HomeMy WebLinkAboutRES 082322-AG - 2023 GEDCO BudgetRESOLUTION NO. CW Z�
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, ACCEPTING THE PROPOSED 2023 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 18
2022; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2022 and ending
September 30, 2023;
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, 2022 and ending September 30, 2023 in accordance with
State Law and the GEDCO Bylaws.
RESOLVED this 23rd day of August, 2022.
ATTEST:
ore By:
City Secretary��
APPROVED AS TO FORM:
Skye Wassok
City Attorney
Resolution No. _C L 3 2
Description: 2023 GEDCO Budget Res, ution
Date Approved: August 23, 2022
Page 1 of 1
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION FUND
The Georgetown Economic Development Corporation (GEDCO) considers requests and also grants
economic development funds as authorized and defined by the Internal Revenue Code of 1986,
Section 4A, leading to the creation or retention of primary jobs and/or provision of significant capital
investment which benefits the community of Georgetown. The funding source is 1/8th cent of the
City's sales tax rate.
FISCAL YEAR 2022
Total revenues are projected to be $3.2 million, which is a 14% percent increase over budget. This
increase is due to strong sales tax collections.
Total expenses are projected to be $6.9 million, which is more than the budgeted amount of $2
million. This is largely due to the timing of economic development incentive payments and the
fund will be amended at year-end. Several approved agreements have met their performance
targets to receive reimbursement: Champion Site Prep, Motion Commercial, Sedro Crossing,
NorthPark35, and WBW Development. Additional payments are anticipated for Atmos, CelLink,
Texas Outdoor Power, and Texas Speed.
Total fund balance as of September 3011, 2022 is projected to be $2.7 million with a sales tax
contingency reserve of $665 thousand and a reserve for debt service of $204 thousand.
FISCAL YEAR 2023
Budgeted revenues are expected to total $3.5 million. Sales tax is projected to increase 8% over
2022 projections.
Budgeted expenses total $4.6 million. This includes the cost of all currently anticipated Economic
Development projects for CelLink, Loram, Texas Outdoor Power, Texas Speed and WBW. The
budget includes $100 thousand for the startup of a small business loan program. GEDCO's share of
Joint Services and General Fund Allocations total $584 thousand. A cost allocation study was
completed which results in a slight decrease of GEDCO's allocation to the General Fund, and a large
increase to GEDCO's allocation to the Joint Services Fund. These increases are a result of the data
sets used to allocate Economic Development department, Finance departments, City Manager's
Office, and other support services. The annual debt service payment for the Sheraton Garage in the
Rivery TIRZ is $204 thousand. They repayment of a loan from the Water Fund is $90 thousand.
Total fund balance is projected to be $1.5 million as of September 301h. This meets the contingency
requirement of reserving 25% of budgeted sales tax revenue, as well as the debt service reserve
requirement.
FUND SCHEDULE
• •
FY2021
FY2022
FY2023
Actuals
Amended
Budget Projected
Proposed
Base Bud et Changes Bud et
Beginning Fund Balance
5,740,067
992,725 6,416,281
2,702 438 - 902 438
40002:Sales Taxes
2,654,706
42001:lnterest Income
24,863
Operating Revenue Total
2,679,569
1perating Expense
Operations
406,571
Transfers
1,200,284
Operating Expense Total
1,606,855
Available Operating Fund
Balance
6,812.781
45001:Misc Revenue
Non -Operating Revenue Total
2,781,251 3,163,51q 3,416,599 - 3,416,599
25,000 25,0001 30,000 - 30,000
2,806,251 3,188,518 3,446,599 - 3,446,599
682,104
546,1541
804,310
- 804,310
202,769
202,7691
204,019
- 204,019
884,873
748,923
1,006,329
- 1,008,329
2.914,103
8,855,87
5,140,708
- 5,140,708
2,610
Operations
396,500
1,076,000
6,064,0001
3,528,500
- 3,528,500
Debt Service
90,572
92.048
92,0481
91626
- 91,626
Non -Operating Expense
487,072
1,168,048
6,156,048
3,620,126
- 3,620,126
- 1,520,582
Ending Fund Balance
6,32S 709
1,746,05S
2,702A3
1,520 582
AFR Adjustment
90,572
-
-
- -
Contingency
505,468
665,371
665,371
878,044
- 878,044
Debt Service Reserve
202,769
204,019
204,019
205,519
- 205,519
Reserves Total
708,237
869,390
869,390
1,083,563
- 1,083,563
Available Fund Balance
5,708,0441
876,665
1,833,0
437,019
- 437,01
o0
00
a
;
F
tin000 $la ...0oo . a ao 0 0 o II
o o$ a g m o 0 o a
m o �o �o �N • j m
N N O O M m
m v
3' o 0 3F �° o g l e
o n N M o r o ao
0 m m 0 a o m
0 om `n° m o r o n
a 0 0 0 0 0 o v
� o o voi o o
a a g vrvi o � .on
N 1G
0 o 0 0 0 o g
0 0 0 0 0 0
�O O O N O O ••I
R N T N O� IN
M 01 n
m m 0- O o v,
w 0 0 m 0 0 N n
n m o ro o N 0
01 N O M M
00 O ti O _ O
N .i V ED
N W N N I I AM
T 0
m n w m m ry m
N a0 �D O 00 �D Ifl
M
e°
0