HomeMy WebLinkAboutRES 082515-H - GEDCO BudgetA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, ACCEPTING THE PROPOSED 2015116
BUDGET FOR THE GEORGETOWN ECONOMIC DEVELOPMENT
CORPORATION (GEDCO).
WHEREAS, the City is required by State Law, the Bylaws of the Georgetown Economic
Development Corporation (GEDCO), previously established pursuant to Vernon's Rev. Civ.
Stat. Ann., Article 5190.6 Section 4(A) to approve an annual budget; and
WHEREAS, the appropriations were approved by the GEDCO 4A Board on August 17,
2015; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2015 and ending
September 30, 2016i
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct ' and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim. The City Council hereby finds that this
resolution complies with the Vision Statement of the City of Georgetown 2030 Comprehensive
Plan.
SECTION 2. The City Council of the City of Georgetown hereb accepts the proposed
y
2015/16 budget of the Georgetown Economic Development Corporation (GEDCO) for the
twelve month period beginning October 1, 2015 and ending September 30, 2016 in accordance
with State Law and the GEDCO Bylaws.
APPROVED AS TO FORM:
Bridget Chap an
City Attorney
Resolution No.D 2 R5 IS-- 0
Description: 2015/16 GEDCO Budget Resolution
Date Approved: August 25, 2015
Page 1 of 1
THE CITY OF GEORGETOWN:
By: Dale Ross
Mayor
2015116 Budget
$ 1,345,313
Bond Proceeds 3,100,000
Interest Income 7,500
Lease Revenue 48,000
Total Revenue 4,500,813
Less:
Interlocal Agreement
211,200
Supplies
300
Legal
7,500
Travel & Training
1,500
Promotional & Marketing Programs
81,000
Miscellaneous Expenses
2,500
Bond Issuance Costs 87,500
Loan Repayment - (Citicorp) 106,694
Economic Development Projects (Unidentified)
4,159,774
Existing Commitments:
Georgetown ISD
109,496
Summit @ Rivery (Pending)
4,500,000
Tasus
67,500
Dispersol Technologies
200,000
Total Operating Expense
9,534,964
Annual Excess Revenues
$ (5,034,151)
Beginning Fund Balance - Projected 5,370,479
+/- Annual Excess Revenues (5,034,151)
Less:
Contingency Reserves (= 25% Revenue) 336,328
Ending Unreserved Fund Balance $
** Due to appropriation of prior year existing fund balance per GEDCO bylaws.
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