
IV. Receive Finance Report
Assistant City Manager Matt Benoit presented the financial report to the
Board. He began by stating a little over $1.5 million in sales tax collections had been
received. The July collections were $200,302, an increase of 4.15% over July 2001
collections. The sales tax collections throughout the year continue to fluctuate. There
has been a .6 of 1 % increase for the year over the last fiscal year in sales tax
collections.
The Board continues to receive rent from Covercraft on the revenue side
($46,656). On the expenditure side, Vernon College has made a request for payment
in the amount of $95,702, of which $74,479 is for the previously approved machining
lab, and $21,223 is for the aircraft maintenance program. The unreserved fund
balance stands at $4,046,214.
President Shores asked if there had been any indication from Covercraft as to
their option to purchase the building within the term of the contract. Tim Chase stated
they intend to purchase the building in the fall of this year, or the first quarter of next
year.
Mr. Clymer moved to receive and approve the financial report, and was
seconded by Mr. Stahler. The motion carried.
V. Consider Approval of FY 2002 -2003 Budget
Mr. Benoit directed the Board's attention to the Financial Statement handout.
He noted a projected 6/10 of 1% increase in sales tax collections over the 2001
actuals. This projection is based on the cumulative percentage to date of what has
been collected.
Again, the Covercraft purchase is expected to occur in March. The purchase
price, based on a purchase at some point next year, plus rent accumulated, is
$649,248. We do expect, on the expenditure side, to pay ad valorem taxes, but they
do turn around and reimburse us for that. So that's a money -in, money -out situation.
Interest earnings are always difficult to project. At this point, a little less than
2% is being collected. At different points last year, that figure was closer to 5% to
7 %. The $232,000 figure is a guesstimate, depending upon the cash flow and what
sorts of memorandums of understanding the Board may consider. At this point, a
slight increase over this year's actuals is projected.
Wichita Falls Economic Development Corporation July 30, 2002 Meeting Minutes Page 3
On the expense side, the BCI contract request is the same. Professional fees
remain the same. Again, the ad valorem tax paid for Covercraft is a decrease of one
dollar on the projection.
Total contractual expenditures for the Board's consideration total $160,563.
Mr. Clymer questioned what the professional fees represented. Mr. Chase
replied that, on a project -by- project basis, if we need to hire an engineer to do a
structural test of a building, that's where the funds are budgeted to do those kinds of
things.
Mr. Stahler moved, seconded by Mr. Clymer, that the budget be approved.
The motion carried.
VI. Executive Session
The Board then adjourned into executive session, as authorized by Section
551.087 of the TEXAS GOVERNMENT CODE, to discuss and deliberate commercial and
financial information, including possible incentives to a business prospect to locate in
Wichita Falls.
VII. Adjourn
Mr. Stahler moved, seconded by Ray Clymer, that the meeting be adjourned.
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Linda Merrill, Recording Secretary
ary S res, President