HomeMy WebLinkAboutRES 050917-O - GEDCO Budget Mid-YearRESOLUTION NO. 05 ()11-7- O
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, AMENDING THE 2017 BUDGET FOR THE
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION
(GEDCO) FOR APPROVED ECONOMIC DEVELOPMENT PROJECTS;
APPROPRIATING THE AMOUNTS THEREOF, AND REPEALING
CONFLICTING RESOLUTIONS.
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 GEDCO Type A Board on June
17, 2016; and
WHEREAS, new economic development projects have been approved by the Council
and need to be appropriated in the GEDCO budget for fiscal year 2017; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2016 and ending
September 30, 2017;
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.
SECTION 2. The City Council of the City of Georgetown hereby accepts the amended
2017 budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve
month period beginning October 1, 2016 and ending September 30, 2017 in accordance with
State Law and the GEDCO Bylaws.
RESOLVED this 9th day of May, 2017.
ATTEST:
Win
FORM:
THE CITY OF GEORGETOWN:
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Dale Ross
Mayor
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Resolution No. Q S 1% — V
Description: 2017 GEDCO Mid Year Budget Resolution
Date Approved: May 9, 2017
Page I of I
2017 GEDCO Mid Year Budget Amendment
Georgetown Economic Development Corporation
Proposed budget amendments include an increase in expenditures for an agreement with Rentschler Brewing for
$70,000, an agreement with Avalanche Consulting for $100,000, and a reduction to the Economic Development
Projects expenses of $170,000.
Total Increase in Expenditures $
2016 Approved
Budget
Impact of
This Action
2016 Amended
Budget
Beginning Fund Balance
$ 5,015,684
$
5,015,684
Revenues
Total Revenues
1,587,471
1,587,471
Expenses
Economic Development Projects
5,610,322
(170,000)
5,440,322
Rentschler
-
70,000
70,000
Avalanche
-
100,000
100,000
All Other Expenses
625,645
-
625,645
Total Expenses
6,235,967
6,235,967
Contingent Reserves
367,188
367,188
Available Endin Fund Balance
$
$
$
Total Increase in Expenditures $