HomeMy WebLinkAboutPO 6787: AMENDING EDC BUDGET FOR FISCAL YEAR BEGINNING 10/1/2018-9/30/2019 Interoffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO
Date: June 25, 2019
Subject: P.O. No. 6787; Council Meeting of July 2, 2019
ATTACHED IS PROPOSED ORDINANCE NO, 6787, AN APPROPRIATION
ORDINANCE AMENDING THE CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION BUDGET FOR THE FISCAL YEAR BEGINNING
OCTOBER 1, 2018 AND ENDING SEPTEMBER 30, 2019 BY $267,506 FOR THE
GENERAL FUND.
P.O. NO. 6787
6/20/2019 FB
ORDINANCE NO.
AN APPROPRIATION ORDINANCE AMENDING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT CORPORATION
BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2018
AND ENDING SEPTEMBER 30, 2019 BY $267,506 FOR THE
GENERAL FUND.
WHEREAS, in accordance with Article XII, Section 9, of the City Charter,
the City Council may make emergency appropriations from time to time; and
WHEREAS, the City Council may make budget amendments for
emergencies under Section 102.009 and for Municipal purposes under Section
102.010 Local Government Code; and
WHEREAS, on September 11, 2018, the City Council approved and adopted
Ordinance 18-51 which appropriated the City of Port Arthur Section 4A Economic
Development Corporation 2018 - 2019 budget; and
WHEREAS, on June 10, 2019, the Board of Directors of the City of Port
Arthur Economic Development Corporation approved amending their October
2018 - 2019 budget by Two Hundred Sixty-Seven Thousand, Five Hundred Six
Dollars ($267,506) for Economic Development Incentives, line item 120-1429-
582.59-01.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF PORT ARTHUR:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That the City of Port Arthur Section 4A Economic Development
Corporation Budget be increased by $267,506 for Economic Development
Incentives, line item 120-1429-582.59-01.
Section 3. That Section 2 of Ordinance 18-51 is amended to read: That the
budget of PAEDC is hereby appropriated the sum of Nine Million, One Hundred
Thousand, Eight Hundred Fifty Dollars ($9,100,850).
Section 4. That a copy of the caption of this Ordinance be spread upon the
minutes of the City Council.
Section 5. That this Ordinance shall become effective immediately.
READ, ADOPTED, AND APPROVED, this 2nd day of July, 2019, AD, at a
Regular Meeting of the City Council of the City of Port Arthur, Texas by the
following vote: Ayes:
Mayor:
Councilmembers:
NOES:
Derrick Freeman, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED AS TO ADMINISTRATION:
Floyd Batiste, PAEDC CEO
APPROVED AS TO FORM:
Guy N. Goodson, PAEDC Attorney
APPROVED AS TO AVAILABILITY OF FUNDS:
Kandy Daniel, Interim Finance Director
Exhibit "A "
CITY OF PORT ARTHUR 2018-2019 BUDGET
ECONOMIC DEVELOPMENT CORPORATION FUND
Amended
Actual Actual Budget Estimated Adopted
Fund 120 15-16 I6-17 17-18 17-18 18-19
REVENUES AND OTHER SOURCES
Sales Tax $ 4,198,456 $ 3,271,135 $ 3,236,400 $ 3,750,000 $ 3,637,500
Rental Income 33,947 31,305 29,460 48,000 74,000
Sale of land 181,934 - 287,500 287,500 287,500
Interest on investments 38,530 46,878 37,411 95,000 120,000
Miscellaneous 38,958 1,343,171 50,213 41,893 41,000
TOTAL REVENUES 4,491,825 4,692,489 3,640,984 4,222,393 4,160,000
EXPENDITURES
EDC Operating Expenditures 5,765,965 2,954,094 6,081,812 3,117,006 7,941,770
Debt Service
2013 Sales Tax Refunding 545,308 544,303 543,044 543,044 546,532
Debt Service-payable to City
2012 GO Refunding-Business Park 24,978 25,796 25,026 25,026 24,883
2008 GO Bond-Business Park 217,926 216,480 217,497 217,497 217,259
2011 GO Refunding 408,360 373,836 299,299 97,297 96,300
TOTAL EXPENDITURES 6,962,537 4,114,509 7,166,678 3,999,870 8,826,744
Transfers to:
General Liability Fund(612) - 3,300
Revolving Loan Fund(119) 6,600
- - 150,000 150,000 -
TOTAL EXPENDITURES
AND TRANSFERS OUT 6,962,537 4,117,809 7,316,678 4,149,870 8,833,344
Net Excess(Deficiency)of Revenue
•
(Expenditures) (2,470,712) 574,680 (3,675,694) 72,523 (4,673,344)
Fund Balance--Beginning of the year 10,163,035 7,692,323 8,267,003 8,267,003 8,339,526
Fund Balance--End of the year $ 7,692,323 $ 8,267,003 $ 4,591,309 $ 8,339,526 $ 3,666,182
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