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Res 129-2025 approving the Wichita Economic Development Corporation Budget for Fiscal Year 2025-2026 10/07/2025
Resolution No. 129-2025 Resolution approving the Wichita Economic Development Corporation Budget for Fiscal Year 2025-2026 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 18, 2025, the Wichita Falls Economic Development Corporation's Board of Directors approved the attached 2025-26 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 2025-26 Budget of the Wichita Falls Economic Development Corporation are hereby approved. PASSED AND APPROVED this the 7th day of October, 2025. MAYOR ATTEST: fill City Clerk 9 City of Wichita Falls,TX 4 Economic De.elopment Corporation Financial Summary \V/ Current as of September 16,2E125 FV 2024 FY 2025 FY26 Budget Revised Adopted Proposed Budget YlL Actual Budget YID Actual Budget Bagrwltr(Fund Balance(10fi) S 19,316,115 5 22.7E2,012 5 22,256,33B 5 23,776,031 $ 20,657,2E12 REVENUE Sales Taxes 5,294,1350 5,109,774 5,128,610 3,691,009 5,171,690 Reimbursements 200,01313 189,532 200,0W 123,291 - Interest 719,1130 1,093,477 744,175 950,758 851,526 Coritrlbutlmrts-3111hidwesternPkwy{46 Loan I. 3,5W,604 - 3.5(0.000 Other Financing Sources-3111 Midwestern Pkwy(Bank Loan) 19,0E0,0130 - 19.600,000 Total Revenues $ 6,203,150 $ 5299,307 $ 24,328,610 $ 4,014,3E0 5 28,523,216 EXPENDITURES Annual Pro9 r11a Professional Fees 30,660 5,290 30,600 - 30,066 Chamber.Economic Development 1,169,113 1,150,9138 1,4E4.0013 1,486,660 2,359,000 Sheppard Military Affairs Committee 150,O60 150,606 1670,000 125,600 160.000 Ld.e.a Within Falls 50,660 50,606 50.660 50;060 50.666 Business Park Maintenance EL Utilities 104,660 190,370 122.560 5,956 158.433 ❑Sy Administrative Expense 613,000 80,000 66.66d - 64.666 WF Regional Airport Facilities Bond Payment(213331 14E1,000 140,660 140.000 140;660 140.000 Business Park Bond Payment End.(20501 517.1(0 517,660 517.866 515,660 51&.266 Directors and Officers Insurance 10,660 8,691 10.0013 9)009 10.0013 Travel Expenses/Education Registration 250 - 250 16 256 Annual Programs Total $ 2251,163 $ 2,93,339 $ 2,574,550 $ 2,331,5E3 $ 3,509,683 Open Pralectss`I One.Award Panda Biotech(8/261 3,000,000 3,060,006 334,600 2,620,000 615,060 1,1305,000 Delta T Thernral111/251 435=000 375,006 52,500 322,5E0 37,560 2E5,000 Land 0"Lakes(2023) 1,243=0(10 1,201,974 1,690,600 201,974 8,000 193,974 Regional Airport Master Plan(10%match) 76,000 76,600 - 76,000 - 76,000 Westlake Chemical 12026) 1,175,000 1,175,006 - 1,175,0E0 - 1,175,000 MSU Military Education Center 1,000,000 1,6C0,600 1,000,000 - 1,6E0,600 SAFE Strobe Light Repair 500,033 500,000 - 560,000 Sealed Air Corporation Expansion 1.000,000 3,600,000 1,506,000 1,560,000 Purchase-3111 Midwestern Parkway 29,000,600 - 29,000,600 Open Projects Total $ 9,434.000Q $ 6,327,974 $ 1,16,50D $ 37,395,474 $ 2,360,500 $ 35,534,974 Closed Projects Chamber:Employee Recruitment 50,000 - 50,000 50,000 - Magic Aire(20241 75,060 75,000 75,000 - - - Senderco(2025) 20,625 20,625 20,625 - - - Hawmet Phase 216/25) 57,463 57,463 - 57,463 - - Tryer Processing 13/25) 150,000 90,000 - 90,000 - - Cowercraft(20261 295,066 285,0E0 25,000 - - - Seasons Ealtlugs(21128) 36,500 36,500 36,5E0 - - - Regional Airport Hangar Modifications 1191,200 46,6E6 - 46,666 - - Sheppard AFB Airfield Projects and Equip. 133,979 1333,979 133,979 133,979 - Business Park Mineral Rights 1,000,000 1,000,000 475,600 - Compass Container Works 1,500,0013 1,500,000 - 1,500,000 - - Clayton Homes 112/241 1,734,7I313 1,734,700 - 1,734,7E 0 - - Business Park Mineral Rights 1,000,000 1,000,000 745,600 - AviationBusinessParkDueDiligence 55,350 55,1350 55,1350 - Chamber.Redevelopment Project 500=600 500,060 500,600 - Wichita Falls Chamber 122,530 122,500 122,500 - Downtown WF Development 126,5E0 126,500 133.000 99,750 - Closed PrOjeEt Total $ 6,420,5313 $ 4, 6,433 $ 543,625 $ 6,424,158 $ 2,1182,979 $ - 115 Total Expendltores $ 13.235,570 $ 4,353,464 $ 46,394,1E2 $ 6,374,162 $ 39,044,1357 Revenues Less Expenditures $ 17,032,4201. 5 945,1343 $12.2,5E5,5721 $ 12,1359,13621 $ (10,521,641) Less Encumbrance for Open Projects 6,1327,974 5,311,474 13,1334,974 Less Encumbrance for Budgeted Annual Programs(not yet spentl (42,1761 242,967 \ Unreetrlcted Fund Balance $ 6,574,545 $ 16,4541,557 $ (305,234) $ 7r631,228 Cr10.145,56J 11'Date financial commitment ends.Performance end date may vary.