HomeMy WebLinkAboutRES 082509-U - Accept GEDCO BudgetRESOLUTION NO. 0 aSa 61 VI
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE PROPOSED 2009/10 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 4A Board on August 17, 2009; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2009 and ending September 30,
2010;
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 resolution complies with the Vision Statement of
the City of Georgetown 2030 Comprehensive Plan.
SECTION 2: The City Council of the City of Georgetown hereby accepts the proposed 2009/10
budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve month period
beginning October 1, 2009 and ending September 30, 2010 in accordance with State Law and the GEDCO
Bylaws.
RESOLVED this 25th day of August, 2009.
ATTEST:
l sica Hami Lori t'
Q1ty Secreta
APPROVED AS TO FORM:
Patricia Carts, City Attorney
Budget Resolution No. ON SO tA
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TH,"CITY OF :'ORGETOWN:
. George Garver
Mayor
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION (GEDCO)
2009/10 Budget
2009/10 Budget
GEDCO Sales Tax Revenue (1/8) 866,875
Interest Income 30,000
Total Revenue 896,875
Less:
Interlocal Agreement 59,000
Supplies 500
Legal 7,500
Travel & Training 1,500
Retainer Expense 12,000
Miscellaneous Expenses 100
Loan Repayment 103,400
Economic Development Projects (Unidentified) 2,644,398
Airborn 52,105
Old Fire 1 Truck Bays Redevelopment 550,000
Total Operating, Expense 3,430,503
Annual Excess Revenues (2,533,628)
Fund Balance:
Beginning Fund Balance 2,750,347
+/- Annual Excess Revenues (2,533,628)
Less:
Contingency Reserves (= 25% Revenue) 216,719
Ending Unreserved Fund Balance 0