HomeMy WebLinkAboutPO5561: BUSINESS PARK WATER SYT City of Port Arthur
Finance Department
Memorandum
To: Steve Fitzgibbons, City Manager
From: Rebecca Underhill, Director of Finance
Date: September 9, 2005
Re: P O 5561 - An Ordinance Amending the Budget of the Port Arthur Economic
Development Corporation.
Proposed Ordinance 5561 is a budget amendment to provide funding for the water system
improvements related to the EDC Business Park on West Port Arthur Road. (See attached
memo to Deborah Echols, dated September 9, 2005.) Funding is available for this $350,000
budget amendment in EDC operating fund balance. The EDC Board approved this
amendment at their September 14, 2005 board meeting.
cc: Deborah Echols
Port Arthur Economic Development Corporation
CITY OF PORT ARTHUR, TEXAS
FINANCE DEPARTMENT
DATE: 9/9/2005
TO: DEBORAH H. ECHOLS, CPA, ASSISTANT DIRECTOR OF FINANCE
CC: STEVEFITZGIBBONS, CITY MANAGER Lfi.'~/
FROM: REBECCA UNDE1LHLLL' CPA' DI~l~r, CTOR O~L~' 0
RE: EDC BUSINESS PARK WATERLINE REIMBUI{SEMENT
On August 2, 2005, the City Council approved resolution 05-240, authorizing the EDC to pay
the City $745,000 for water line improvements to the Business Park on West Port Arthur Road.
At this time, there is $400,000 in unencumbered balance in the Business Park Construction
Fund. I would request that the EDC authorize $350,000 be transferred from operations to the
construction fund to fully fund this payment. In rev/'ew/~g the EDC operations budget, it
appears that a budget amendment will be requJzed to ii, nd this $350,000 transfer.
Please place this item on your next agenda, and on the September 27 City Council agenda.
Z:\Finance\ edc\dhe_busmess park mend.doc
CITY OF PORT ARTHUR
Port Arthur Economic Development Corporation - Business Park Project
Statement of Revenues, Expenditures and Changes in Fund Balance
For the month ended July 31, 2005
Estimated Project Activity Project
Project to date July to date Budget
Cost 06/30/05 2005 07/31/05 Remaining
REVENUES AND OTHER SOURCES
Transfer from Operations $ 1,916,300 $ 1,916,300 $ $1,916,300 $
Proceeds from Sale of Bonds 5,000,000 5,000,000 5,000,000
TOTAL REVENUES 6,916,300 6,916,300 6,916,300
EXPENDITURES
Bond issuance cost 56,007 56,007 56,007
Engineering and project management 674,043 674,043 674,043
Construction Contracts
Land Purchase 1,242,257 1,242,257 1,242,257
Il Site Development 256,624 256,624 256,624
III Utilities 1,128,423 1,128,423 1,128,423
IV Drainage 904,791 904,791 904,791
V Roads 956,853 956,853 956,853
VI Lift Station 200,945 200,945 200,945
VII Landscaping 575,400 575,400 575,400
VIII Other 565,093 516,388 516,388 48,705
TOTAL EXPENDITUILES 6,560,436 6,511,731 6,511,731 48,705
EXCESS (DEFICIENCY) OF
FUNDING OVER EXPENDITURES $ 355,864 $ 404,569 $ $ 404,569 $ (48,705)
P. O. NO. ~61
JJA: 9/09/05
ORDINANCE NO.
AN APPROPRIATION ORDINANCE AMENDING THE
BUDGET OF THE PORT ARTHR ECONOMIC
DEVELOPMENT CORPORATION FOR THE FISCAL YEAR
BEGINNING OCTOBER 1, 2004 AND ENDING SEPTEMBER
30, 2005
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 28, 2004 the City Council approved and adopted Ordinance 04-60
which appropriated the 2004-2005 budget for the Port Arthur Economic Development corporation; and
WHEREAS, City Council adopted Ordinance 05-01 amending Ordinance 04-60; and
WHEREAS, this amendments is necessary for municipal purposes to meet unusual and unforeseen
emergency conditions as delineated in Section 102.009 (c) Local Government Code.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORT ARTItUR
Section 1. That the budget for the Port Arthur Economic Development Corporation be
increased by $350,000 to fund the water system improvements related to the West Port Arthur Road
Business Park.
Section 2. That the operating budget of the Port Arthur Economic Development Corporation is
hereby appropriated at Six Million Two Hundred Seventy Four Thousand Five Hundred Ninety Dollars
($6,274,590) for the following uses:
Operating Expenditures $ 2,301,734
Debt Service 972,856
West Side Industrial Park 1,000,000
Transfer to Development Reserve 2,000,000
Transfer to Business Park Construction Fund 350,000
TOTAL $ 6=6=6~
Section 3. That a copy of the caption of this Ordinance be spread upon the minutes of the City
Council.
Section 4. That this Ordinance shall be effective iimnediately.
READ, ADOPTED, AND APPROVED, this day of ~eptember 2005, AD, at a t~egu~ar
Meeting of the City Council of the City of Port Arthur, Texas by the followlng vote:
Ayes: Mayor
Councilmembcrs:
NOES:
Mayor
ATTEST:
Evangeline Green, City Secretary
APPROVED AS TO FORM:
Mark Sokolow, City Attorney
APPROVED FOR ADMiNISTRATION:
Deborah Echols- Asst. Director of Finance
Rebecca Underhill, Finance Director
z:jenny/office/ordianaces/Bud,AmendEDC