HomeMy WebLinkAboutPO5556: EDC BUDGET Memorandum
City of Port Arthur, Texas
Finance Department
To: Steve Fitzgibbons, City Mana~
From: Rebecca Underhill, Director of~e
Date: September 9, 2005
Subject: Proposed Ordinance No. 5556
Presented for Council consideration and approval is PO 5556 which adopts
the Budget for the Port Arthur 4A Economic Development Corporation.
P. 0. 5556
JJA: 9191/06
ORDINANCE NO.
AN APPROPRIATION ORDINANCE APPROVING AND ADOPTING A
BUDGET FOR THE CITY OF PORT ARTHUR SECTION 4A ECONOMIC
DEVELOPMENT CORPORATION FOR THE ENSUING FISCAL YEAR
BEGINNING OCTOBER 1, 2005 AND ENDING SEPTEMBER 30, 2006
IN ACCORDANCE WITH SECTION 12.03 OF THE BYLAWS OF THE
CORPORATION.
WHEREAS, the Section 4A Economic Development Corporation Board approved a budget
on September 7, 2005; and
WHEREAS, the Section 4^ Economic Development Corporation Budget was included in the
City Manager's Budget as submitted to City Council on July 12, 2005; and
WHEREAS, the City Council conducted a Public Hearing on the proposed budget on
^ugust 30, 2005,
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 budget of the City of Port Arthur Section 4A Economic Development
Corporation is hereby adopted and approved as shown in Exhibit "A".
Section 3. That the EDC will not expend any funds without Council approval.
Section 4. That the Executive Director of the Economic Development Corporation shall
file a true and correct copy of the Ordinance and the budget with the County Clerk of Jefferson
County, the County Clerk of Orange County, and with the Texas Department of Economic
Development.
Section 5. That this Ordinance is effective from and after its passage.
Section 6. That a copy of the caption of this Ordinance be spread upon the Minutes of
the City Council.
READ, ADOPTED AND APPROVED on this day of September, A.D., 2005, at a
Regular Meeting of the City Council of the City of Port Arthur, Texas, by the following vote:
AYES:
City Council:
NOES:
Mayor Oscar Ortiz
City Secretary
APPROVED AS TO FORM:
City Attorney
APPROVED FOR ADMINISTRATION:
City Manager
APPROVED FOR SECTION 4A ECONOMIC DEVELOPMENT CORPORATION:
City Manager
APPROVED AS TO AVAILABILITY OF FUNDS:
Director of Finance
Wordlz/jenny/officelordinancesledc budget 2005
CITY OF PORT ARTHUR 2005-2006 BUDGET
ECONOMIC DEVELOPMENT CORPORATION
Budget
Actual Actual As Amended Estimated Proposed
02-03 03-04 04-05 04-05 05-06
REVENUES AND OTHER SOURCES
SalesTax $ 2,430,311 $ 2,661,563 $ 2,814,000 $ 2,814,000 $ 3,000,000
Transfer from reserve 1,000,000 !,000,000 250,000
Prior year refund expense 40,790
Interest Revenue 66,663 57,841 75,000 90,000 75,000
TOTAL REVENUES 2,496,974 2,719,404 3,889,000 3,944,790 3,325,000
EXPENDITURES
EDC Operating Expenditures 815,894 1,639,689 3,301,734 2,616,335 3,248,085
Debt Service
Business Park Bond 384,548 386,898 383,865 383,865 385,450
EDC Sales Tax Bond 616,656 588,991 588,991 585,991
Transfer to Reserves:
Development Reserve 2,000,000 2,000,000 1,000,000
West Side Reserve 500,000
Bank CDC 250,000
TOTAL EXPENDITURES 1,950,442 2,643,243 6,274,590 5,589,191 5,219,526
EXCESS (DEFICIENCY) OF
REVENUES OVER
EXPENDITURES 546,532 76,161 (2,385,590) (1,644,401) (1,894,526)
OPERATING FUND BALANCE
Beginning of the year 3,412,296 3,958,828 4,034,989 4,034,989 2,390,588
End ofthe year $ 3,958,828 $ 4,034,989 $ 1,649,399 $ 2,390,588 $ 496,062
88
CITY OF PORT ARTHUR 2005-2006 BUDGET
BUDGET SUMMARY
ECONOMIC DEVELOPMENT CORPORATION
Expenditures bv CateRorv
Actual Actual Budget Estimated Proposed
02-03 03-04 04-05 04-05 05-06
Salaries and Benefits $ 172,068 $ 266,207 $ 350,834 $ 209,538 $ 243,485
Supplies and Materials 14,354 19,773 25,900 18,200 30,400
Maintenance 835 39,427 14,200 12,500 16,700
Contxactual Service 291,000 399,023 207,500 276,000 639,500
Capital Outlay 8,467 35,918 276,100 23,000
Special Projects 329,170 879,341 2,427,200 2,100,097 2,295,000
TOTAL EXPENDITURES $ 815,894 $ 1,639,689 $ 3,301,734 $ 2,616,335 $ 3,248,085
Expenditures by Division
Economic Development Corp. $ 815,894 $ 1,639,689 $ 3,301,734 $ 2,616,335 $ 3,248,085
Authorized Positions
Economic Development Corp. 4 6 7 6 5
89
CITY OF PORT ARTHUR 2005-2006 BUDGET
DETAIL EXPENDITURES
ECONOMIC DEVELOPMENT CORPORATION
Actual Actual Budget Estimated Proposed
02-03 03-04 04-05 04-05 05-06
Salaries and Benefits
RegularEarnings $ 74,972 $ 129,884 $ 235,105 $ 110,000 $ 147,897
Overtime 2,112 3,917 2,500 7,500 6,000
Extra Help 66,651 72,379 25,000 41,000 25,000
Social Security 9,306 13,118 14,577 12,000 8,988
Retirement 9,697 17,072 30,211 14,700 20,306
Health Insurance 5,739 10,735 35,603 16,500 29,693
Workers Compensation 261 1,191 1,381 1,381 1,534
Terminating Pay 3,330 17,911 6,457 6,457 4,067
Total Salaries and Benefits 172,068 266,207 350,834 209,538 243,485
Supplies and Materials
Office Supplies 12,752 13,848 16,500 12,000 16,500
Fuel & Lubrication 1,632 1,731 4,200 2,000 4,200
Minor Equipment 896 2,000 2,000 6,500
Uniform and Cleaning 288 700 700 700
Other Supplies (30) 3,010 2,500 1,500 2,500
Total Supplies and Materials 14,354 19,773 25,900 18,200 30,400
Maintenance
Building Maintenance 136 24,981 8,000 4,500 6,000
Land Maintenance 4,521 4,000
Equipment Maintenance 588 8,068 4,200 6,000 4,200
Motor Vehicle Maintenance 111 1,857 2,000 2,000 2,500
Total Maintenance 835 39,427 14,200 12,500 16,700
Contractual Service
Rent 27,199 66,246 7,000 63,000 345,000
Insurance 75,584 43,663 17,000 3,000 t7,000
Professional Services 126,608 216,589 65,000 79,000 120,000
Advertising 22,756 17,404 30,000 30,000 50,000
Travel & Education 21,823 17,442 25,000 25,000 25,000
Dues 2,916 2,471 4,000 4,000 10,000
Subscriptions 875 3,085 2,000 2,000 2,000
Education and Training 2,031 7,902 10,000 15,000 15,000
Other Contractual Service 3,879 596 18,000 18,000 18,000
Utilities 9,036 9,500 17,000 17,500
Communications 7,329 14,589 20,000 20,000 20,000
Total Contractual Services 291,000 399,023 207,500 276,000 639,500
Capital Outlay 8,467 35,918 276,100 23,000
Special Proiects
Development 119,249 285,559 1,125,000 606,297 1,500,000
Business Park - WPA 191,542 58,310 140,200 140,200 50,000
Business Park Marketing 18,379 17,492 30,000
Westside Development 1,000,000 1,000,000 600,000
Hospital Project 500,000 162,000
Training Project 115,000
Promotional Programs 17,980
Medical Center Park 162,000 191,600
Total Special Proiects 329,170 879,341 2,427,200 2,100,097 2,295,000
TOTAL EXPENDITURES $ 815,894 $ 1,639,689 $ 3,301,734 $ 2,616,335 $ 3,248,085
CITY OF PORT ARTHUR 2004-2005 BUDGET
ECONOMIC DEVELOPMENT CORPORATION
RESERVE FUNDS
Budget
Actual Actual as amdended Estimated Proposed
02-03 03-04 04-05 04-05 05-06
DEVELOPMENT RESERVE
Transfer from Operating Fund $ $ $ 2,000,000 $ 2,000,000 $ 1,000,000
Fund Balance, Beginning of Year 1,000,000 1,000,000 1,000,000 1,000,000 3,000,000
Development Reserve Balance $ 1 ~007,000 $ 1,000,000 $ 3,090,~000 $ ~000~000 $ 4,000,000
WEST SIDE DEVELOPMENT RESERVE
Transfer from (to) Operating Fund $ 500,000 $ $ (1,000,000) $ (1,000,000) $
Fund Balance, Beginning of Year 500,000 1,000,000 1,000,000 1,000,000
West Side Development Reserve $ : ~,~,~0~ $ )~00~07)09~ $ $ $
BANK CDC
Transfer from (to) Operating Fund $ 250,000 $ $ $ $ (250,000)
Fund Balance, Beginning of Year 250,000 250,000 250,000 250,000
Bank CDC Reserve $ 250,000 $ 250,000 $ 250,000 $ 250~000 $
DEBT SERVICE RESERVE
Excess (deficiency) of revenue
over expenditures $ 595,607 $ 13,335 $ (500) $ 12,500 $ 12,500
Fund Balance, Beginning of Year 595,607 608,942 608,942 621,442
Debt Sarvice Reserve $ ~ :?:~?~, $ 608,442 $ 621,442 $ 633,942
OPERATING RESERVE
Excess (deficiency) of revenue
overexpendimres $ 546,532 $ 76,161 $ (2,385,590) $ (1,644,401) $ (1,894,526)
Fund Balance, Beginning of Year 3,412,296 3,958,828 4,034,989 4,034,989 2,390,588
Operating Reserve, End of Year $ 3,958,828 $ 4,034,989 $ 1,649,399 $ 2,390,588 $ 496,062
TOTAL RESERVES $ 6~0~,,~3 ~ $ 6~9~,~3! $ ~-59~'~8~4-1-, $ 6~2~-'0~-30~ $ 5,130,004
91
CITY OF PORT ARTHUR 2005-2006 BUDGET
ECONOMIC DEVELOPMENT CORPORATION
DEBT SERVICE FUND
Actual Actual Budget Estimated Proposed
02-03 03-04 04-05 04-05 05-06
REVENUES AND OTHER SOURCES
Transfer from operations $ 594,910 $ 616,656 $ 588,991 $ 588,991 $ 585,991
Interest Revenue 1,197 13,335 13,000 13,000
TOTAL REVENUES 596,107 629,991 588,991 601,991 598,991
EXPENDITURES
Principal Retirements 220,000 260,000 260,000 270,000
Interest 396,156 328,991 328,991 315,991
Fiscal Charges 500 500 500 500 500
TOTAL EXPENDITURES 500 616,656 589,491 589,491 586,491
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURE', 595,607 13,335 (500) 12,500 12,500
OPERATING FUND BALANCE
Beginning of the year 595,607 608,942 608,942 621,442
End ofthe year $ 595,607 $ 608,942 $ 608,442 $ 621,442 $ 633,942
92