HomeMy WebLinkAboutORD 2016-42 - GEDCO Budget AmendmentORDINANCE NO. O I to ' y
AN ORDINANCE AMENDING THE 2016 GEORGETOWN ECONOMIC
DEVELOPMENT CORPORATION ANNUAL BUDGET DUE TO APPROVED
SPENDING OF AVAILABLE ECONOMIC DEVELOPMENT PROJECT
FUNDS FOR THE TEXAS LIFE SCIENCES COLLABORATION CENTER
THAT HAD NOT BEEN FINALIZED WHEN THE BUDGET WAS ADOPTED,
AND REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN
CONFLICT THEREWITH.
WHEREAS, the Georgetown Economic Development Corporation is funded through
portion of sales taxes in the City of Georgetown; and
WHEREAS, the Georgetown Economic Development Corporation fiscal year 2016
operating budget includes $4,159,774 of funding available for Economic Development
Projects; and
WHEREAS, the changes were unknown and unforeseeable at the time the fiscal
year 2016 budget was approved; and
WHEREAS, the City Charter allows for changes in the Annual Operating Plan by a
Council majority plus one in emergency situations;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION 1.
The facts and recitations contained in the preamble of this ordinance 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.
SECTION 2.
The amendment to the 2016 Georgetown Economic Development Corporation Budget
expenses of conducting the affairs thereof, is in all things adopted and approved as an addition
to the previously approved budget of the current revenues and expenses as well as fixed
charges against said City for the fiscal year beginning October 1, 2015, and ending September
30, 2016. A copy of the amendment is attached hereto as Exhibit "A" incorporated by reference
herein.
SECTION 3.
The total of $100,000 is hereby appropriated for payments to the Texas Life Sciences
Collaboration Center and included in the Exhibit "A".
Ordinance Number:Q0 It � — q a
Description: Reorganization Budget Amendment
Date Approved: May 10, 2016
Page 1 of 2
SECTION 4
All ordinances and resolutions, or parts of ordinances and resolutions, in conflict with this
Ordinance are hereby repealed, and are no longer of any force and effect. This ordinance
complies with the vision statement of the Georgetown 2030 Plan.
SECTION 5.
If any provision of this ordinance or application thereof to any person or circumstance, shall
be held invalid, such invalidity shall not affect the other provisions, or application thereof, of this
ordinance which can be given effect without the invalid provision or application, and to this end
the provisions of this ordinance are hereby declared to be severable.
SECTION 6.
The Mayor is hereby authorized to sign this ordinance and the City Secretary to attest.
This ordinance shall become effective upon adoption of its second and final reading by the City
Council of the City of Georgetown, Texas.
PASSED AND APPROVED on First Reading on the 26h day of April, 2016.
PASSED AND APPROVED on Second Reading on the 10th day of May, 2016.
ATTEST:
Shelley No in
City Secret
APPRO TO FORM:
Charlie McNabb
City Attorney
Ordinance Number: QOIlAof
Description: Reorganization Budget Amendment
Date Approved: May 10, 2016
TH ITY OF G RGETOWN:
By: Dale Ross
Mayor
Page 2 of 2
EXHIBIT A
2016 GEDCO Budget Amendment
Georgetown Economic Development Corporation
Proposed budget amendments include an increase in expenditures for Texas Life -Sciences Collaboration Center due
to an agreement that was finalized in January 2016 and a reduction to the Economic Development Projects
expenses.
Impact
Beginning Fund Balance $
5,370,479 $
5,370,479
Revenues
Total Revenues
4,500,813
4,500,813
Expenses
Economic Development Projects
4,159,774 (100,000)
4,059,774
Texas Life Sciences
- 100,000
100,000
All Other Expenses
5,375,190
5,375,190
Total Expenses
9,534,964 -
9,534,964
Total Increase in Expenditures $
Net Decrease in Fund Balance $