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Home My WebLink AboutRivery_Park_TIRZ_Board_Agenda_7_19_2019_3108Notice of Meeting for the Riv ery P ark T I RZ B oard of the City of Georgetown July 19, 2019 at 9:00 AM at 808 Martin Luther K ing Jr Street, Georgetown, T X 78626, Community Room T he C ity of G eorgetown is committed to compliance with the Americans with Disabilities Act (ADA). If you require as s is tance in partic ipating at a public meeting due to a disability, as defined under the ADA, reas onable as s is tance, adaptations , or ac commodations will be provided upon request. P leas e c ontact the C ity S ec retary's O ffic e, at leas t three (3) days prior to the sc heduled meeting date, at (512) 930-3652 or C ity Hall at 808 Martin Luther King Jr. S treet, G eorgetown, T X 78626 for additional information; T T Y users route through R elay Texas at 711. L egislativ e Regular Agenda A C all to O rder B R eview minutes from the July 19, 2018 R ivery P ark T I R Z Board Meeting - Amy Mertink, Board Liaison C P resentation of the Annual F inanc ial R eport for the R ivery P ark T I R Z - P aul Diaz, Budget Manager Adjournment Adjourn meeting Ce rtificate of Posting I, R obyn Densmore, C ity S ecretary for the C ity of G eorgetown, Texas, do hereby c ertify that this Notic e of Meeting was posted at C ity Hall, 808 Martin Luther King Jr. S treet, G eorgetown, T X 78626, a plac e readily acc es s ible to the general public as required by law, on the _____ day of _________________, 2019, at __________, and remained s o posted for at leas t 72 c ontinuous hours prec eding the s cheduled time of said meeting. __________________________________ R obyn Dens more, C ity S ec retary Page 1 of 20 City of Georgetown, Texas Rivery Park T I RZ Board July 19, 2019 S UB J E C T: C all to O rder IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Amy Mertink, Board Liais on Page 2 of 20 City of Georgetown, Texas Rivery Park T I RZ Board July 19, 2019 S UB J E C T: R eview minutes from the July 19, 2018 R ivery P ark T I R Z Board Meeting - Amy Mertink, Board Liais on IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Amy Mertink, Board Liais on AT TAC H ME N T S: Description Type 2018 Minutes Backup Material Page 3 of 20 Minutes of the RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) BOARD City of Georgetown, Texas July 19, 2018 The RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) Board of Directors met on JULY 19, 2018 at 9:30 A.M. in the CITY COUNCIL CHAMBERS CONFERENCE ROOM, located at 101 EAST 7TH STREET, GEORGETOWN, TX Board Members Present City Staff Present: Mayor Dale Ross Paul Diaz Laurie Brewer, Assistant City Manager David Morgan, City Mgr Leigh Wallace, Finance Director Valerie Nicholson Ronald Swain Leah Clark (for Charles Schwertner) Board Members Absent Others Present Jeff Novak Drew Graham Marsha Farney Legislative Regular Agenda Mayor Ross called the meeting to order at 9:30 a.m. A Review minutes from August 21, 2017 – Danella Elliott, Executive Assistant Motion to approve the minutes by Mayor Ross; second by Valerie Nicholson. Approved 6-0. Jeff Novak and Marsha Farney absent. B Presentation of the annual financial report – Leigh Wallace, Finance Director Leigh Wallace explained that the TIRZ Board is required to meet once per year and receive the financial report to satisfy state reporting requirements. She presented the 2018/19 Financial Report and noted that the incremental value each year is placed in the TIRZ fund, which pays for allowable expenses and improvements. Leigh noted that the GTEC Board approved and will seek Council approval to stop the GTEC transfer in 2019. She explained that the City Property Tax Revenue and 80% of the County Property Tax Revenue is remitted to the City. Leigh explained that when everything has been paid off, the Board can then add projects. Allowable expenses now are reimbursements for infrastructure and the parking garage, but the Project Plan can be modified if needed. Discussion followed and the board thanked Leigh for providing the information for the annual financial report. Adjournment Motion by Mayor Ross; second by Valerie Nicholson to adjourn at 10:03 a.m. __________________________________ ____________ Dale Ross, Mayor Date Board Chair __________________________________ ____________ Amy Mertink Date Board Liaison Page 4 of 20 City of Georgetown, Texas Rivery Park T I RZ Board July 19, 2019 S UB J E C T: P res entation of the Annual F inancial R eport for the R ivery P ark T I R Z - P aul Diaz, Budget Manager IT E M S UMMARY: Annual F inancial R eport for the R ivery P ark T I R Z F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: P aul Diaz, Budget Manager AT TAC H ME N T S: Description Type Rivery Map Backup Material Pres entation Pres entation Fund Schedule Backup Material Revenues Backup Material Expenses Backup Material Value Charts Backup Material Initial projections Backup Material Page 5 of 20 ± 0 2,0001,000 Feet TIRZ Map for Rivery Park Georgetown Rivery Park TIRZ Outline Page 6 of 20 FY2020 Annual Budget Rivery TIRZ Page 7 of 20 FY2020 Annual Budget FY2019 Projections •After the audit and CAFR process, the FY2018 ending balance totaled $214,826. •FY2019 property tax revenues are projected to finish the year at budget. •FY2019 expenses are projected to finish slightly above budget. –Debt service fees were not budgeted. Will be addressed by the year‐end amendment. –Corrected in FY2020. Page 8 of 20 FY2020 Annual Budget FY2020 Budget •FY2020 revenues total $372,173, which represents a slight decrease from FY2019 projections. –Due to protested value. –Staff anticipates slight increase after certification on July 25th. Page 9 of 20 FY2020 Annual Budget TIRZ Value and Revenue Year Total AV Tax Rate TIRZ Value TIRZ Revenue FY2010 4,974,292 0.35622 ‐ ‐ FY2011 8,235,124 0.35622 3,260,832 11,616 FY2012 6,982,076 0.3875 2,007,784 7,780 FY2013 6,981,032 0.41 2,006,740 8,228 FY2014 6,591,719 0.4395 1,617,427 7,109 FY2015 14,105,097 0.434 9,130,805 39,628 FY2016 29,809,712 0.434 24,835,420 107,786 FY2017 63,822,668 0.424 58,848,376 249,517 FY2018 73,743,730 0.42 68,769,438 288,832 FY2019 94,493,464 0.42 89,519,172 375,981 FY2020 93,586,985 0.42 88,612,693 372,173 Page 10 of 20 FY2020 Annual Budget TIRZ Value Page 11 of 20 FY2020 Annual Budget FY2020 Budget •FY2020 expenses total $ 606,268 –Transfer out to debt service (principal and interest). –Debt service fees for $1,000. –Building a debt service reserve in the TIRZ •First year of implementation. •Consistency across all other funds with debt (Fiscal and budgetary Policy). Page 12 of 20 FY2020 Annual Budget Fund Schedule Page 13 of 20 FY2020 Annual Budget Questions Page 14 of 20 Monday, July 15, 2019 4:50:37 PM FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Beginning Fund Balance 214,894 209,626 214,826 274,539 ‐ 274,539 Revenues FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Tax Revenue 321,848 375,981 375,981 372,173 ‐ 372,173 Other 264,188 275,000 275,000 275,000 ‐ 275,000 Interest 2,780 1,500 1,500 1,500 ‐ 1,500 Grand Total 588,816 652,481 652,481 648,673 ‐ 648,673 Expenses FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Transfer for Debt Service 588,884 591,768 592,768 606,268 ‐ 606,268 Grand Total 588,884 591,768 592,768 606,268 ‐ 606,268 FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Available Fund Balance 214,826 270,339 274,539 316,944 ‐ 316,944 CAFR Adjustment ‐ ‐ ‐ ‐ ‐ ‐ Debt Reserve ‐ ‐ ‐ 316,944 ‐ 316,944 Ending Fund Balance 214,826 270,339 274,539 ‐ ‐ ‐ Rivery TIRZ ‐ 294 Page 15 of 20 Revenue Row Labels GL Mapping FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget 294-4-0001-40-100 AD VALOREM TAX Tax Revenue 321,848 375,981 375,981 372,173 - 372,173 294-4-0001-42-100 ALLOCATED INTEREST Interest 2,780 1,500 1,500 1,500 - 1,500 294-4-0001-44-105 MISCELLANEOUS REVENUEOther 264,188 275,000 275,000 275,000 - 275,000 588,816 652,481 652,481 648,673 - 648,673 Page 16 of 20 Expenses Row Labels GL Mapping FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget 294-5-0000-XX-XXX ISSUANCE COST/HANDLING FEESTransfer for Debt Service - 1,000 1,000 - 1,000 294-5-0000-51-996 TRANSFER OUT, DEBT SVC Transfer for Debt Service 588,884 591,768 591,768 605,268 - 605,268 588,884 591,768 592,768 606,268 - 606,268 Page 17 of 20 FY2020 Budget Workshop RIVERY TIRZ Year Total AV Tax Rate TIRZ Value TIRZ Revenue FY2010 4,974,292 0.35622 - - FY2011 8,235,124 0.35622 3,260,832 11,616 FY2012 6,982,076 0.3875 2,007,784 7,780 FY2013 6,981,032 0.41 2,006,740 8,228 FY2014 6,591,719 0.4395 1,617,427 7,109 FY2015 14,105,097 0.434 9,130,805 39,628 FY2016 29,809,712 0.434 24,835,420 107,786 FY2017 63,822,668 0.424 58,848,376 249,517 FY2018 73,743,730 0.42 68,769,438 288,832 FY2019 94,493,464 0.42 89,519,172 375,981 FY2020 93,586,985 0.42 88,612,693 372,173 Page 18 of 20 Page 19 of 20 City of Georgetown, Texas Rivery Park T I RZ Board July 19, 2019 S UB J E C T: Adjourn meeting IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Amy Mertink, Board Liais on Page 20 of 20