Res 094-2015 10/6/2015Resolution No. 94-2015
Resolution approving the programs and expenditures of the Wichita
Falls Economic Development Corporation Budget for Fiscal Year
2015-2016
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 17, 2015, the Wichita Falls Economic Development
Corporation’s Board of Directors approv ed the attached 2015-2016 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 budget ed for the:
Chamber Personnel expenditures in the Economic Development Services
Contract with the Chamber of Commerce and Industry are $347,940
administration and $80,151 promotional;
Regional Marketing Taskforce expenditures in the Economic Development
Services Contract with the Chamber of Commerce and Industry are $29,853
administration and $95,000 promotional ;
Sheppard Military Affairs Committee, Inc. (SMAC) Contract are $140,000
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 $100,000 promotional;
Community Wide Promotional Expenditures are $175,000 promotional;
Wayfinding Signage Project Expenditures are $225,000 pro motional.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
The programs and expenditures described in the attached Fiscal Year 2015-
2016 4A WFEDC Budget of the Wichita Falls Economic Development Corporation
(WFEDC) are hereby approved.
PASSED AND APPROVED this the 6th day of October, 2015.
______________________________
M A Y O R
ATTEST:
____________________
City Clerk
Fiscal Year 2015-2016 4A WFEDC Budget
4A Corporation Budget & Financial Statement
8/31/2015 Adopted Adopted YTD Projected Proposed
Previously FY 13 FY 14 FY 14 FY 15 FY 15 FY 15 FY 16
Approved Actual Budget Actual Budget Actual Ending Budget
Revenue
Sales Taxes 3,677,061$ 3,634,248$ 3,732,923$ 3,798,949$ 2,808,206$ 3,722,651$ 3,722,651$
Other Rents (ATCO Lease)106,800$ 106,800$ 106,800$ 106,800$ 97,900$ 106,800$ 106,800$
Reimbursements (Property Tax, Magic Air)35,062$ 28,711$ 649,096$ 29,750$ 36,904$ 36,904$ 29,750$
Interest 14,844$ 16,500$ 5,114$ 5,000$ 7,102$ 8,000$ 8,000$
Project Repayment (Travel Center)81,327$ 81,327$ 81,327$ 81,327$ 81,327$ 81,327$
Sale of Assets 367,430$ -$
Total Revenues 3,833,767$ 3,867,586$ 4,942,690$ 4,021,826$ 3,031,439$ 3,955,682$ 3,948,528$
Completed / Closed Projects
Wichita Clutch (09/2014) 740,000$ 300,000$
WF Downtown Travel Center 243,980$ 243,980$
Cryovac (12/2014) 272,000$ 252,000$
PITF Community Promo - Phase 1 750,000$ 123,556$ 70,026$
PPG Reclaim Water Facilities 1,145,000$ 1,145,000$
Carter Copter Aircraft Devt (10/2013) 4,000,000$ 545,016$ -$
Ameri-Kal Vitamin Manufact. (09/2014) 75,000$ 18,000$ -$
Tobol Industries (1/2014) 196,750$ 123,199$ -$
Ulm Corp. (4/2016) 2,396,400$ 600,000$ -$
Annual Programs
Ad Valorem Tax 29,705$ 28,711$ 28,752$ 29,750$ 29,237$ 29,237$ 29,750$
Professional Fees 24,844$ 30,000$ 9,599$ 30,000$ 5,693$ 10,000$ 30,000$
CCI-Contract 341,314$ 401,895$ 381,905$ 405,742$ 381,293$ 381,293$ 428,091$
Regional Marketing Taskforce 100,000$ 100,000$ 100,000$ 124,474$ 124,474$ 124,474$ 124,853$
SMAC 100,000$ 100,000$ 100,000$ 100,000$ 100,000$ 100,000$ 140,000$
Downtown WF Devlpmt, Inc. 75,000$ 75,000$ 75,000$ 100,000$ 100,000$ 100,000$ 100,000$
Business Plan Contest (Lalani) 27,500$ 30,000$ 30,000$ 30,000$ 30,000$ 30,000$ 30,000$
Business Park Maintenance 82,116$ 97,281$ 79,216$ 99,023$ 99,023$ 102,202$
Water/Sewer Sanitation 5,102$ 7,500$ 2,675$ 7,500$ 3,645$ 4,500$ 4,500$
Electricity 338$ 600$ 261$ 600$ 101$ 150$ 400$
City Administrative Expense 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$
WF Regional Airport Facilities (2033) 140,000$ 140,000$ 140,000$ 140,000$ 140,000$
Open Projects (Termination Date: MM/YYYY)
PITF Community Promo - Phase 2 200,000$ 200,000$ 85,770$ 110,000$ 175,000$
ED Strategic Planning 20,000$ -$ 10,000$
Labor Market Study 20,000$
Best Practices Site Visits 15,000$
Wayfinding Project (Promotional) 225,000$
Excalibur Paint and Coatings (02/2017) 1,500,000$ 115,722$ (500,000)$ -$
Arrow Manufacturing (01/2015) 178,250$ 70,000$
Tryer Process Equipmt 2012 (12/2014) 112,000$ 28,000$ -$
Hlth Care Svcs Corp (BCBS) (12/2018) 820,000$ 670,000$
Nocona Transport (3/2019) 216,000$ 24,000$ 24,000$
Eagle Rail Car Services (10/2020) 928,800$ 500,000$ 352,000$ 352,000$
Lone Star Milk Producers (01/2016) 116,000$ 75,376$
Cryovac -- Printer Install (4/2016) 304,280$
Arrow MP Downhole Project 208,250$ 118,750$ 118,750$
Hunting Titan 185,500$
Lone Star Milk Transport (06/2017) 310,364$ 310,364$
Safety Design USA (06/2018) 688,500$
Alcoa Water Treatment Project 1,200,000$
Sealed Air - Cryovac IP Water Reuse 300,000$
Eagle Rail Car -- Project II 928,800$ 500,000$ 500,000$
Cobra Kai Simulator Project 140,000$ 140,000$ 140,000$
Pratt & Whitney Technology 1,815,000$
AMFUEL Project 2,010,750$
Total Expenditures 3,627,392$ 2,720,017$ 3,058,434$ 8,730,503$ 1,970,963$ 2,675,167$ 1,624,796$
Revenues Less Expenses 206,375$ 1,147,569$ 1,884,256$ (4,708,677)$ 1,060,476$ 1,280,515$ 2,323,732$
Beginning Cash Balance 15,364,061$ 16,473,255$ 15,570,434$ 17,490,716$ 17,454,690$ 17,454,690$ 18,735,205$
Ending Cash Balance 15,570,434$ 17,620,824$ 17,454,690$ 12,782,039$ 18,515,166$ 18,735,205$ 21,058,937$
Reserved For Encumbrances 7,618,935$ 9,164,865$ 2,453,080$ 2,453,080$ 9,212,107$ 8,844,282$ 8,844,282$
Unreserved Fund Balance 7,951,499$ 8,455,959$ 15,001,610$ 10,328,959$ 9,303,059$ 9,890,923$ 12,214,655$