HomeMy WebLinkAboutRES 083007-F - Approval GECO BudgetRESOLUTION NO. d 3007- F
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE PROPOSED 2007/08 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. C,v. Stat. Ann., Article 5190.6
Section 4(A) to approve an annual budget; and
WHEREAS, the appropriations were approved by the 4A Board on July 16, 2007; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2007 and ending September 30,
2008;
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. The City Council hereby finds that this ordinance implements the following
policy of the Century Plan- Policy Plan Element
1. Finance Policy Statement 13.0, which states. "All municipal operations are conducted
in an efficient business -like manner and sufficient financial resources for both current and
future needs are provided",
and further finds that the adoption of this resolution is not inconsistent or in conflict with any other Century Plan
Policies, as required by Section 2.03 of the Administrative Chapter of the Policy Plan.
SECTION 2. The City Council of the City of Georgetown hereby accepts the proposed 2007/08
budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve month period
beginning October 1, 2007 and ending September 30, 2008 in accordance with State Law and the GEDCO
Bylaws.
RESOLVED this 30th day of August, 2007.
ATTESTi
:a THE CITY OF GEORGETOWN:
Sandra D. Lee ,B ' Gary Nelon
City Secretary Mayor
APPROVED AS TO FORM:
r r
Patricia Carls, Brown and Carls LLP
City Attorney
GTEC Budget Resolution No. 08.-3 007F
P:\AGENDA\2007\GEDCOTOCOUNCIL\GEDCOBUDRESOLU DOC
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GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION (GEDCO)
Proposed 2007/08 Budget
GEDCO Sales Tax Revenue (1/8)
Bond Proceeds
Interest Income
Total Revenue
Proposed
2006/07 Budget
875,000
45,000
920,000
Less:
lnteriocal Agreement
Supplies
Legal
Travel & Training
Miscellaneous Expenses
Bond Issuance
Debt Service
Economic Development Projects
Vista Solutions
Orthopeutics, LC
Total Operating Expense
48,000
500
7,500
880
100
102,119
1,940,000
30,000
15,000
2,144,099
Annual Excess Revenues
(1,224,099)
Beginning Fund Balance
+/- Annual Excess Revenues
Less:
Contingency Reserves (= 25% Revenue)
Ending Unreserved Fund Balance
1,450,840
(1,224,099)
218,750
7,991
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