4A Wichita Falls Economic Development Minutes - 09/21/20170
MINUTES OF THE
WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
September 21, 2017
PRESENT:
Dick Bundy, President § WFEDC Members
Reno Gustafson, Vice President/Secretary-Treasurer §
Leo Lane §
Darron Leiker §
David Toogood §
Jim Dockery, Deputy City Manager/CFO
R. Kinley Hegglund, Jr., City Attorney
Linda Merrill, Recording Secretary
Henry Florsheim, CEO
Kevin Pearson, V.P., Economic Development
Travis Haggard, V.P., BR&E
Adrene Wike, Research Associate
Brian Havins, Marketing
1. Call to Order
§ City Staff
§ Chamber of Commerce and Industry
Dick Bundy called the meeting to order at 3:30 p.m.
2. Approval of Minutes (9/6/17)
Leo Lane moved for approval of the minutes. Seconded by David Toogood, the motion
carried 5-0.
3. Financial Report
Revenues total $3.2 million, with two more months of sales tax receipts to be received.
Revenues should ultimately fall within the $3.8 - $3.9 million range.
The expenditures of open projects and annual programs total $5.2 million, $2 million more
than revenues. The Board has a beginning cash balance of $18 million, and an ending cash balance
of almost $16 million. However, approximately $11.8 million is reserved for encumbrances.
The Board has an unreserved fund balance of $4.2 million and is estimated to end the year
at $4.7 million, assuming the projected sales tax receipts come in as anticipated for the remaining
two months and no further encumbrances.
4. Discussion of FY 2017-18 WFEDC operating budget
Mr. Dockery anticipates the Board to end FY 2016-17 at $16.5 million, so he budgeted the
beginning cash balance of FY 2017-18 at the same figure. He did not budget for MagicAire, as the
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amount they pay is based upon performance. He used a ballpark figure of $100,000 for interest
earnings. A sum of $3.835 million in revenues is proposed.
He then briefly discussed the annual programs:
• Ad valorem for the Stanley building - $40,000
• Professional fees (outside legal, professional, engineering services) - $30,000
• Three Chamber line items total $985,000: $601,716 for the Chamber personnel;
$325,000 for economic development; and $59,191 for Choose Wichita Falls. Henry
Florsheim told him to take the reduction out of the Choose Wichita Falls line item.
• SMAC - $140,000
• Downtown Wichita Falls Development - $100,000
• Idea Wichita Falls - $30,000
• Business Park Maintenance - $112,000
• Administrative overhead for the City - $50,000
• Regional Airport debt service - $150,000
• Electricity - $400
• Stanley building - $140,000 for 12 months
• ATCO - $30,000 until it is sold
Revenues total $3.8 million; with $1.7 million in expenses and a surplus of $2 million the
Board can consider spending throughout the year (plus any of its reserves of approximately $6.8
million).
The group discussed the need to routinely unencumber funds once a project's contract has
expired. Mr. Dockery said they had gone through the projects earlier this year. Mr. Lane noted it
is important to have a picture of how much money the Board actually has. Mr. Dockery said the
Board has $4.7 million with no contractual obligations, but the likelihood is that it will have more
available due to expired projects.
4. Executive Session
Mr. Bundy adjourned the meeting into executive session at 3:50 p.m. pursuant to Texas
Government Code §551.087. He announced the meeting back into regular session at 5:25 p.m. The
subjects posted in the Notice of Meeting were deliberated, and no votes or further action was taken
on these items in executive session.
5. Discussion and possible approval of FY 2017-18 WFEDC operating budget
Darron Leiker moved for approval of FY 2017-18 WFEDC operating budget as presented.
Seconded by Reno Gustafson, the motion carried 5-0.
6. Adjourn
The meeting adjourned at 5:26 p.m.
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Di k Bundy, President