HomeMy WebLinkAboutRES 091112-F - GEDCO Budget RESRES;LLJ
ION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
ACCEPTING THE PROPOSED 2012/13 BUDGET FOR THE GEORGETOWN ECONOMIC
DEVELOPMENT CORPOTION (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 20, 2012; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2012 and ending September 30,
2013
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 2012/13
budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve month period
beginning October 1, 2012 and ending September 30, 2013 in accordance with State Law and the GEDCO
Bylaws.
RESOLVED this 11TH day of September, 2012.
ATTEST:
Bret le
ecretary
APPROVED AS TO
Bridget Chap
Acting City Attorney
Resolution No, 0111
1 d
Description: 2012/13 GEDCO Budget Resolution
Date Approved: September 11, 2012
Page I of 1
THE CITY OF GEORGETOWN:
By: Gee `ge
Mayor
GEORGETOWN ECONOMIC DEVELOPMENT CO
2012/13 Budget
PORATION (GEDCO)
GEDCO Sales Tax Revenue
Interest Income
Total Revcnue
Less:
Interlocal Agreement
Supplies
Legal
Travel & Training
Retainer Expense
Miscellaneous Expenses
Loan Repayment
8
1,012,500
10,000
Economic Development Projects (Unidentified)
Airborn
Texas Life Sciences CC - Difusion Technologies, Inc.
1,022,5C0
41,800
500
7,500
1,500
12,000
100
102,200
3,173,472
60,000
92,000
Total Operating Expense
Annual Excess Revenues
3,491, 072
(2,468,572)
Fund Balance:
Beginning Fund Balance
¢R Annual Excess Revenues
Less:
Contingency Reserves (= 25% Revenue)
Ending Unreserved Fund Balance
2,721,697
(2,468,572)
253,125