HomeMy WebLinkAboutORD 2016-48 - Reorg GEDCO Budget AmendORDINANCE NO. ( O
AN ORDINANCE AMENDING THE 2016 GEORGETOWN ECONOMIC
DEVELOPMENT CORPORATION ANNUAL BUDGET DUE TO APPROVED
SPENDING OF AVAILABLE ECONOMIC DEVELOPMENT PROJECT
FUNDS FOR THE RETAIL STRATEGY AND RECRUITMENT PLAN 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
a portion of sales taxes in the City of Georgetown; and
WHEREAS, the Georgetown Economic Development Corporation fiscal year 2016
operating budget includes $4,059,774 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 $71,000 is hereby appropriated for payments to hire Catalyst and included in the
Exhibit "A".
SECTION 4
Ordinance Number: abl�o_� g Page 1 oft
Description: Reorganization Budget Amendment Sur+G �8, o1Dl�s
Date Approved: June 14, 2016 ands P -i. dA nq
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Ordinance are hereby repealed, and are no longer of any force and effect.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 14t^ day of June, 2016.
PASSED AND APPROVED on Second Reading on the 28th day of June, 2016.
ATTEST:
S n
Shelley Nowli
City Secretary
APPROVED AS TO FORM:
Charlie McNab
City Attorney
Ordinance Number: lil 9
TH CITY OF GEORGETOWN:
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By: Dale Ross
Mayor
Description: Reorganization Budget Amendment
Date Approved: June 14, 2016 alnck (q drnq Sv�e tit
Page 2 of 2
EXHIBIT A
2016 GEDCO Budget Amendment
Georgetown Economic Development Corporation
Proposed budget amendments include an increase in expenditures for a retail strategy consultant approved by
Council on April 12, 2016 and a reduction to the Economic Development Projects expenses.
Total Increase in Expenditures $
Net Decrease in Fund Balance $
2016 Approved
Budget
Impact of
This Action
2016 Amended
Budget
Beginning Fund Balance
$ 5,370,479
$
5,370,479
Revenues
Total Revenues
4,500,813
4,500,813
Expenses
Economic Development Projects
4,059,774
(71,000)
3,988,774
Catalyst - Retail Plan
-
71,000
71,000
All Other Expenses
5,475,190
-
5,475,190
Total Expenses
9,534,964
9,534,964
Contingency Reserves
336,328
336,328
Available Ending Fund Balance
$ -
$
$ -
Total Increase in Expenditures $
Net Decrease in Fund Balance $