HomeMy WebLinkAboutRES 110910-O - GEDCO Budget AgmtRESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE PROPOSED 2010/11 BUDGET AMENDMENTS 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, amendments to the 2010/11 GEDCO budget were approved by the 4A Board on
November 1, 2010; and
WHEREAS the budget amendments for the fiscal year beginning October 1, 2010 and ending
September 30, 2011 require council approval;
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 amendments 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 9th day of November, 2010.
ATTEST:
Je ca Brettle
Ci L Secretary
APPROVED AS TO FORM:
t
Mark Sokolow, City Attorney
DO, Q Budget Resolution No.
L:\DIVISION\FINANCE\SHARE2\AGENDA\2010\MUNIAGENDA\NOVEMBER 9\GEDCO BUDAMEND201 I.DOC
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ITY OF GEORGETOWN:
By: Georg 4` arver
Mayor
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION (GEDCO)
2010/11 Budget Amendments
GEDCO Sales Tax Revenue (1/8)
Interest Income
Adopted
907,500
10,000
Marketing
Life sciences Amended
907,500
10,000
Total Revenue
917,500 917,500
Less:
Intedocal Agreement 51,400
Supplies 500
Legal 7,500
Travel & Training 1,500
Retainer Expense 12,000
Promotional and Marketing programs
Miscellaneous Expenses 100
80,000
51,400
500
7,500
1,500
12,000
80,000
100
Loan Repayment 101,400 101,400
Economic Development Projects (Unidentified) 3,734,133 (80,000) (50,000) 3,604,133
Texas Life Sciences CommercializationCenter 50,000 50,000
Total Operating Expense
Annual Excess Revenues
3,908,533 3,908,533
(2,991,033) (2,991,033)
Fund Balance:
Beginning Fund Balance 3,217,908 3,217,908
+/_ Annual Excess Revenues (2,991,033) (2,991,033)
Less:
Contingency Reserves (=25%Revenue) 226,875 226,875
Ending Unreserved Fund Balance