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HomeMy WebLinkAboutRivery_Park_TIRZ_Board_Agenda_7_19_2018_2630Notice of Meeting for the Riv ery Park TIRZ Board of the City of Georgetown July 19, 2018 at 9:30 AM at City Council Chambers Conference Room located at 101 East 7th Street Georgetown, tx 78626 The City o f G eo rgeto wn is committed to comp lianc e with the Americans with Dis abilities Ac t (ADA). If yo u req uire as s is tanc e in participating at a p ublic meeting d ue to a disability, as d efined und er the ADA, reas onab le as s is tance, ad ap tatio ns , or acc o mmo d ations will b e provid ed up o n req uest. P leas e c o ntact the City Sec retary's Office, at leas t three (3) days prior to the sc hed uled meeting d ate, at (512) 930-3652 o r City Hall at 113 Eas t 8th Street fo r add itional info rmation; TTY us ers ro ute through Relay Texas at 711. Legislativ e Regular Agenda A Review minutes fro m the August 21, 2017 R ivery P ark Tax Increment Zo ne (T IRZ) Board o f Directors Meeting -- Danella Elliott, Exec utive As s is tant B Pres entatio n o f the annual financial rep ort - Leigh Wallace, F inance Direc to r CERTIFICATE OF POSTING I, Shelley No wling, C ity S ecretary fo r the C ity of Geo rgeto wn, Texas , d o hereby c ertify that this Notice of Meeting was p o s ted at City Hall, 113 E. 8th Street, a p lace read ily acc es s ible to the general p ublic at all times , on the ______ d ay o f __________________, 2018, at __________, and remained so p o s ted fo r at leas t 72 c o ntinuo us ho urs p receding the sc heduled time o f s aid meeting. ____________________________________ S helley No wling, City Sec retary Page 1 of 9 City of Georgetown, Texas Rivery Park TIRZ Board July 19, 2018 SUBJECT: Review minutes from the Augus t 21, 2017 Rivery Park Tax Inc rement Zo ne (TIR Z) Bo ard of Direc tors Meeting -- Danella Ellio tt, Executive Assistant ITEM SUMMARY: Review minutes from the Augus t 21, 2017 Rivery Park Tax Inc rement Zo ne (TIR Z) Bo ard of Direc tors Meeting FINANCIAL IMPACT: N/A SUBMITTED BY: Danella Ellio tt, Board Liaison ATTACHMENTS: Description Type Draft Minutes 8.21.2017 Backup Material Page 2 of 9 Minutes of the RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) BOARD City of Georgetown, Texas August 21, 2017 The RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) Board of Directors met on AUGUST 21, 2017 at 2:30 P.M. in the HISTORIC LIGHT AND WATER WORKS BUILDING LARGE CONFERENCE ROOM, LOCATED AT 406 WEST 8TH STREET GEORGETOWN, TX Board Members Present Others Present: Mayor Dale Ross Paul Diaz Laurie Brewer, Assistant City Manager David Morgan, City Mgr Leigh Wallace, Finance Director Jeff Novak Ronald Swain Arial Traub (for Charles Schwertner) Board Members Absent Val Covey Marsha Farney Legislative Regular Agenda Mayor Ross called the meeting to order at 2:30 p.m. A Presentation of the minutes from September 7, 2016 Motion to approve the minutes by Ron Swain; second by Laurie Brewer. Approved 6-0. Val Covey and Marsha Farney absent. B Overview of the Financial Report, Leigh Wallace, Finance Director and Paul Diaz, Budget Manager Paul Diaz explained that the TIRZ Board is required to meet once per year and receive the financial report to satisfy state reporting requirements. He presented the 2017/18 Financial Report and reported that the growth from 2010 to 2017 has gone from approximately $5M to 73M. He noted that the incremental value each year is placed in the TIRZ fund, which pays for allowable expenses and improvements. He explained that the City Property Tax Revenue is $290K and the County Property Tax Revenue is estimated at $250K (80% of their incremental value is remitted to the City). Discussion followed, and Leigh noted that when everything is paid off, the Board can then add projects. Allowable expenses now are for infrastructure and the parking garage, but the Project Plan can be modified if needed. The board thanked Leigh and Paul for providing the information for the annual financial report. Page 3 of 9 Adjournment Motion to adjourn by Valerie Nicholson; second by Arial Traub at 3:00 p.m. Approved 6-0. Val Covey and Marsha Farney absent. __________________________________ ____________ Dale Ross, Mayor Date Board Chair __________________________________ ____________ Danella Elliott Date Board Liaison Page 4 of 9 City of Georgetown, Texas Rivery Park TIRZ Board July 19, 2018 SUBJECT: Presentatio n of the annual financ ial report - Leigh Wallac e, Financ e Director ITEM SUMMARY: Presentatio n of the annual financ ial report FINANCIAL IMPACT: N/A SUBMITTED BY: Leigh Wallace, Financ e Directo r ATTACHMENTS: Description Type Fund Schedule Backup Material Revenue Backup Material Expens e Backup Material His tory Graph Backup Material Page 5 of 9 294 ‐ Rivery TIRZ   FY2017  Actual    FY2018   Budget    FY2018  Projected  FY2019 Base   FY2019  Changes    FY2019  Budget   Beginning Fund Balance 83,441          218,602      214,894      209,626       ‐                 209,626       Revenues   FY2017  Actual    FY2018   Budget    FY2018  Projected  FY2019 Base   FY2019  Changes    FY2019  Budget   Tax Revenue 247,936        291,582      321,000      375,981      375,981       Other 224,344        257,530      260,000      275,000      275,000       Interest 514                225              1,800           1,500           1,500            Grand Total 472,793        549,337      582,800      652,481      652,481       Expenses   FY2017  Actual    FY2018   Budget    FY2018  Projected  FY2019 Base   FY2019  Changes    FY2019  Budget   Transfer for Debt Service 341,340        588,068      588,068      591,768      591,768       Grand Total 341,340        588,068      588,068      591,768      591,768         FY2017  Actual    FY2018   Budget    FY2018  Projected  FY2019 Base   FY2019  Changes    FY2019  Budget   Ending Fund Balance 214,894        179,871      209,626      270,339       ‐                 270,339       CAFR Adjustment ‐                  ‐                ‐                ‐                ‐                  ‐                Available Fund Balance 214,894        179,871      209,626      270,339       ‐                 270,339       Page 6 of 9 Revenue GL Mapping FY2017 Actual FY2018 Adopted Budget FY2018 Projected FY2019 Base Budget FY2019 Changes FY2019 Budget  294‐4‐0001‐40‐100 AD VALOREM TAX Tax Revenue 247,936                 291,582                                      321,000                         375,981                              375,981                     294‐4‐0001‐42‐100 ALLOCATED INTEREST Interest 514                         225                                             1,800                             1,500                                   1,500                          294‐4‐0001‐44‐105 MISCELLANEOUS REVENUE Other 224,344                 257,530                                      260,000                         275,000                              275,000                     472,793                 549,337                                      582,800                         652,481                               ‐                               652,481                     Page 7 of 9 Expense GL Mapping FY2017 Actual FY2018 Adopted Budget FY2018 Projected FY2019 Base Budget FY2019 Changes FY2019 Budget  294‐5‐0000‐51‐996 TRANSFER OUT, DEBT S Transfer for Debt Serv 341,340                588,068                                  588,068                        591,768                            591,768                    341,340                588,068                                  588,068                       591,768                             ‐                             591,768                    Page 8 of 9 - 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000 100,000,000 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Rivery TIRZ Value Base TIRZ Value Page 9 of 9