HomeMy WebLinkAboutRES 082410-H - Budget GEDCORESOLUTION NO
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE PROPOSED 2010/11 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 July 19, 2010; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2010 and ending September 30,
2011;
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 2010/11
budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve month period
beginning October 1, 2010 and ending September 30, 2011 in accordance with State Law and the GEDCO
Bylaws.
RESOLVED this 24th day of August, 2010.
ATTEST: TH, CITY OF GEORGETOWN:
sica Brettle By: Geor(e Garver
ty Secretary Mayor
APPROVED AS TO FORM:
Mark Sokolow, City Attorney
GTEC Budget Resolution No.
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0\MUNIAGEI,DA\AUGUST 24\GEDCO BUD RESOLU 2010 DOC
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION (GEDCO)
2010/11 Budget
GEDCO Sales Tax Revenue (1/8)
Interest Income
907,500
10,000
Total Revenue
Less:
Interlocal Agreement
Supplies
Legal
Travel & Training
Retainer Expense
Miscellaneous Expenses
Loan Repayment
Economic Development Projects (Unidentified)
917,500
51,400
500
7,500
1,500
12,000
100
101,400
3,734,133
Total Operating Expense
Annual Excess Revenues
3,908,533
(2,991,033)
Fund Balance:
Beginning Fund Balance
+/- Annual Excess Revenues
Less:
Contingency Reserves (= 25% Revenue)
Ending Unreserved Fund Balance
3,217,908
(2,991,033)
226,875