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Res 119-2024 Approval of 4B Sales Tax Corporation Budget for FY 2024-2025 09/17/2024
Resolution No. 119-2024 Resolution approving the Wichita Falls Type B Sales Tax 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 September 5, 2024, the Wichita Falls Type B Sales Tax 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 of the attached Fiscal Year 2025 Budget of the Wichita Falls Type B Sales Tax Corporation are hereby approved. PASSED AND APPROVED this the 17th day of September, 2024. MAYOR ATTEST: C(Ac v B� City Clerk City of Wichita Falls,TX ),c4r c 46 Sales Tax Corporation `J Financial Summary Current as of August 27,2024 FY2023 FY 2024 FY 2025 Revised Revised Proposed YTD Actual YTD Actual Budget Budget Budget Beginning Fund Balance(10f1} $ 9,511,344 $ 10,643,251 $9511,344 $ 13,559,221 $ 11,924,083 REVENUES Sales Taxes $ 5r110,000 $ 5,164,778 $5,284,050 $ 3,842,436 $ 5,128,610 Interest 2438,000 654,257 471,200 794,954 763,000 Reimbursement(TI F#2) 358,232 358,735 359,707 - 359,341 Reimbursement Prior Year(Trails} - 43,633 - - - Parking Garage Lease - 1,200 - 1,500 1,500 Total Revenues 5,676,832 6,222,603 6,114,957 4,644,890 6,252,451 EXPENDITURES Annual Programs Debt Service-Projects Trail/Land/Firing Range(Ref.2018-2029)Series 2018E 452,900 454,200 454,900 - 455,000 Castaway Cove Water Pk(2010-2025}Series 2021 Taxable 231,750 102,027 101,762 101,762 102,141 TIF#2/Rhea Road(2011-2031)Series 2021 Tax Exempt 210,300 208,735 202,781 208,7E1 207,894 WF Municipal Airport(2013-2033} 140,000 140,000 140,000 - 140,000 TIE#2 Maplewood(2015-2026)Series 2015A 208,735 208,735 209,707 - 209,341 Golf Renovation(2015-2026)Series 20158 323,230 323,230 324,936 - 325,762 MP ECCanferenceCenter (2022-2050) 948,468 948,468 946,359 - 947,734 Downtown Improvement Grants 100,000 109,252 250,000 141,047 250,000 CVB Incentive Funding 35,000 35,000 35,000 35,000 35,000 Professional Fees&Advertising 4,000 6,600 4,000 7,612 10,000 Directors&Officers Insurance 5,000 4,967 5,000 - 5,000 Capital Equipment Maintenance 175,000 175,000 - - - Administration Charges 30,000 30,000 30,000 325 31,500 Parting Garage-Annual Program 25,000 21,020 25,000 - 25,000 Annual Programs Total 2,889,383 2,767,294 2,735,445 494,527 2,744,372 Original Open Projects Award 713 Indiana LLC 250,000 250,000 83,333 166,667 83,333 83,334 Bicycle Lanes 100,000 117,028 4,438 112,650 88,950 23,700 District 5 Park Improvements 318,000 26,005 - 26,005 - 26,005 Restoring the Past(604 7th) 22,350 22,350 - 22,350 - 22,350 Restoring the Past(608 7th) 49,000 49,000 - 49,000 - 49,000 Chelsea Plaza(804 Lamar} 138,991 138,991 - 132,991 - 138,991 SAFB Consultant{2026} 219,000 219,000 - 219,000 72,000 147,000 Sports Complex Improvements 197,000 197,000 - 197,000 113,752 83,248 Circle Trail Match(Camp Fire to Lucy Park) 760,688 - - 760,688 430 760,252 Riverbend Nature Center 210,000 - - 210,000 - 210,000 100 Cntrl Fwy(Land Acquisition) 835,000 - - 835,000 63 834,937 SAFB-BASH 398,000 - - 398,000 99500 298,500 Open Project Total 3,498,029 1,019,434 87,771 3,135,351 458,028 2,677,323 City of Wichita Falls,TX k-Aril ;y„ 46 Sales Tax Corporation Financial Summary Current as of August 27,2024 FY2023 FY2024 FT2025 Revised Proposed YID Actual Revised YID Actual Budget Budget Budget Beginning Fund Balance 110/1) $ 9,511,344 $ 10,549,251 $9,511,344 $ 13,559,221 $ 11,924,083 Closed Projects Pickers Universe 133,000 133,000 133,000 - - - Wichita Co Heritage{Kel I House) 100,000 100,600 100,000 - - - Backdoor Theatre 104,532 104,632 104,632 - - - Land Purchase-1500 Scotland 62,443 62,250 - - - Arts Alliance Mural 10,000 5,000 5,000 - - - TAP Grant Match(Circle Trails) 2,391,923 599,781 - - - - MPEC Conf.Center(Architect) 456,477 106,521 46,6E5 - -MP EC 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 1,017,000 - S&A LLC 815Indiana 69,556 59,556 - 69,555 69,556 - Closud Projects Total 6,282,780 4,198,125 451,567 3,086,748 3,086,556 - Total Expenditures 8,106,942 3,306,633 8,957,544 4,039,110 5,-421,695 Revenues Less Expenditures (2,430,110) 2,915,970 .:2,842,58 7:i 605,780 830,756 Less Open Projects 931,653 2,677,323 Less Budgeted Annual Programs(not yet spent) - 2,240,919 Unrestricted Fund Balance $ 7,081,234 $ 12,627,558 $6,668,757 $ 9,245,759 $ 12,754,839 ---......r