HomeMy WebLinkAboutRES 091421-J - FY2022 GEDCO BudgetRESOLUTION NO. 09 I —5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, ACCEPTING THE PROPOSED 2022 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 Type A Board on July 19,
2021; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2021 and ending
September 30, 2022;
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.
SECTION 2. The City Council of the City of Georgetown hereby accepts the proposed
2021 budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve
month period beginning October 1, 2021 and ending September 30, 2022 in accordance with
State Law and the GEDCO Bylaws.
RESOLVED this 14th day of September, 2021,
ATTEST: THE CI4F GEORGETOWN:
Robyn De smore By: J h S hroeder
City Secretary Mayor �
APPROVED AS TO FORM:
Skye Ws -son(
City Attorney
Resolution No. Oq IZ4 v — S
Description: 2022 GEDCO Budget Resolution
Date Approved: September 14, 2021
Page 1 of 1
FY2020
Actuals
-
FY2022
-
-
-
IFY2022
Amended Budget Projected
Base Budget Changes
Proposed Budget
Beginning Fund Balance
4,976,732
8,845,777
5,740,067
992,725
992,725
Revenue
40002:Sales Taxes
42001:lnterest Income
2,122,831
98,282
2,063,750
19,000
2,546,875
25,000
2,661,484
25,000
2,661,484
25,000
Revenue Total
2,221,114
2,082,750
2,571,875
2,686,484
2,686,484
Operations
Debt Service
Transfers
1,145,778
104,211
207,789
8,850,174
90,572
1,200,169
6,028,476
90,572[71,758,104
1,200,169202,769
92,048
1,758,104
92,048
202,769
Expense Total
1,457,778
20,140,915
7,319,217
2,052,922 -
2,052,921
Ending Fund Balance
5,740,067
787,612
992,725
1,626,288 -
1,626,298
Contingency
Debt Service Reserve
689,467
-
505,468
202,769
505:468
202,769
665,371
204,019
665,371
204,019
Reserves Total
689,467
708,237
708,237
869,390 -
869,390
Available Fund Balance
5,050,6001
79,375
284,488
756,898 -
756,898