HomeMy WebLinkAboutAgenda_GEDCO_03.20.2017Notice of Meeting for the
Georgetown Economic Dev elopment Corporation and the Gov erning Body
of the City of Georgetown
March 20, 2017 at 4:00 PM
at the City Council Chambers, located at 101 E. 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.
Regular Session
(This Regular S es s io n may, at any time, b e rec es s ed to convene an Exec utive S es s io n fo r any p urpose
authorized b y the Op en Meetings Act, Texas Go vernment Co d e 551.)
A Co nsideration and approval of the minutes fo r Georgetown Ec o nomic Develo p ment Co rp o ration for the
Regular Meeting held Mo nday, January 23, 2016--Kevin Kelly, Sec retary
B Co nsideration of the January 31, 2017 and February 28, 2017 financ ial rep o rts and d is cus s io n regarding
the Fisc al Year 2016 external audit and Comprehensive Annual Financial R ep o rt fo r the City and GEDC O-
-Leigh Wallac e, F inance Manager, GEDCO, F inance Direc tor, COG
C Co nsideration and possible actio n regard ing GEDCO and City Co uncil partic ipatio n in a F eas ib ility Study
regard ing the need for a Ho s p ice Fac ility in Geo rgeto wn - Steve Fought, GEDCO Bo ard member
D Co nsideration and possible actio n to approve a recommend ation from s taff regard ing a cons ultant to
c o nduct a Target Ind ustry and Wo rkforc e Analys is for Geo rgeto wn - Mic haela Dollar
E Review and p o s s ib le ac tion related to the Day and Time o f the GEDCO Board Meetings--David Mo rgan,
General Manager
F Co nfirmation and approval of the Fo urth Amend ed Bylaws fo r GEDCO ap p ro ved b y the City Co uncil on
December 8, 2015 and the Artic les of Amend ment for GEDCO ap p ro ved by the City Counc il on
December 8, 2015 related to Board Members hip --David Mo rgan, General Manager
G Review and d is cus s io n regarding the City Counc il Attend anc e Po licy fo r Board Memb ers --David Morgan,
General Manager
H Consideration and possible action to nominate and elect a P resident, Vice-P resident, and Secretary consistent
with Section 3.02 of the GEDCO Bylaws— David Morgan, General Manager
I Actio n o ut o f Exec utive Session.
J Dis cus s ion and pos s ible actio n regarding the Staff Rep o rt —David Morgan, C ity Manager
-P erformance Agreement Report
-Rep o rt from Planning
-Other Pro jec ts
Executiv e Session
In compliance with the Op en Meetings Act, C hapter 551, Go vernment Code, Vernon's Texas Codes,
Page 1 of 51
Annotated, the items lis ted below will be d is c us s ed in closed s es s io n and are s ubjec t to actio n in the regular
s es s io n.
K Sec. 551.071: CONSULTATION WITH ATTORNEY
Co nsultation with attorney regarding legal is s ues related to agenda items and other matters in whic h (1)
when the go vernmental body seeks the advic e o f its attorney ab o ut: (A) p ending o r c o ntemp lated
litigatio n; o r (B) a s ettlement o ffer; o r (2) o n a matter in which the d uty of the attorney to the go vernmental
body under the Texas Dis ciplinary Rules o f P ro fes s io nal Cond uc t o f the S tate Bar o f Texas clearly
c o nflic ts with this chap ter - Charlie McNabb, C ity Attorney
L Section 551.072. DELIBERATIONREGARDING REAL PROPERTY
Dis cus s ion and pos s ible actio n to d elib erate the p urc hase,exc hange, leas e or value of real property for
purp o s es authorized b y the Development C o rp o ration Ac t which disc us s io n in o p en s es s io n would have
adetrimental effect on negotiations with third pers ons .
M Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT
NEGOTIATIONS.
Delib eratio n regarding commerc ial or financ ial info rmation that the corp o ration has rec eived fro m a
bus iness pros pec t that the Georgetown Ec ono mic Develo p ment Co rp oratio n s eeks to have loc ate, stay, or
exp and in or near the territory of the City o f Georgetown and with whic h the C o rp o ration is cond uc ting
ec o nomic d evelopment nego tiatio ns; and/o r deliberatio n regarding the o ffer of a financ ial or o ther
incentive to a bus iness p ro s p ect that the C o rp o ration seeks to have lo cate, s tay, o r exp and in o r near the
territory o f the City o f Georgetown.
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 __________________, 2017, 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 2 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Cons id eration and ap p ro val o f the minutes for Geo rgeto wn Econo mic Development Corporatio n fo r the
Regular Meeting held Mond ay, January 23, 2016--Kevin Kelly, S ecretary
ITEM SUMMARY:
ATTACHMENTS:
1. Draft Minutes for the Regular Meeting held Mo nday, January 23, 2016
FINANCIAL IMPACT:
None
SUBMITTED BY:
Kevin Kelly, Corporate S ecretary
ATTACHMENTS:
Description Type
minutes Cover Memo
Page 3 of 51
GEDCO Minutes
January 23, 2017
Page 1 of 2
Minutes of the Meeting of the
Georgetown Economic Development Corporation
and the Governing Body of the
City of Georgetown, Texas
January 23, 2017
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday, January 23,2017.
Members
Present: Jeff Parker, Hugh Brown, Steve Fought, Kevin Kelly, Rachael Jonrowe, Bill Mateja
Members
Absent: Steve Klein
Staff
Present:
David Morgan, City Manager/General Manager; Wayne Reed, Assistant City Manager;
Michaela Dollar, Director of Economic Development; Conchita Gusman, Economic
Development Program Manager; Leah Wallace, Finance Director/Finance Manager; Laurie
Brewer, Assistant City Manager; Debbie Mitchell, Senior Accountant; Tina Dunbar,
Administrative Assistant
MINUTES
Call to Order at 4:00 pm
Legislative Regular Session
A Consideration and approval of the minutes for Georgetown Economic Development Corporation for the
Special Meeting held Friday, November 4, and the regular meeting held Monday, November 21, 2016--
Kevin Kelly, Secretary
Motion by Fought, second by Parker to approve the November 4 and November 21, 2016 Minutes.
(Approved 6-0)
B Consideration of the November and December, 2016 Financial Reports--Leigh Wallace, Finance Manager,
GEDCO, Finance Director, COG.
Wallace presented the reports and answered questions from the board.
C Discussion and possible action regarding the Staff Report —David Morgan, City Manager -Performance
Agreement Report -Report from Planning -Other Projects
Morgan and Dollar provided an update on the Retail Study and the Holt project press release.
Gusman presented the Performance Agreement summary sheet and highlighted the GISD engineering
program.
D. Discussion and possible action regarding a Target Industry Analysis—Michaela Dollar, Economic
Development Director
Page 4 of 51
GEDCO Minutes
January 23, 2017
Page 2 of 2
Dollar explained the scope of a Target Industry Analysis and how Georgetown could benefit.
Following discussion, GEDCO members expressed approval for staff to release an RFP to find a
consultant and discover costs of the analysis.
E Action out of Executive Session.
No executive session.
Adjourn at 4:56 pm
ATTEST:
______________________________ ___________________________________
Kevin Kelly, Corporate Secretary Hugh Brown, President
Page 5 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Cons id eration o f the January 31, 2017 and F eb ruary 28, 2017 financial reports and disc ussion regard ing the
Fisc al Year 2016 external audit and Co mp rehens ive Annual F inancial Report fo r the City and GEDCO--
Leigh Wallace, Financ e Manager, GEDCO, Financ e Directo r, COG
ITEM SUMMARY:
See Attachments
FINANCIAL IMPACT:
None
SUBMITTED BY:
Leigh Wallace, Financ e Manager, GEDCO F inanc e Direc tor, COG
ATTACHMENTS:
Description Type
report Cover Memo
Page 6 of 51
GEDCO Board Meeting Date: March 20, 2017 Item No. __________
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION
AGENDA ITEM COVER SHEET
_________________________________________________________________
SUBJECT:
Consideration of the January 31, 2017 and February 28, 2017 financial reports and
discussion regarding the Fiscal Year 2016 external audit and Comprehensive Annual
Financial Report for the City and GEDCO. Leigh Wallace, Finance Manager, GEDCO,
Finance Director, COG.
_________________________________________________________________
ITEM SUMMARY:
The corporate bylaws require the Finance Manager to present the monthly financial reports
to the Board. Included in these reports will be:
• Financial reports
• Sales Tax revenues
• Monthly expenditures
• Any other relevant financial information
Sales tax revenue is two months in arrears. Included in this report is the sales tax revenue
collected in January and February for sales in November and December. There were no
payments made to vendors in the month of January. A report of payments made to vendors
in the month of February is included.
The Fiscal Year 2016 external audit was completed by Weaver & Tidwell. GEDCO is
considered a “Discretely Presented Component Unit” of the City and is included in the audit.
Staff will discuss the results of the audit and present the financial statements for GEDCO.
ATTACHMENTS:
Monthly Financial Reports
Sales Tax History
Disbursement Report
Auditor’s Letter
Statement of Net Position
Balance Sheet Governmental Funds
GEDCO Budget Based Fund Schedule
SUBMITTED BY:
Leigh Wallace
Finance Manager, GEDCO
Finance Director, COG
Page 7 of 51
YEAR-END YEAR-END
APPROVED JANUARY-17 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 5,015,684 5,015,684 0 NA
OPERATING REVENUES
Sales Tax 1,468,750 120,346 244,113 1,468,750 0 NA
Interest 10,400 1,641 9,593 10,400 0 NA
Miscellaneous Revenue 60,321 0 10,302 60,321 0 NA
Lease Revenue (Grape Creek)48,000 4,000 16,000 48,000 0 NA
Total Operating Revenues 1,587,471 125,987 280,008 1,587,471 0 NA
OPERATING EXPENDITURES
Debt Service 115,839 0 0 115,839 0 NA
Principal Reduction 100,000 0 0 100,000 0 NA
Interest Expense 111,463 0 0 111,463 0 NA
Bond Issuance Costs 0 0 (114)0 0 NA
Joint Services Allocation 197,722 16,477 65,908 197,722 0 NA
Supplies 300 0 140 300 0 NA
Special Services 7,500 0 33 7,500 0 NA
Travel & Training 1,500 0 0 1,500 0 NA
Promotional & Marketing Program 81,000 19,700 35,551 81,000 0 NA
Miscellaneous Expense 10,321 0 10,302 10,321 0 NA
Total Operating Expenditures 625,645 36,177 111,820 625,645 0 NA
TOTAL NET OPERATIONS 961,826 89,810 168,188 961,826 0 NA
NON-OPERATING EXPENDITURES
Catalyst 24,000 0 0 24,000 0 NA
DisperSol 60,000 0 0 60,000 0 NA
Economic Development Projects -Undetermined 5,370,322 0 0 5,370,322 0 NA
Radix 50,000 0 0 50,000 0 NA
Tasus 6,000 0 0 6,000 0 NA
Texas Life Sciences 100,000 0 0 100,000 0 NA
Total Non-Operating Expenditures 5,610,322 0 0 5,610,322 0 NA
TOTAL NET NON-OPERATIONS (5,610,322)0 0 (5,610,322)0 NA
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS (4,648,496)89,810 168,188 (4,648,496)0 NA
ENDING BALANCE 367,188 367,188 0 NA
RESERVED ENDING BALANCE 367,188 367,188
Georgetown Economic Development Corporation Fund
Year End Projection to Approved as of January 2017
Page 8 of 51
YEAR-END YEAR-END
APPROVED FEBRUARY-17 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 5,015,684 5,015,684 0 NA
OPERATING REVENUES
Sales Tax 1,468,750 156,391 405,246 1,468,750 0 NA
Interest 10,400 2,647 13,518 10,400 0 NA
Miscellaneous Revenue 60,321 0 10,302 60,321 0 NA
Lease Revenue (Grape Creek)48,000 4,000 20,000 48,000 0 NA
Total Operating Revenues 1,587,471 163,038 449,066 1,587,471 0 NA
OPERATING EXPENDITURES
Debt Service 115,839 0 0 115,839 0 NA
Principal Reduction 100,000 0 0 100,000 0 NA
Interest Expense 111,463 66,679 66,679 111,463 0 NA
Bond Issuance Costs 0 0 (114)0 0 NA
Joint Services Allocation 197,722 16,477 82,385 197,722 0 NA
Supplies 300 0 140 300 0 NA
Special Services 7,500 0 33 7,500 0 NA
Travel & Training 1,500 0 0 1,500 0 NA
Promotional & Marketing Program 81,000 3,975 40,660 81,000 0 NA
Miscellaneous Expense 10,321 0 10,302 10,321 0 NA
Total Operating Expenditures 625,645 87,131 200,085 625,645 0 NA
TOTAL NET OPERATIONS 961,826 75,907 248,981 961,826 0 NA
NON-OPERATING EXPENDITURES
Catalyst 24,000 0 0 24,000 0 NA
DisperSol 60,000 0 0 60,000 0 NA
Economic Development Projects -Undetermined 5,370,322 0 0 5,370,322 0 NA
Radix 50,000 0 0 50,000 0 NA
Tasus 6,000 0 0 6,000 0 NA
Texas Life Sciences 100,000 0 0 100,000 0 NA
Total Non-Operating Expenditures 5,610,322 0 0 5,610,322 0 NA
TOTAL NET NON-OPERATIONS (5,610,322)0 0 (5,610,322)0 NA
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS (4,648,496)75,907 248,981 (4,648,496)0 NA
ENDING BALANCE 367,188 367,188 0 NA
RESERVED ENDING BALANCE 367,188 367,188
Georgetown Economic Development Corporation Fund
Year End Projection to Approved as of February 2017
Page 9 of 51
As of February 28, 2017
Georgetown Economic Development Corporation
Sales Tax History
Variance % Var.
MONTH [a]2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 To FY 15 To FY 15
October 70,264$ 86,324$ 91,863$ 98,094$ 106,050$ 114,748$ 8,698$ 8.20%
November 74,472 82,083 99,552 102,891 112,766 125,214 12,448$ 11.04%
December 111,968 117,582 134,682 143,774 148,200 160,542 12,342$ 8.33%
January 73,177 82,714 89,357 87,695 96,563 110,006 13,443$ 13.92%
February 72,946 77,890 86,901 89,107 108,117
March 105,822 115,564 114,355 123,951 133,492
April 81,362 84,420 106,002 102,671 108,977
May 80,919 94,412 112,572 95,699 120,418
June 99,664 114,132 123,306 130,589 142,767
July 89,969 92,765 102,435 108,994 119,534
August 85,792 92,735 98,015 102,888 132,582
September 88,334 125,197 119,473 125,201 135,378
Total 1,034,688$ 1,165,819$ 1,278,513$ 1,311,554$ 1,464,844$ 510,510$
YTD 329,881 368,704 415,454 432,454 463,579 510,510 46,931 10.12%
Notes:
[a]Sales tax revenue from the State Comptroller is received two months in arrears.
Sales tax for September is actually received in November.
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Re
v
e
n
u
e
s
Sales Tax 3 Year Trend
2014-15
2015-16
2016-17
Page 10 of 51
• Promo and Marketing Programs:
- Conway Data, Inc.
- GIS Planning, Inc.
- Williamson Co Economic
- Texas Healthcare & Bioscience
Page 11 of 51
AN INDEPENDENT MEMBER OF
BAKER TILLY INTERNATIONAL
WEAVER AND TIDWELL, L.L.P.
CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS
1601 SOUTH MOPAC EXPRESSWAY, SUITE D250, AUSTIN, TX 78746
P:512.609.1900 F:512.609.1911
13
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor
Members of the City Council
City of Georgetown, Texas
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type activities,
the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City
of Georgetown, Texas (the City), as of and for the year ended September 30, 2016, and the related notes to the
financial statements, which collectively comprise the City’s basic financial statements as listed in the table of
contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation,
and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America and the standards applicable
to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, the discretely presented component unit,
each major fund, and the aggregate remaining fund information of the City, as of September 30, 2016, and the
respective changes in financial position and, where applicable, cash flows thereof, and the respective budgetary
comparison for the general fund for the year then ended in accordance with accounting principles generally accepted
in the United States of America.
Page 12 of 51
The Honorable Mayor
Members of the City Council
City of Georgetown, Texas
14
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion
and analysis, Texas Municipal Retirement System pension schedules, Other Post-employment Benefits, and Modified
Approach for Street Infrastructure Capital Assets on pages 16 – 27 and 80 - 82 be presented to supplement the basic
financial statements.Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing
the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain
limited procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the City’s basic financial statements. The introductory section, combining and individual major and nonmajor fund
financial statements and schedules and statistical section are presented for purposes of additional analysis and are
not a required part of the basic financial statements. The schedule of expenditures of federal awards is presented for
the purposes of additional analysis as required by the audit requirements of Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance), and is also not a required part of the basic financial statements.
The combining and individual major and nonmajor fund financial statements and schedules and the schedule of the
expenditures of federal awards are the responsibility of management and were derived from and relate directly to the
underlying accounting and other records used to prepare the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of America. In
our opinion, the combining and individual major and nonmajor fund financial statements and schedules and the
schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic financial
statements as a whole.
The introductory and statistical sections listed in the table of contents have not been subjected to the auditing
procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or
provide any assurance on them.
Page 13 of 51
The Honorable Mayor
Members of the City Council
City of Georgetown, Texas
15
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 7, 2017 on our
consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to
describe the scope of our testing of internal control over financial reporting and compliance and the results of that
testing, and not to provide an opinion on internal control over financial reporting or on compliance.That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s
internal control over financial reporting and compliance.
WEAVER AND TIDWELL, L.L.P.
Austin, Texas
March 7, 2017
Page 14 of 51
CITY OF GEORGETOWN, TEXAS
STATEMENT OF NET POSITION
SEPTEMBER 30, 2016
The Notes to Financial Statements are
an integral part of this statement.
28
Component
Unit
Georgetown
Economic
Governmental Business-type Development
Activities Activities Total Corporation
ASSETS
Cash and cash equivalents 52,868,225$ 12,464,164$ 65,332,389$ 9,398,649$
Cash and cash equivalents - restricted - 20,516,574 20,516,574 -
Investments 39,613,877 - 39,613,877 2,723
Investments - restricted - 23,758,448 23,758,448 -
Prepaid items 402,785 5,443,900 5,846,685 -
Security deposit - - - -
Accounts receivable
Services (net of allow ance for uncollectibles) - 14,729,618 14,729,618 -
Other 10,551,341 2,715,674 13,267,015 258,789
Internal balances (1,189,607) 1,189,607 - -
Inventories 717,686 4,171,006 4,888,692 -
Long-term note receivable 3,427,185 848,818 4,276,003 -
Capital assets
Land 28,611,637 3,665,995 32,277,632 171,382
Streets 181,655,391 - 181,655,391 -
Building and improvements 129,967,829 7,608,585 137,576,414 296,874
Machinery, furniture and equipment 47,056,676 5,653,457 52,710,133 -
Distribution system - 533,987,684 533,987,684 -
Water system - - - -
Construction in progress 49,928,216 13,971,591 63,899,807 -
Accumulated depreciation (60,643,596) (138,049,468) (198,693,064) (24,245)
Total assets 482,967,645 512,675,653 995,643,298 10,104,172
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 9,378,985 2,205,160 11,584,145 -
Deferred charge on refunding 2,464,767 1,535,600 4,000,367 -
Total deferred outflows of resources 11,843,752 3,740,760 15,584,512 -
TOTAL ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES 494,811,397$ 516,416,413$ 1,011,227,810$ 10,104,172$
LIABILITIES AND NET POSITION
Liabilities
Current liabilities
Accounts payable 9,734,945$ 10,429,156$ 20,164,101$ 4,513,630$
Accrued employee benefits 1,684,122 400,771 2,084,893 -
Unearned revenue 3,087,020 86,867 3,173,887 4,000
Unapplied credits 447,055 - 447,055 -
Current portion of noncurrent liabilities 10,849,774 6,636,305 17,486,079 222,698
Accrued interest 657,654 378,240 1,035,894 -
Construction contracts and retainages
payable from restricted assets - 457,415 457,415 -
Customer deposits payable from restricted assets - 1,184,328 1,184,328 -
Noncurrent liabilities
Accrued employee benefits 4,760,827 531,043 5,291,870 -
Net pension liability 18,602,878 4,397,993 23,000,871 -
Long-term debt 158,140,406 84,138,698 242,279,104 3,744,867
Total liabilities 207,964,681 108,640,816 316,605,497 8,485,195
NET POSITION
Net investment in capital assets 254,289,833 380,034,944 634,324,777 171,382
Restricted for
Debt service 1,377,661 - 1,377,661 -
Specific programs 3,580,444 - 3,580,444 -
Unrestricted 27,598,778 27,740,653 55,339,431 1,447,595
Total net position 286,846,716 407,775,597 694,622,313 1,618,977
TOTAL LIABILITIES
AND NET POSITION 494,811,397$ 516,416,413$ 1,011,227,810$ 10,104,172$
Primary Government
Page 15 of 51
CITY OF GEORGETOWN, TEXAS
ECONOMIC DEVELOPMENT SALES TAX - Discretely presented component unit
SCHEDULE OF REVENUES AND EXPENDITURES (BUDGET BASIS) -
BUDGET AND ACTUAL (NON-GAAP) - RECONCILED TO GAAP BASIS
FISCAL YEAR ENDED SEPTEMBER 30, 2016 (WITH COMPARATIVE FOR 2015)
FINAL BUDGET
2016 ACTUAL
BUDGETARY
BASIS
VARIANCE TO
BUDGET
2015 ACTUAL
BUDGETARY
BASIS
REVENUES:
Sales tax 1,345,313$ 1,464,844$ 119,531$ 1,311,553$
Lease Revenue 48,000 44,000 (4,000) 102,778
Investment earnings 7,500 27,882 20,382 10,914
Other - 3,178,715 3,178,715 -
Total revenues 1,400,813 4,715,441 3,314,628 1,425,245
EXPENDITURES:
Operations 304,000 212,124 91,876 285,672
Capital outlay 9,036,770 4,691,000 4,345,770 269,000
Total expenditures 9,340,770 4,903,124 4,437,646 554,672
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES (7,939,957) (187,683) 7,752,274 870,573
OTHER FINANCING SOURCES (USES):
Bond proceeds - - - -
Bond issuance costs (87,500) (18,224) 69,276 -
Bond proceeds 3,100,000 - (3,100,000) -
Interest & Fiscal Charges - - - -
Transfers in - - - -
Operating transfers out (106,694) (106,695) 1 (99,783)
Total other financing sources (uses) 2,905,806 (124,919) (3,030,723) (99,783)
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES AND OTHER FINANCING SOURCES
(USES) - BUDGETARY BASIS (5,034,151) (312,602) 4,721,551 770,790
FUND BALANCES, Beginning of period 4,539,793 5,375,707 835,914 4,604,917
FUND BALANCES - BUDGETARY BASIS,
End of period (494,358)$ 5,063,105 5,557,465$ 5,375,707
Adjustments to GAAP:
Reverse current year encumbrances 42,735 30,556
Record net unrealized loss on investment 2,723 220
Record principal reduction 74,430 63,124
Record depreciation (4,734)(9,365)
(525,069)
PY GAAP Adjustments (440,534)
FUND BALANCES - GAAP BASIS
End of period 4,737,725$ 4,935,173$
-$ -$
Page 16 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Cons id eration and p o s s ib le ac tion regard ing GEDCO and City Counc il partic ip ation in a Feasibility Study
regarding the need fo r a Hospic e F acility in Georgetown - S teve F o ught, GEDC O Board memb er
ITEM SUMMARY:
Steve Fought has res earc hed area fac ilities and talked with indus try profess io nals regarding Geo rgeto wn's
lack of inpatient hos pic e fac ilities. He would like GEDCO to cons id er further examination of the need for a
hospic e fac ility.
FINANCIAL IMPACT:
TBD
SUBMITTED BY:
Tina Dunb ar o n b ehalf o f S teve F o ught, GEDC O
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City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Cons id eration and p o s s ib le ac tion to approve a rec o mmendatio n fro m staff regarding a c o nsultant to
cond uc t a Target Indus try and Workfo rce Analys is fo r Georgetown - Mic haela Do llar
ITEM SUMMARY:
At the January GEDCO meeting, staff presented a p ro p o s al to hire a cons ultant to cond uc t a Target
Indus try and Wo rkforc e Analysis. GEDCO s up p o rted the proposal and s taff's plan to reques t b id s from
cons ultants . A fo rmal s olic itatio n (Reques t for Propos als) fo r Econo mic Development Target Indus try &
Wo rkforc e Analys is was posted on the City’s Ion Wave bid s ystem on February 2, 2017 and 574 vend o rs
were
invited to s ub mit a proposal. S even (7) prop o s als were rec eived. The propo s als were reviewed
fo r c o mp lianc e with the spec ificatio ns and reference checks were performed .
Now, staff res p ec tfully reques t that GEDCO approve a contrac t with the preferred c o nsultant.
FINANCIAL IMPACT:
Up to $100,000
SUBMITTED BY:
Michaela Dollar, Direc tor o f Econo mic Development
Page 18 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Review and pos s ible actio n related to the Day and Time of the GEDCO Bo ard Meetings --David Morgan,
General Manager
ITEM SUMMARY:
In ac cordanc e with the GEDCO Bylaws , Section 2.03 REGULAR MEETING; PLACE OF
MEETING
“The Bo ard s hall meet o n a regular basis, at a spec ified time, day, and loc ation as ap p ro ved
annually by the Bo ard . Sc heduled meeting times will b e prop erly p o s ted fo r pub lic
no tific atio n for regular and s pec ial called meetings as necessary. The president o f the
Board may c anc el the meeting if there is no b us ines s to be cond uc ted .”
Currently, the GEDCO Bo ard meets on the third Mo nday of each month at 4:00 p .m. in the City Counc il
Chamb ers loc ated at 101 E. 7th S treet, Georgetown, Texas 78626.
FINANCIAL IMPACT:
None
SUBMITTED BY:
Tina Dunb ar o n b ehalf o f David S. Morgan, City Manager
Page 19 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Confirmation and ap p ro val o f the Fourth Amended Bylaws for GEDCO approved by the City Counc il on
Dec emb er 8, 2015 and the Articles o f Amendment fo r GEDCO approved b y the C ity Co uncil o n
Dec emb er 8, 2015 related to Bo ard Members hip --David Morgan, General Manager
ITEM SUMMARY:
In 2015, City C o uncil ap p ro ved changes to the board memb ers hip req uirements of the Georgetown
Ec o nomic Develo p ment Co rp o ration (GEDCO) Bo ard to require that a minimum o f two (2) o f the s even
(7) d irecto rs b e c urrent City Counc il Members . GEDCO Bylaws and Articles of Inc o rp o ration were
amended to reflec t the c hanges and GEDCO ac c epted the changes in Marc h 2016. T here have been no
ad d itional c hanges s ince that time. Eac h year, GEDC O is as ked to review and ac c ep t the doc uments even
if no c hanges were made.
ATTACHMENT
1. Res o lutio n No. 120815-F Approving Fourth Amend ed Bylaws of the Georgetown Ec o nomic
Development Corporatio n
2. Res o lutio n No. 120815-G ap p ro ving Articles o f Amend ment for the Artic les of Inc o rp o ration fo r
the Geo rgeto wn Econo mic Development Corporatio n.
FINANCIAL IMPACT:
None
SUBMITTED BY:
Tina Dunb ar o n b ehalf o f David S. Morgan, City Manager
ATTACHMENTS:
Description Type
Res olution No. 120815-F Backup Material
Res olution No. 120815-G Backup Material
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Page 41 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Review and dis c us s ion regard ing the City Co unc il Attendance Polic y fo r Bo ard Members--David Mo rgan,
General Manager
ITEM SUMMARY:
Sec tion 2.07 Attendance o f the Bylaws of the Geo rgeto wn Econo mic Development Corporatio n s tates :
“Board Memb ers are req uired to attend 75% o f regularly sc hed uled Board Meetings .
Excessive ab s enteeis m will be s ubjec t to ac tion under Counc il polic y.”
Additio nally, Chap ter 2.36 CITY COMMISSIONS, COMMITTEES, AND BOARDS , S ectio n
2.36.010(D) – Duties o f Members o f the City of Geo rgeto wn Co d e of Ordinanc es , als o addresses the City
Counc il’s polic y on attend anc e for Bo ard Memb ers :
SEC 2.36.010 DUTIES OF COMMISSION, COMMITTEE & BOARD MEMBERS
“D. Attend anc e by Members is integral to s uc cess o f the commissio n, c o mmittee or b o ard .
It is Co uncil p o licy to req uire a minimum of 75 p ercent attendanc e of each Memb er at eac h
regularly s ched uled meeting inc luding s ub committee meetings . A Memb er s hall be allo wed
two exc used ab s enc es fo r the Member's p ers o nal med ical c are, req uired med ical c are of a
Memb er's immed iate family memb er (as d efined by City Ordinanc e), or Member's military
Servic e that shall not count agains t the 75 perc ent attend anc e req uirement. Written notice
shall b e s ent to a Member and the Memb er's City Co uncil rep res entative when it ap p ears the
Memb er may violate the attend anc e p o licy b y being abs ent fro m mo re than 25 p erc ent of
regularly s c heduled meetings, inc lud ing s ubc o mmittee meetings. Exc es s ive absenteeism
may result in the Member b eing replac ed by the Counc il. If a Memb er is remo ved fro m a
c o mmittee, c o mmis s io n o r board , that p o s ition shall b e c o nsidered vac ant and a new
Memb er s hall be ap p o inted to the Board in acc o rd anc e with Section 2.36.040”
The City Sec retary and the Mayo r review attend anc e and determine if warning or removal letters need to be
s ent to a Member that is in danger of or has violated the 75% Council mandated attendance policy.
Absences are exc us ed fo r medic al reasons or military reas o ns. City Co uncil and S taff Liaisons are notified
if any letters are s ent to a Member.
Absences for any S p ecial Meetings that are s c hed uled d o no t count to ward the 75% Attend anc e Po licy.
The City o f Georgetown values the vo lunteers that s erve o n its Commissio ns , Committees or Boards and
is fortunate to have a multitude of c itizens who ap p ly to be a part o f the pub lic p ro cess b y s erving o n
them. Acc o rd ingly, it is very imp o rtant that the members who are ap p o inted to b e o n a City of
Geo rgeto wn Commission, Co mmittee o r Bo ard understand the importanc e o f their attend anc e and their
p artic ip ation at the regularly sc heduled meetings o f these Commission, Committee or Bo ard meetings .
FINANCIAL IMPACT:
None
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SUBMITTED BY:
Tina Dunb ar o n b ehalf o f David S. Morgan, City Manager
Page 43 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Consideration and possible action to nominate and elect a P resident, Vice-P resident, and Secretary consistent
with Section 3.02 of the GEDCO Bylaws— David Morgan, General Manager
ITEM SUMMARY:
Purs uant to the GEDCO Bylaws , Section 3.02 Officers:
"The o fficers of the C o rp o ration shall be a p res id ent, vic e president, and sec retary. T he Bo ard , at each
annual meeting, which s hall no rmally o cc ur in the firs t meeting in March of eac h year, s hall elect these
o fficers. The Bo ard may appoint s uc h o ther o ffic ers as it deems nec es s ary, who s hall have the authority,
and s hall p erform s uc h d uties as fro m time to time may b e presc rib ed by the Board.”
Ac cordingly, the C o rp o ration mus t nominate and elec t o fficers.
FINANCIAL IMPACT:
None
SUBMITTED BY:
Tina Dunb ar o n b ehalf o f David S. Morgan, City Manager
Page 44 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Ac tion out of Exec utive S es s io n.
ITEM SUMMARY:
FINANCIAL IMPACT:
TBD
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 45 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Disc ussion and p o s s ib le ac tion regard ing the S taff Report —David Morgan, City Manager
-P erformance Agreement Report
-Report from P lanning
-Other Pro jec ts
ITEM SUMMARY:
The GEDCO Board has req uested that staff p ro vide a projec t p ro gress and s tatus report at eac h meeting
o n all of the ac tive p ro jects disc ussed b y the Bo ard .
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
David S. Morgan, C ity Manager
ATTACHMENTS:
Description Type
report Cover Memo
Page 46 of 51
Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
Citigroup
Grant for wastewater infrastructure for
construction of datacenter. 12/12/2006 12/31/2018 $ 1,300,000 $ 1,300,000
DisperSol
Grant for job creation related to expansion
of manufacturing facilities.10/16/2014 2/15/2019 250,000$ $ 70,000
Grape Creek
Grant for reimbursement of Qualified
Expenditures for the lease/purchase and
future site improvements at 101 E. 7th
Street and 614 Main Street for the
operation of a winery on the Downtown
Square. 8/23/2011 3/1/2018 280,000$ 280,000$
Grape Creek
GEDCO purchase of building. GCV
currently under lease/purchase agreement
with right to exercise purchase at end of PA
for $447K.8/23/2011 3/1/2018 447,000$ 447,000$
Lone Star Circle of Care
Grant for Qualified Expenditures for future
site improvements at 205 East University
Avenue, Georgetown, Texas. Loan
Agreement and Promissory Note have
been executed. 6/28/2011 11/30/2017 387,000$ $ 387,000
Radiation Detection Corporation
Grant for Qualified Expenditures and job
creation related to the relocation of the
corporate offices to Georgetown. 7/23/2013 12/31/2021 320,000$ 320,000$
Radix BioSolutions, Ltd.
Provided grant to assist with the work and
future plans of Radix BioSolutions at the
TLCC. Radix paid back $47K on 3/15/15.
Radix paid back $50K 3/10/16.3/9/2010 3/31/2018 250,000$ $ 153,000
GEDCO - ACTIVE PERFORMANCE AGREEMENTS STATUS REPORT
March 20, 2017
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Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
GEDCO - ACTIVE PERFORMANCE AGREEMENTS STATUS REPORT
March 20, 2017
TASUS Texas Corporation
Provide a grant of $67,500 for job creation
related to expansion of manufacturing
facilities. 2/25/2014 5/31/2017 67,500$ -$
Rentch Brewery
Provide financial assistance not to exceed
$70K for infrastructure costs related to the
expansion of their existing operation
including upgraded electric transformer and
upgraded waterlines to the facility.10/11/2016 10/11/2019 70,000$ $ -
Page 48 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Sec. 551.071: CONSULTATION WITH ATTORNEY
Cons ultation with atto rney regard ing legal iss ues related to agend a items and o ther matters in which (1)
when the go vernmental b o d y s eeks the advic e of its atto rney about: (A) p end ing or contemplated litigation;
o r (B) a settlement offer; or (2) o n a matter in whic h the duty of the attorney to the governmental b o d y
und er the Texas Dis c ip linary Rules o f Pro fes s ional C o nduct of the State Bar of Texas c learly conflicts with
this c hapter - C harlie McNab b , City Atto rney
ITEM SUMMARY:
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 49 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Section 551.072. DELIBERATIONREGARDING REAL PROPERTY
Disc ussion and p o s s ib le ac tion to deliberate the purchas e,exchange, leas e o r value o f real p ro p erty for
p urposes autho rized by the Develo p ment Corporatio n Act whic h d is cus s ion in open session wo uld have
ad etrimental effec t o n nego tiatio ns with third p ers o ns .
ITEM SUMMARY:
FINANCIAL IMPACT:
n/a
SUBMITTED BY:
Skye Mas s o n, Interim City Attorney
Page 50 of 51
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 20, 2017
SUBJECT:
Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT
NEGOTIATIONS.
Deliberatio n regard ing c o mmercial o r financ ial informatio n that the c o rp o ratio n has received from a
b usines s pros p ec t that the Geo rgeto wn Economic Development Corporation s eeks to have lo cate, s tay, o r
expand in or near the territo ry o f the City o f Geo rgeto wn and with whic h the Corporatio n is c o nducting
econo mic d evelo p ment negotiations ; and/o r d elib eration regard ing the o ffer o f a financial o r other inc entive
to a bus iness pros pec t that the Co rp o ration s eeks to have loc ate, stay, o r expand in or near the territory of
the City of Georgetown.
ITEM SUMMARY:
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
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