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Res 110-2024 WFEDC Budget FY 2025 09/03/2024
Resolution No. 110-2024 Resolution approving the programs and expenditures of the Wichita Falls Economic Development Corporation Budget for Fiscal Year 2025 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 15, 2024, the Wichita Falls Economic Development Corporation's Board of Directors approved the attached FY 2025 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 2025 WFEDC Budget of the Wichita Falls Economic Development Corporation (WFEDC) are hereby approved. PASSED AND APPROVED this the 3rd day of September, 2024. • ' MAYOR ATTEST: clqn611-1-y- City Clerk City of Wichita Fails,TX IA- Emnorraic illerrkopmert Corporation NZ Fii x Summary Current as of luly9,2024 Fx 2022 FY 2824 Fir 2425 Revised YTUActual Revised Proposed YTYaArruaF Sradget !budget Budget Beginning Fund Balance(10/11 $19,764 .4Z $ 20,998,942 $ 19,814,114 $ 21,669,716 $ 22,260,38 REWEHt1ES S,slesinn 5 5.110,000 5,164,778 5,284,050 3,374,623 5,128.610 Reimbursements 200030 597,118 201.003 189,522 200000 Inte,es`. 390,000 905,698 719.100 923,684 744,17S Total kevenues $ S.760,100 $ 6.,667,S94 $ 6,103,150 $ 4,467,1114$ $ 6,072,76S EIiPENIATURES Annual Pro Tama Ad Valorem1aM $ 100,000 - - Professional Fees 30,000 5,860 30,000 5290 30,000 Chamber:Employee Recruitment 50,050 20,000 S0,003 50000 Chamber:Economic Development 968,3,15 102,492 1,169.113 1,150,988 1,464,000 Sheppard Military Affairs Committee 150,000 112,500 150,1300 112,500 160,000 Downtown INF Orarkspment 115030 115,000 126,5E0 126,5001 133,000 i.d.e.a Wichita Falls 50,000 50,000 S0.000 50000 50,000 Business Park Maintenance 110,000 163,261 93,000 1061,500 Business Park Water/Sewer Sanitation 5,500 5,856 7,0E0 4,141 7,000 Business Park Electricity 7,000 139 7,000 92 7,000 City Administrative Eruense 60,000 80000 813,000 80000 Wit Regrorsal Airport Facilities 12033) 140,000 140003 140,1300 140,000 Business Park Bond Pal meat Enc.{2050) S19,600 514,800 517.800 168,900 517,800 I irectars anal Officers insurance 7,500 4,540 1.0,003 10000 Travel Er enscsJEducation Registration 250 - 250 250 Annual Programs Total $ 2,353,363 $ 7,424,46E $ 2,427,662 $ 1,6.18,418 $ 2 737,SS0 Open PnMej 1 4rie.Award Business Park Project 12023) $ 1,030,000 $ 622013 362,771 - - - Panda Biotedt 18{26) 3,070..000 1,803,000 - 3,003,000 3,000000 TryerProcrss'ing(3125} 150,000 150030 60000 95,000 • 90,000 Clayton Han-res112/241 1,734,700 1,734,700 - 1,734,703 1,734,700 Delta TThermal 19)25} 435,000 435,000 60,003 375.000 52,309 322,500 HDwmet Phase 2 16/251 57,463 57,463 - 57,463 S7,463 Land O"Lakes(20231 1,248,000 1.248,000 46,026 1,201.974 1,000000 201,974 Regional Airport Hangar Modifications 116,203 118,200 71,534 46,666 46,666 SheppardAFl3 AirFreld Projects and Equip. 133,979 133,979 - 133,979 131,979 CarnpaaIContainerWorks 1,500,000 1,500030 - 1,500,0E0 1,500,000 Regional Airport Master Plan 110%match) 76,000 76,000 - 76,000 76,000 WestlakeC.hernical(2026} 1,175,000 - - 1,175,000 1.175,000 MSU Military Education Center 1,000,000 1,007,000 1.000000 Open Projects Total $ 11,676,342 $ 7,876,165 $ 606,131 $ 16,1305.712 $ i,037 504 $ 9,338,26.2 Closed Projects Howmet Phase 1(8/221 72,750 72,750 72,750 - - i.d.e.a Wichita Falls Wr2021 Award} 16,002 16,000 16,000 - - Prate&Whitney Aero.Etpansion110/221 2,750,000 2,750,000 2,750003 - - Pamlico Air 110122} 2,278,200 772,200 - - - Broad Ripple Strategies 120221 106,500 15,787 - - - Airport Business Park 12022) 75,000 63,000 - - - MPECJHotelParkingLat 497,500 577,436 5.13,16$ - • . Magic Aire 12024) 75,000 - - 75.000 75,00I Senderao{2025) 20,625 - - 20,625 20,625 Covercraf't(2026) 285,000 - - 285,003 265,0Cr3 - Seasarts Eatings 120261 36.500 - - 36.500 36,500 - CBoced Projec Total $ 6,213,475 $ 4,267,173 $ 3,351,938 $ 417,12S $ 417,175 $ - Total Expenditures $14.496,722 $ 5,976,756 $ 13 3S,Sr0 $ 3,086,643 $ 12r49$,832 Revenues Less Eaperrditures $ (13,796,722 j $ 690,838 $ (7,022,420} $ 1,279,802 $ 16.023,047} Less Encumbrance for Open Projects 7,275,154 10,392.762 9,338,282 Less Encumbrance for Budgeted Annual Programs f not yet spent} 809,24.5 Unrestricted Fund Balance $10,6167,480 $ 14,413,921 $ 6,574,S4S $ 12„92a 03$ $ 16,137,291