HomeMy WebLinkAboutRES 022806-O - 2006 GEDCO BudgetRESOLUTION NO. 0aa801.0
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE PROPOSED INTERIM 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, 2005/06 is the first year of GEDCO revenue collection; and
WHEREAS, GEDCO did not complete their Bylaws and Interlocal agreement with the City until
December 2005; and
WHEREAS, an interim budget for the nine months beginning January 2006 was approved by the
GEDCO board on February 20, 2005;
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 interim budget
of the Georgetown Economic Development Corporation (GEDCO) for the nine month period beginning
January 1, 2006 and ending September 30, 2006 in accordance with State Law and the GEDCO Bylaws.
RESOLVED this 28th day of February, 2006.
ATTEST:
Sandra D. Lee
City Secretary
APPROVED AS TO FORM:
Patricia Carls, Brown and Carls LP
City Attorney
THE CITY OF GEORGETOWN:
GTEC Budget Resolution No. Clc? GR. Oto " 0
P:\AGENDA\2006\GEDCOTOCOUNCIL\GEDCOBUDRES OLU. DOC
Page 1 of 2
Gary Nelon
Mayor
Georgetown Economic Development Corporation
Interim 2005/06 Budget
Beginning Fund Balance
Revenue:
Sales Tax Revenue
Interest
Total Revenue
Expense:
Interlocal Agreement (9mo @ $3,000)
Supplies (GEDCO)
Legal Expense
Travel & Training for Board
Miscellaneous Operating Expense
Potential Economic Dev Projects (to be determined)
Subtotal - Operating Expense
Total Expense
Available Fund Balance
$o
$651,406
$19,939
$671,345
$27,000
$500
$7,500
$880
$1,000
$435,000
$471,880
$471,880
$199,465
Reserves:
Contingency
$194,879
Available Working Capital $4,586