The URL can be used to link to this page

Home My WebLink AboutSouth_Georgetown_TIRZ_Board_Agenda_7_19_2019_3109Notice of Meeting for the South Georgetown T I RZ B oard of the City of Georgetown July 19, 2019 at 10:00 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 S outh G eorgetown T I R Z Board Meeting - Amy Mertink, Board Liaison C P resentation of the Annual F inanc ial R eport for the S outh G eorgetown 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 21 City of Georgetown, Texas South Georgetown 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 21 City of Georgetown, Texas South Georgetown T I RZ Board July 19, 2019 S UB J E C T: R eview minutes from the July 19, 2018 S outh G eorgetown 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 21 Minutes of the SOUTH GEORGETOWN TAX INCREMENT REINVESTMENT ZONE (TIRZ) BOARD City of Georgetown, Texas July 19, 2018 The SOUTH GEORGETOWN TAX INCREMENT REINVESTMENT ZONE (TIRZ) Board of Directors met on July 19, 2018 at 10:30 A.M. in the CITY COUNCIL CONFERENCE ROOM, LOCATED AT 101 E. 7TH STREET, GEORGETOWN, TX. Board Members Present City Staff Present Dale Ross, Mayor, Chair Leigh Wallace, Finance Director Anna Eby, Councilmember District 1 Laurie Brewer, Assistant City Manager David Morgan, City Manager Wesley Wright, Systems Engineering Director Glenn Dishong, City Utility Director Paul Diaz, Budget Manager Sofia Nelson, Planning Director Michael Cunningham Board Members Absent Jay Warren Others Present Legislative Regular Agenda A Review minutes from the May 9, 2017 South Georgetown Tax Increment Zone (TIRZ) Board of Directors Meeting -- Danella Elliott, Executive Assistant Motion to approve the minutes by David Morgan; second by Glenn Dishong. Approved 6-0 B Presentation of the Financial Report for the South Georgetown TIRZ – Leigh Wallace Leigh Wallace presented the Financial Report, and explained that this TIRZ has been slow-growing over the past 3 years, and that the TIRZ transfers to GTEC for repayment. Laurie gave the background of the TIRZ. She said that it was created in 2014 and expires in 2044 or possibly sooner. Discussion followed. She explained that the total of projects in the Zone cannot exceed $50M. David and Laurie talked about the transfers to GTEC for repayment and the options going forward. He said that we will do some homework, evaluate and come up with a plan, looking the TIRZ benefit to the City, lessons learned and what the best way going forward would look like. The Board thanked Laurie and Leigh for the overview. Adjournment Motion to adjourn at 11:00 a.m. by David Morgan; second by Anna Eby. Approved 6-0 __________________________________ ____________ Mayor Dale Ross Date Board Chair __________________________________ ____________ Amy Mertink Date Board Liaison Page 4 of 21 City of Georgetown, Texas South Georgetown 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 S outh G eorgetown T I R Z - P aul Diaz, Budget Manager IT E M S UMMARY: Annual F inancial R eport for the S outh G eorgetown 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 South GT TIRZ 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 21 ± 0 4,0002,000 Feet TIRZ Map for South Georgetown South TIRZ Outline Page 6 of 21 FY2020 Annual Budget South Georgetown TIRZ Page 7 of 21 FY2020 Annual Budget FY2019 Projections •After the audit and CAFR process, the FY2018 ending balance totaled $237,185. •FY2019 property tax revenues are projected to finish the year at budget. •FY2019 expenses are projected to finish at budget. –Mid year amendment to transfer capital reimbursement back to the Electric Fund. Page 8 of 21 FY2020 Annual Budget FY2020 Budget •FY2020 revenues total $510,963, which represents an increase of 63% over FY2019 projections. –Continue to see growth in assessed value in the TIRZ. Page 9 of 21 FY2020 Annual Budget TIRZ Value and Revenue Year Total AV Tax Rate TIRZ Value TIRZ Revenue FY2015 21,374,069 0 - - FY2016 37,892,054 0.434 16,517,985 71,688 FY2017 52,187,438 0.424 30,813,369 130,649 FY2018 54,745,320 0.42 33,371,251 140,159 FY2019 95,044,923 0.42 73,670,854 309,418 FY2020 142,674,788 0.42 121,300,719 509,463 Page 10 of 21 FY2020 Annual Budget TIRZ Value Page 11 of 21 FY2020 Annual Budget FY2020 Budget •FY2020 expenses total $500,000. –Transfer out to Electric for CIP reimbursement. Page 12 of 21 FY2020 Annual Budget Fund Schedule FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Beginning Fund Balance 129,516 237,186 237,186 - - - Revenues FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Property Tax 158,361 309,418 309,418 509,463 - 509,463 Interest 2,509 1,500 1,500 1,500 - 1,500 Grand Total 160,870 310,918 310,918 510,963 - 510,963 Expenses FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Transfers 53,201 548,104 548,104 500,000 - 500,000 Other - - - - - Grand Total 53,201 548,104 548,104 500,000 - 500,000 FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Ending Fund Balance 237,185 - - 10,963 - 10,963 CAFR Adjustment - - - - - - Maintenance Contingency 25,000 - - - - - Available Fund Balance 212,185 - - 10,963 - 10,963 Page 13 of 21 FY2020 Annual Budget Questions Page 14 of 21 Monday, July 15, 2019 4:06:25 PM FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Beginning Fund Balance 129,516 237,186 237,186 - - - Revenues FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Property Tax 158,361 309,418 309,418 509,463 - 509,463 Interest 2,509 1,500 1,500 1,500 - 1,500 Grand Total 160,870 310,918 310,918 510,963 - 510,963 Expenses FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Transfers 53,201 548,104 548,104 500,000 - 500,000 Other - - - - - Grand Total 53,201 548,104 548,104 500,000 - 500,000 FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Ending Fund Balance 237,185 - - 10,963 - 10,963 CAFR Adjustment - - - - - - Maintenance Contingency 25,000 - - - - - Available Fund Balance 212,185 - - 10,963 - 10,963 SGT TIRZ - 296 Page 15 of 21 Revenues Row Labels GL Mapping FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget 296-4-0001-40-100 AD VALOREM TAX Property Tax 158,361 309,418 309,418 509,463 - 509,463 296-4-0001-42-100 ALLOCATED INTEREST Interest 2,509 1,500 1,500 1,500 - 1,500 160,870 310,918 310,918 510,963 - 510,963 Page 16 of 21 Expenses Row Labels GL Mapping FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget 296-5-0000-51-400 TRANSFER OUT, GTEC Transfers 53,201 - - - - 296-5-0000-51-981 TRANSFER OUT -STORMWATER Transfers - - - - - 296-5-0000-51-XXX TRANSFER OUT -ELECTRIC Transfers 548,104 548,104 500,000 - 500,000 296-5-0000-51-986 TRANSFER OUT - IT Transfers - - - - - 296-5-0000-51-994 TRANS TO FLEET-VEHICLE PURCH Transfers - - - - - 296-5-0602-51-330 SPECIAL SERVICES Other - - - - - 296-5-0602-51-340 CONTRACTS - OTHER Other - - - - - 53,201 548,104 548,104 500,000 - 500,000 Page 17 of 21 FY2020 Budget Workshop SOUTH GEORGETOWN TIRZ Year Total AV Tax Rate TIRZ Value TIRZ Revenue FY2015 21,374,069 0 - - FY2016 37,892,054 0.434 16,517,985 71,688 FY2017 52,187,438 0.424 30,813,369 130,649 FY2018 54,745,320 0.42 33,371,251 140,159 FY2019 95,044,923 0.42 73,670,854 309,418 FY2020 142,674,788 0.42 121,300,719 509,463 Page 18 of 21 Page 19 of 21 Page 20 of 21 City of Georgetown, Texas South Georgetown 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 21 of 21