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Res 137-2025 amending the Wichita Falls Economic Development Corporation’s (4A) annual budget for fiscal year 2025-2026
Resolution No. 137-2025 Resolution amending the Wichita Falls Economic Development Corporation's (4A) annual budget for fiscal year 2025-2026 to reallocate funds for economic development services to Forward Wichita Falls 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, and October 7, 2025 the Wichita Falls Economic Development Corporation's Board of Directors and the City Council, respectively, approved the corporation's fiscal year 2025-26 Budget; and, WHEREAS, on October 14, 2025 the Wichita Falls Economic Development Corporation's Board of Directors approved a budget amendment to reallocate funds for economic development services from the Chamber of Commerce to Forward Wichita Falls. 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 amended and approved. PASSED AND APPROVED this the 21st day of October, 2025. MAYOR ATTEST: 1/ ((,1 A A A Icji-Anr City Clerk City of Wichita Falls,TX "Lie.. Economic Development Corporation Financial Summary Current as ed October 10,2025 FY 2024 FY267, FT26 Budget Revised Adopted Proposed fi'f D i&Llual TTD Actual BudieL Budget Budget Beginning Fund Balance(10f1) $ 19,810,115 $ 22,792,512 $ 222159,338 5 23,788,158 $ 19,267,17D REVENUES Sale Tate 5,2134,050 5,109,774 5,12E1,610 4,760,852 5,171,690 Reimbursements 200,006 189,532 200,000 123,291 - interest 719,100 1,093,477 744,175 1,018,403 851,526 Contributions-3111 Midwestern Pkwp 146 Loan) 3,54 ,000 - 3,500,0D6 Other Finand rig Source-3111 Midwestern Pkwp(Bank Loan) 19,000,030 - 19,000,000 Total Revenues $ 6,203,150 $ 5,299,307 $ 24,328,810 $ 4,8114,143 $ 28,523,216 E3PENDITURES Annual Proprenns �Pr facclfr 1- s. 30,O65 5,296 30,040] 5,178 30,000 Forward WF:ECONOrniC Develo me - - - - 2,359,000 Sheppard Military Alla irs Committee 150,000 150,0013 160,000 160,030 160,000 i.d.e.a Wichita Falls 50.006 50,000 50,000 50,'[00 50,000 Business Park Maiinteinante&Utilities 104.O03 190,370 122,500 7,829 158,433 City Administrative Expense 86.06C) 80,000 80,000 - 134,000 WF Regional Airport Facilities Bond Payment(2033) 140.660 1443,000 140,000 140,O00 140,000 Business Park Band Payment Enc.(20501 517,800 517,800 517,800 515,600 518,200 directors a MI°Meat&IrLsurance 10,06D 8,891 10,000 9,909 16,000 Travel Expenses/Education Registration 250 - 250 18 250 Annual Programs Tetal $ 1.081,050 $ 1,142,351 $ 1,110,550 $ 887,633 $ 3,509,623 Open Proiertbel ilriiL.Award Panda Biotech(8/26) 3,030,000 3,0E0,'100 394,003 2,620,000 815,030 1,805,000 Delta T Thermal(11/25) 435,000 375,006 52,500 322,500 37,500 285,000 Land 0'LaLes(20231 1,248,000 1,2131,974 1,090,003 201,974 8,000 193,974 Regional Airport Master Ptan(10%match) 75,000 76,000 - 75,000 76,030 - WestIake Chemical(20261 1,175,000 1,175,030 - 1,175,000 - 1,175,000 MSU Military Education Center 1,000,000 1,0E0,030 1,000,000 - 1,000.006 SAFE Suube Light Repair 500,000 500,000 - 500.000 Sealed Air Corporation EcparlsieWi 1,0 E0,000 3,000,000 1,500,000 1,500.000 Pul Lila se-3111 Mldweterri Parlkway 29,0E0,000 2,250,000 26,750.000 NUCO Corn cis,LLC 1,175,000 - 1„175,0 C, Forward WiLFiita Falls(Mall Management) 300,000 - 300,000 Open ProjettiTotal S 9,484,009 $ 5,827,974 S 1,516,500 $ 39,370,47E $ 4,686,500 $ 34,6133,974 Closed Protects Chamber:Employee Recruitment 50,000 - 50,000 50,ECO - Maglc Aire(2024) 73,000 75,0D0 75,001 - - - Senderoo(2025) 20,625 20,625 20,625 - - - Flowmet Phase 151251 57,453 57,463 - 57,463 - - Tuyer Processing 13f251 150,000 93,060 - 90,000 - - Covercraft(2026) 285,000 285,030 295,0E4 - - - Seasons Eatings(2028) 36,500 36,5E0 36,500 - - - Regional Airport Hangar Modifications 118,200 46,666 - 45,656 - - Sheppard PFB Airlleld Projects and Equip. 133,979 133,979 133,979 133,979 - Business Park Mineral Rights 1,000,000 1,000,000 475,030 - Compass ContairnerWorts 1,500,000 1,5E0,030 - 1,.500,000 - - Clayton Homes(12/241 1,734,700 1,734,700 - 1,734,700 - - Busine5s Park Mineral Rights 1,000,000 1,000,000 745,030 - AviatiOn Business Park Due Diligence 55,950 55,850 55,850 - Chambar:RedevekrpmentProject 500,000 500,000 500,030 - Wichita Faits Chamber 122,500 122,500 122,500 - Charnber:Economic.Development 1,169,113 1,150,988 1.464,030 1,486,C0] - Downtown WF Development 126,506 126,500 133,'=00 99,750 - Closed Pr effects Total $ 6,420,538 $ 5,325,545 $ 1,594,513 S 7,899,158 5 3,668,079 $ - Tnta1 Expenditures S 13,235,570 $ 4,353,454 $ 49,359,182 $ 9,42212 $ 38,191,657 Revenues Less Expenditures $ (7,032,4201 $ 945,943 $124,040572) $ (4,353,069) $ (9,570,544 Less Encumbrance for Open Projects 6,627,974 5,311,474 12,183, 74 Less Encumbrance for Budgeted Annual Programs(not yet spent) 160,301) 222,917 Unrestricted Fund Balance $ 6,574,545 $ 18,4760682 $ (1,780,231) $ 7,073,196 $ 9,53I6,52J ":Date financial commitment ends_Per{ornlanoe and date may vary.