HomeMy WebLinkAboutRES 091019-F - GEDCO BudgetRESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, ACCEPTING THE PROPOSED 2020
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 GEDCO Type A Board on June
13, 2019; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2019 and ending
September 30, 2020;
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 proposed
2019 budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve
month period beginning October 1, 2019 and ending September 30, 2020 in accordance with
State Law and the GEDCO Bylaws.
RESOLVED this 10 day of September, 2019.
ATTEST: THE CITY OF GEORGE OWN:
Robyn ❑ nsmore By: Da a ss
City Secretary Mayor
APPROVED AS TO FORM:
Charles McNabb
City Attorney
Resolution No. M to l q _ `
Description: 2020 GEDCO Budget Resolution
Date Approved: September 10, 2019
Page 1 of 1
r
Beginning Fund Balance
5,979,896
6,853,073
6,972,637
8,018,546 -
8,018,546
owl
--
Sales Tax
1,703,425
1,768,275 ;
1,859,375
1,984,375
1,984,375
Interest
103,233
40,300
119,000
76,000:
76,000
Other
229,081
-
-
-
-
Grand Total
2,035,739 .
1,808,575
1,978,375
2,060,375 -
2,060,375
-
F 19
16
PY21
eBudget`��,
ED projects
349,650
7,531,613
255,000
8,692,104 -
8,692,104
Debt Service
329,301
308,794 :
308,794
311,880 -
311,880
Allocations
221,328
238,622
238,622
244,771 -
244,771
Operations
143,581
130,550
130,050
130,550 -
130,550
Grand Total
1,043,860
8,209,579
932,466
9,379,305 -
9,379,305
i
6,971,775
452,069 8,018,546 699,616
699,616
Ending Fund Balance
CAFR Adjustment
862
- - -
-
Contingency Reserves
425,856
442,069 442,069 489,298
- 489,298
Debt Service Reserve
-
- - 210,318
- 210,318
Available Fund Balance
6,546,781
10,000 7,576,477 0
- 0