Res 100-2016 10/4/2016Resolution No. _100-2016__
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation Budget for Fiscal Year
2016-2017
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 31, 2016, the Wichita Falls Economic Development
Corporation’s Board of Directors approved the attached 2016-2017 Budget; and,
WHEREAS, the City Council finds the expenditures designated below for
“administration” are for the administration of projects intended to create primary jobs
pursuant to Tex. Local Gov’t. Code § 501.002, and the expenditures designated below
as “promotional” are promotional expenditures that advertise and publicize the City of
Wichita Falls for the purpose of developing new and expanded business enterprises;
and,
WHEREAS, this resolution finds that the funds budgeted for the:
Chamber Personnel expenditures in the Economic Development Services
Contract with the Chamber of Commerce and Industry are $473,407
administration and $87,500 promotional;
Economic Development Marketing expenditures in the Economic
Development Services Contract with the Chamber of Commerce and Industry
are $200,000 administration and $25,000 promotional;
Sheppard Military Affairs Committee, Inc. (SMAC) Contract are $240,000
administration and $0 promotional;
Business Plan Contest (Lalani Center) of Midwestern State University are
$30,000 administration and $0 promotional;
Downtown WF Development, Inc. are $0 administration and $100,000
promotional;
Choose Wichita Falls Campaign expenditures are $29,000 administration and
$171,000 promotional;
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 2016-17
4A WFEDC Budget of the Wichita Falls Economic Development Corporation (WFEDC)
are hereby approved.
PASSED AND APPROVED this the 4th day of October, 2016.
______________________________
M A Y O R
ATTEST:
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City Clerk
Fiscal Year 2016-2017 4A WFEDC Budget