HomeMy WebLinkAboutAgenda_GEDCO_04.19.2021Notice of Meeting for the
Georgetown E conomic Dev elopment Corporation Regular meeting of the G E D C O
B oard of Directors
of the City of Georgetown
April 19, 2021 at 4:00 P M
at Virtual
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Regular Session
(T his R egular S es s ion may, at any time, be rec es s ed to c onvene an Exec utive S es s ion for any purpose
authorized by the O pen Meetings Act, Texas G overnment C ode 551.)
A C ons ideration and approval of the March 15, 2021 G EDC O minutes - S haron P arker, Board Liaison.
B R eview and dis cus s ion regarding the Amended Bylaws for G EDC O approved by the C ity C ouncil on
April 23, 2019 - David Morgan, C ity Manager
C R eview and dis cus s ion regarding the C ity C ouncil Attendanc e P olic y for Board Members --David
Morgan, C ity Manager
D R eview and pos s ible ac tion related to the Day and Time of the G EDC O Board Meetings --David Morgan,
C ity Manager
E P resentation of C ounc il G oals - David Morgan, C ity Manager
F C ons ideration of the preliminary financial report for period ending Marc h 31, 2021 - Nathan P arras ,
Assistant F inanc e Direc tor, C ity of G eorgetown
G Disc ussion regarding the S taff R eport - David Morgan, G eorgetown C ity Manager
H Ac tion out of Executive S ession
E xecutiv e Session
In c omplianc e with the O pen Meetings Ac t, C hapter 551, G overnment C ode, Vernon's Texas C odes,
Annotated, the items listed below will be dis cus s ed in c los ed session and are s ubjec t to action in the regular
s es s ion.
I Section 551.087. D E LIB E R AT ION R E G AR D IN G E C ON O MIC D E VE LOP ME N T
N E G O T IAT IO N S.
Deliberation regarding commerc ial or financial information that the c orporation has rec eived from a
bus iness pros pect that the G eorgetown Economic Development C orporation seeks to have locate, s tay,
or expand in or near the territory of the C ity of G eorgetown and with whic h the C orporation is c onducting
ec onomic development negotiations ; and/or deliberation regarding the offer of a financial or other inc entive
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to a busines s prospec t that the C orporation s eeks to have loc ate, stay, or expand in or near the territory of
the C ity of G eorgetown.
P rojec t S tamp
Adjournment
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 _________________, 2021, 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
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City of Georgetown, Texas
Georgetown Economic Development Corporation
April 19, 2021
S UB J E C T:
C onsideration and approval of the Marc h 15, 2021 G EDC O minutes - S haron P arker, 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:
S haron P arker
AT TAC H ME N T S:
Description Type
Minutes Backup Material
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GEDCO Minutes
March 15, 2021
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Minutes of the Meeting of the
Georgetown Economic Development Corporation
City of Georgetown, Texas
March 15, 2021
The Georgetown Economic Development Corporation of the City of Georgetown, TX, met virtually on Monday March 15,
2021.
Members
Present:
Hugh Brown, Steve Fought, Robert Hilton, Kevin Cummins (Ron Garland joined after the meeting was
called to order)
Members
Absent:
Staff
Present:
Michaela Dollar, Director of Economic Development; Nathan Paras, Assistant Finance Director; Laurie
Brewer, Assistant City Manager; Conchita Gusman, Business Retention Manager, Sharon Parker, Board
Liaison.
Guest
Present:
MINUTES
Meeting called to Order at 4:02 pm
A. Consideration and possible action to nominate and elect a President, vice president, and secretary to
fill the current vacancy, consistent with Section 3.02 of the GEDCO Bylaws— David Morgan, City
Manager Motion to nominate Ron Garland as President by Steve Fought, 2nd by Hugh Brown. Discussion – in the
past the vice president was voted to move to president. After clarification that Kevin Cummins was the current Vice
President Steve Fought withdrew his nomination of Ron Garland and made a new Motion to elect Kevin Cummins
as President, 2nd by Hugh Brown. Approved 4-0 (Ron Garland not present during this item). Motion to nominate
Ron Garland as Vice President by Kevin Cummins, 2nd by Hugh Brown. Approved 4-0 (Ron Garland not present
during this item). Motion to nominate Hugh Brown as Secretary by Robert Hilton, 2nd by Steve Fought Approved 4-0
(Ron Garland not present during this item).
B. Consideration and approval of the October 19, 2020 GEDCO minutes – Sharon Parker, Board Liaison
Motion to approve by Hugh Brown, 2nd by Robert Hilton. Approved 4-0 (Ron Garland not present during this item).
C. Consideration of the preliminary financial report for period ending February 28, 2021 - Nathan
Parras, Assistant Finance Director
Nathan reviewed the financial report. No action needed.
D. Discussion regarding the Staff Report -David Morgan, City Manager
• Performance Agreement Report
• Activity Report
• Other Staff Items
Michaela reviewed the Performance Agreement report and the Activity Report. No action needed.
----GEDCO entered into Executive Session at 4:20 pm and returned to Regular Session at 4:43 pm-----
E. Action out of Executive Session.
Motion to approve Project Stamp as discussed in executive session by Hugh Brown, 2nd by Robert Hilton.
Approved 5-0
----Kevin Cummins left the meeting at 4:46 pm
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GEDCO Minutes
March 15, 2021
Page 2 of 2
Motion to adjourn by Ron Garland, 2nd by Hugh Brown
Meeting adjourned at 5:00 pm
Hugh Brown, Secretary Kevin Cummins, President
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City of Georgetown, Texas
Georgetown Economic Development Corporation
April 19, 2021
S UB J E C T:
R eview and disc ussion regarding the Amended Bylaws for G EDC O approved by the C ity C ounc il on
April 23, 2019 - David Morgan, C ity Manager
IT E M S UMMARY:
Each year, G EDC O is asked to review the c urrent bylaws doc uments.
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
Bylaws Backup Material
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City of Georgetown, Texas
Georgetown Economic Development Corporation
April 19, 2021
S UB J E C T:
R eview and disc ussion regarding the C ity C ounc il Attendance P olicy for Board Members--David Morgan,
C ity Manager
IT E M S UMMARY:
S ection 2.07 Attendance of the Bylaws of the G eorgetown Economic Development C orporation states:
“Board Members are required to attend 75% of regularly s cheduled Board Meetings . Exc es s ive
abs enteeis m will be s ubjec t to action under C ounc il polic y.”
Additionally, C hapter 2.36 C I T Y C O MMI S S I O NS , C O MMI T T EES , AND BO AR DS , S ection
2.36.010(D) – Duties of Members of the C ity of G eorgetown C ode of O rdinanc es , als o addresses the
C ity C ounc il’s polic y on attendance for Board Members :
S EC 2.36.010 DUT I ES O F C O MMI S S I O N, C O MMI T T EE & BO AR D MEMBER S
“D. Attendance by Members is integral to succ es s of the c ommis s ion, c ommittee or board. It is C ouncil
policy to require a minimum of 75 perc ent attendanc e of each Member at eac h regularly s cheduled meeting
inc luding s ubc ommittee meetings . A Member shall be allowed two excus ed absences for the Member's
pers onal medical care, required medic al c are of a Member's immediate family member (as defined by C ity
O rdinanc e), or Member's military S ervic e that shall not count against the 75 perc ent attendanc e
requirement. Written notic e shall be s ent to a Member and the Member's C ity C ouncil repres entative when
it appears the Member may violate the attendance policy by being abs ent from more than 25 percent of
regularly s cheduled meetings, including subcommittee meetings. Excessive absenteeism may res ult in the
Member being replac ed by the C ouncil. If a Member is removed from a c ommittee, commission or board,
that pos ition shall be cons idered vacant and a new Member s hall be appointed to the Board in ac cordance
with S ection 2.36.040”
T he C ity S ecretary and the Mayor review attendanc 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% C ounc il mandated attendance policy.
Abs enc es are exc used for medic al reasons or military reasons . C ity C ounc il and S taff Liaisons are notified
if any letters are s ent to a Member.
Abs enc es for any S pec ial Meetings that are sc heduled do not c ount toward the 75% Attendance P olicy.
T he C ity of G eorgetown values the volunteers that s erve on its C ommis s ions, C ommittees or Boards and
is fortunate to have a multitude of citizens who apply to be a part of the public process by s erving on them.
Acc ordingly, it is very important that the members who are appointed to be on a C ity of G eorgetown
C ommis s ion, C ommittee or Board understand the importanc e of their attendanc e and their partic ipation at
the regularly sc heduled meetings of thes e C ommission, C ommittee or Board meetings.
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
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S haron P arker
AT TAC H ME N T S:
Description Type
Boards and Commissions Attendance Policy Backup Material
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SEC 2.36.010 DUTIES OF COMMISSION, COMMITTEE & BOARD MEMBERS
Attendance by Members is integral to success of the commission, committee or board. It is
Council policy to require a minimum of 75 percent attendance of each Member at each
regularly scheduled meeting including subcommittee meetings. A Member shall be allowed
two excused absences for the Member's personal medical care, required medical care of a
Member's immediate family member (as defined by City Ordinance), or Member's military
Service that shall not count against the 75 percent attendance requirement. Written notice
shall be sent to a Member and the Member's City Council representative when it appears the
Member may violate the attendance policy by being absent from more than 25 percent of
regularly scheduled meetings, including subcommittee meetings. Excessive absenteeism may
result in the Member being replaced by the Council. If a Member is removed from a committee,
commission or board, that position shall be considered vacant and a new Member shall be
appointed to the Board in accordance with Section 2.36.040
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City of Georgetown, Texas
Georgetown Economic Development Corporation
April 19, 2021
S UB J E C T:
P res entation of C ouncil G oals - David Morgan, C ity Manager
IT E M S UMMARY:
P res entation of C ouncil G oals
F IN AN C IAL IMPAC T:
.
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
City Council Strategic Initiatives and Goals Pres entation
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CITY COUNCIL VISIONING WORKSHOP
February 5 –6, 2021
Strategic Initiatives and Goals
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Areas of Emphasis
•GOVERNANCE
•GROWTH
•HOUSING
•ECONOMIC DEVELOPMENT
•DOWNTOWN
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GOVERNANCE
•Confirming Council / City Manager Roles
•Review agenda format and items with an eye toward streamlining
•Equipping the Council to be successful
•Provide opportunity for Council to enhance understanding of service areas and staff responsibilities
•Be deliberate to develop relationships and trust among City Councilmembers
•Develop learning and training opportunities for current / future City Councilmembers
•Communication and Engagement with Citizens and board members
•Improve citizen education and engagement
•Improve information flow on the Vision and Strategic Planning process to Boards and Commissions
•Improve opportunities for residents to raise and resolve service issues / requests
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GROWTH
•Proactively Plan for Growth
•2030 Comprehensive Plan
•Stay on track with implementation
•Continue as a living document with periodic updates
•Ensure community engagement plan informs, consults and involves stakeholders
•Update and implement transportation corridor studies
•Maintain and Update Master Plans to respond to rapid growth
•Transportation
•Water/Wastewater
•Electric
•Land Use
•Parks, Recreation, Open Space
•City Facilities
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GROWTH (con’t)
•Ensure Financial Capacity to Manage Growth
•Determine policy for debt vs. pay-as -you -go for capital spending
•Implement and update impact fees and other fees
•Implement the mobility bond improvements
•Create capacity for operational dollars to be used for CIP
•Promote public / private partnerships (PPP) to fund infrastructure needs related to
growth and development
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GROWTH (con’t)
•Develop and manage water supply sources and treatment capacity for future growth.
•Improve water conservation through adoption of city codes, rate structures, and active enforcement
of watering restrictions
•Actively develop additional water resources
•Maintain high customer service levels
•Maintain and enhance the Performance Management Program (PMP) to provide real time data of
quantity and quality
•Organization and Operational Excellence (OOE) –Continue to equip employees to make incremental
change to produce positive, real results
•Establish an organizational capacity plan ensuring efficiency and effectively responding to growth
•Retention of quality city staff
•Maintain strong “customer service” levels
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HOUSING
•Establish an affordable housing policy
•Pursue innovative affordable housing projects to determine the market and viability of projects for
Georgetown
•Allow for a diversity of housing including tiny homes, townhomes, studio homes, etc. that have a
smaller footprint and provide diversity of housing
•Pursue opportunities for affordable home ownership
•Establish a multifamily housing policy that encourages mixed-use development
•Determine the key locations for mixed-use development
•Determine the ratio of single family to multifamily units for the city
•Determine goals for new master-planned developments
•Establish a policy for commercial development in and around multi -family to ensure availability of
services
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HOUSING (con’t)
•Establish a policy determining the residential / neighborhood commercial mix in targeted areas within the city to protect
commercially zoned property ensuring economic development
•Review and update 2030 Plan policy
•Encourage the development of executive housing
•Define opportunities to support qualities of exec. housing in special districts
•Define needs and qualities of executive housing
•Establish strong development standards, ensure quality housing products
•Establish goals for development standards
•Pursue options to encourage annexation of development
•Eliminate barriers that discourage annexation of development
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ECONOMIC DEVELOPMENT
•Promote a viable workforce development program
•Partner with employers and educational institutions for workforce development
•Enhance workforce recruitment
•Promote industrial and commercial growth in targeted areas
•Identify and prioritize high priority growth areas for investment
•Business Retention Programs
•Maintain primary employer retention program
•Promote programs to retain locally owned and small businesses
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ECONOMIC DEVELOPMENT (con’t)
•Promote business recruitment programs
•Encourage a diversity of industry through Target Industry Recruitment
•Create a strong “brand” to market and promote Georgetown to new businesses
•Establish programs and policies that reward and incentivize businesses that pay higher wages
•Sustain / improve a predictable, responsive, and accountable development process
•Foster regional cooperation with area governmental partners –county, schools, and surrounding areas
•Utilize regional partnerships for program support (recruitment, marketing, workforce)
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DOWNTOWN
•Enhance and manage the continued development of downtown
•Update the downtown master plan to address density, historic guidelines, and transition zones
•Improve mobility opportunities to include accessibility, parking, pedestrian access, and general movement
through downtown
•Address infrastructure needs such as trash collection and street maintenance due to growth in downtown
•Enhance and manage the mix and size of events and activities in downtown
•Enhance partnerships for downtown
•Work with County on government facilities plan for downtown
•Promote local businesses including partnerships with the Chamber, the Downtown Georgetown Association
(DGA), Preservation Georgetown
•Enhance partnerships with education, arts, religious and cultural groups for events and promotion of downtown
•Review downtown façade and grant program for possible enhancements
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City of Georgetown, Texas
Georgetown Economic Development Corporation
April 19, 2021
S UB J E C T:
C onsideration of the preliminary financ ial report for period ending March 31, 2021 - Nathan P arras,
As s is tant F inance Director, C ity of G eorgetown
IT E M S UMMARY:
T he c orporate bylaws require the F inance Manager to pres ent the monthly financ ial reports to the Board.
Included in these reports will be:
F inancial reports
S ales Tax revenues
Monthly expenditures
Any other relevant financial information
S ales tax revenue is two months in arrears ; therefore the revenues reflect only the amount rec eived, not
actually earned, as of the report date.
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
Financial Report Backup Material
GEDCO Pres entation Pres entation
Annual Financial Report - GEDCO Backup Material
Page 37 of 71
F
GEDCO MONTHLY REPORT AS OF MARCH 31, 2021
Operating revenue is comprised of property tax and
allocated interest. The budget for sales tax collections for
GEDCO is $2,063,750. Year-to-date sales tax revenue totals
$825,614, or 40.01% of budget. Through this period, sales
tax collections are up $118,694, or 16.79% over year-to-date
collections from the prior fiscal year. The City continues to
see and monitor the strong performance in sales tax.
Operating expenses total $1,268,082, or 70.69% of budget
through the period. Operating expenses include
administrative expenses, marketing costs, contractual
services, and operating transfers to other City funds.
Administrative expenses include the allocation for City staff
to support the GEDCO fund. Year-to-date administrative
expense total $141,891, or 50.00% of budget. The GEDCO fund has dedicated funding to market the City for
potential economic development. Year-to-date marketing efforts total $73,499, or 40.83% of budget. Contractual
services include $130,000 budgeted for consulting in
FY2021. GEDCO will transfer out $1,200,169 in FY2021. This
includes a transfer out to the Electric fund for GEDCO’s
portion of the Titan North Park development, and a transfer
to the Water fund to pay for debt service.
Non-Operating revenue, which typically includes bond
proceeds, is not part of the FY2021 budget. City staff does
not intend to issue any new debt for this fund in the current
fiscal year.
Non-Operating expense budget totals $8,346,963 in the
current year. Year-to-date non-operating expenses total
400,000, or 4.79% of budget through the period. Non-
Operating expenses include funding for strategic partnerships and GEDCO’s debt service payment. Strategic
partnerships include year-to-date expense of $400,000 for economic incentive agreements. GEDCO’s debt service
payment includes principal reduction of $72,830, and an interest expense of $17,742. The debt service payment is
made annually in the spring and aligns all other debt service payments for the City.
Ending fund balance for FY2021 is anticipated to be $787,612. After accounting for the contingency reserve of
$505,468, and the debt service reserve of $210,318, this fund will have an available fund balance of $71,826.
K
200K
400K
600K
800K
1.0M
01) Oct 02) Nov 03) Dec 04) Jan 05) Feb 06) Mar
SALES TAX
FY2020 FY2021
K
100K
200K
300K
51001:Administrative
Expense
51003:Marketing &
Promotional
51004:Contractual
Services
OPERATING EXPENSES
FY2021 YTD Actuals FY2021 Budget
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COG - GEDCO Financial Report
Period: Mar-21
Budget Period
FY2021 Mar-21
YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 8,845,777 - 8,845,777 - 100.00%
Operating Revenue
40002:Sales Taxes 2,063,750 176,181 825,614 (1,238,136) 40.01%
42001:Interest Income 19,000 359 20,918 1,918 110.10%
Operating Revenue Total 2,082,750 176,540 846,532 (1,236,218) 40.64%
Operarting Expense
53016:Travel Expense - 54 107 (107) 0.00%
51001:Administrative Expense 283,783 23,649 141,891 141,892 50.00%
51003:Marketing & Promotional 180,000 12,465 73,499 106,501 40.83%
51004:Contractual Services 130,000 - 12,500 117,500 9.62%
80001:Transfers Out 1,200,169 - 1,040,084 160,085 86.66%
Operating Expense Total 1,793,952 36,168 1,268,082 525,870 70.69%
Total Net Operations 288,798 140,372 (421,550) (1,762,088) -145.97%
Non-Operating Revenue
Non-Operating Expense
53009:Strategic Partnership 8,256,391 - 400,000 7,856,391 4.84%
55001:Principal Reduction 72,830 - - 72,830 0.00%
55002:Interest Expense 17,742 - - 17,742 0.00%
Non-Operating Expense Total 8,346,963 - 400,000 7,946,963 4.79%
Net Non-Operations Total (8,346,963) - (400,000) 7,946,963 4.79%
Excess (Deficiency) of Total Revenue over Total
Requirements (8,058,165) 140,372 (821,550) (8,879,715) 110.20%
Ending Fund Balance 787,612 140,372 8,024,227 8,811,839 9.82%
Reserves
Contingency Reserve 505,468 - 505,468 - 100%
Debt Service Reserve 210,318 - 202,769 7,549 104%
Reserves Total 715,786 - 708,237 7,549 101%
Available Fund Balance 71,826 7,315,990 7,244,164 0.98%
Actuals Budget Vs. Actuals
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GEDCO
Financial Summary: May 21
Page 40 of 71
FY2021 FINANCIAL SUMMARY: GEDCO
GEDCO Revenue
•FY2021 Revenue Budget •Revenue Budget Sources
•The FY2021 revenue budget for
the GEDCO is $2.1 million
•99% of budgeted revenue is sales
tax, $2.1 million
•Interest Income accounts for
$19,000
99.09%
0.91%
40002:Sales Taxes
42001:Interest Income
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FY2021 FINANCIAL SUMMARY: GEDCO
GEDCO Revenue
COG ‐ GEDCO Financial Report
Period: Mar‐21
Budget
FY2021 Mar‐20 Mar‐21 Variance
%
Variance
Variance from
Budget % of Budget
Operating Revenue
40002:Sales Taxes 2,063,750 706,920 825,614 118,694 16.79% (1,238,136) 40.01%
42001:Interest Income 19,000 65,465 20,918 (44,546) ‐68.05% 1,918 110.10%
Operating Revenue Total 2,082,750 772,384 846,532 74,148 9.60% (1,236,218) 40.64%
YTD Comparison YTD Budget Comparison
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FY2021 FINANCIAL SUMMARY: GEDCO
GEDCO Revenue
•Sales Tax
•Year ‐to‐date sales tax revenue
totals $825,614, 40% of budget
•FY2021 year‐to‐date collections
are 17% more than FY2020 year‐
to‐date collections
•There is a two‐month lag on sales
tax collections.
16.79% 825,614
SALES TAX
01) Oct 02) Nov 03) Dec 04) Jan 05) Feb 06) Mar
FY2020 ‐180,020 183,961 356,715 564,076 706,920
FY2021 ‐7,022 202,767 399,298 649,433 825,614
K
250K
500K
750K
1.0M
FY2020 FY2021
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FY2021 FINANCIAL SUMMARY: GEDCO
GEDCO Expense
•FY2021 Expense Budget •Expense Budget Sources
•The FY2021 revenue budget for
the GEDCO is $10.1 million
•81% of budgeted expenses are for
Economic Development
Agreements
•Administrative expense totals
$283,783
•Debt service payment for FY2021
accounts for $90,752
2.80%1.77%
1.28%
81.42%
0.72%
0.17%
11.83%
51001:Administrative Expense
51003:Marketing &
Promotional
51004:Contractual Services
53011:Economic Development
Agreements
55001:Principal Reduction
55002:Interest Expense
80001:Transfers Out
Page 44 of 71
FY2021 FINANCIAL SUMMARY: GEDCO
GEDCO Revenue
COG ‐ GEDCO Financial Report
Period: Mar‐21
Budget
FY2021
YTD Actuals
w/Encumbrances:
Mar‐20
YTD Actuals
w/Encumbrances:
Mar‐21 Variance % Variance
Variance from
Budget % of Budget
Operating Expense
51001:Administrative Expense 283,783 122,385 141,891 (19,506) 15.94% 141,892 50.00%
51003:Marketing & Promotional 180,000 61,274 73,499 (12,224) 19.95% 106,501 40.83%
51004:Contractual Services 130,000 6,615 12,500 (5,885) 88.96% 117,500 9.62%
51006:Subscriptions ‐ ‐ ‐ ‐ 0.00%‐ 0.00%
51010:Legal Services ‐ 2,493 ‐ 2,493 ‐100.00%‐ 0.00%
53016:Travel Expense ‐ 92 107 (16) 17.16% (107) 0.00%
80001:Transfers Out 1,200,169 41,334 1,040,084 (998,750) 2416.27% 160,085 86.66%
Operating Expense Total 1,793,952 234,194 1,268,082 (1,030,950) 441.47% 525,870 70.69%
Non‐Operating Expense
53009:Strategic Partnership 8,256,391 143,674 400,000 (256,326) 178.41% 7,856,391 4.84%
53011:Economic Development Agreements ‐ 356,235 ‐ 356,235 ‐100.00%‐ 0.00%
55001:Principal Reduction 72,830 ‐ ‐ ‐ 0.00% 72,830 0.00%
55002:Interest Expense 17,742 ‐ ‐ ‐ 0.00% 17,742 0.00%
Non‐Operating Expense Total 8,346,963 499,909 400,000 99,909 ‐19.99% 7,946,963 4.79%
YTD Actuals w/Encumbrances Comparison YTD Budget Comparison
Page 45 of 71
FY2021 FINANCIAL SUMMARY: GEDCO
GEDCO Expense
•Operating Expenses
•Year ‐to‐date operating expense
totals $1.7 million
•Administrative Expense: 50% of
budget
•Marketing: 41% of budget
•Contractual Services: 10% of
budget
593,783 239,112
OPERATING EXPENSES
K
50K
100K
150K
200K
250K
300K
51001:Administrative
Expense
51003:Marketing &
Promotional
51004:Contractual
Services
FY2021 YTD Actuals FY2021 Budget
Page 46 of 71
FY2021 FINANCIAL SUMMARY: GEDCO
Questions
Page 47 of 71
City of Georgetown, Texas
Statement of Net Position
September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
20
Component
Unit
Georgetown
Economic
Governmental Business-type Development
Activities Activities Total Corporation
Cash and cash equivalents 35,142,568 59,067,573 94,210,141$ 971,029$
Cash and cash equivalents - restricted - - - -
Investments 95,054,500 53,294,913 148,349,413 7,782,214
Investments - restricted - 33,006,748 33,006,748 -
Prepaid items 401,733 7,192,779 7,594,512 -
Accounts receivable
Services (net of allowance for uncollectibles) 1,661,654 23,047,556 24,709,210 -
Taxes and other 11,734,952 2,061,313 13,796,265 370,626
Internal balances - - - -
Inventories 611,835 2,729,317 3,341,152 -
Long-term note receivable 2,839,635 588,806 3,428,441 -
Capital assets
Land 21,772,554 2,835,683 24,608,237 -
Land rights 20,938,510 1,723,151 22,661,661 -
Buildings 96,908,069 13,492,399 110,400,468 -
Furniture, machinery, and equipment 27,178,313 3,677,119 30,855,432 -
Vehicles 37,743,709 74,230 37,817,939 -
Streets 290,705,767 - 290,705,767 -
Distribution system 2,329,890 706,384,574 708,714,464 -
Bridges 7,777,022 - 7,777,022 -
Improvements 65,212,549 6,231,935 71,444,484 139,740
Construction in progress 36,052,018 21,209,766 57,261,784 -
Accumulated depreciation (97,786,253) (207,029,938) (304,816,191) -
Total assets 656,279,025 729,587,924 1,385,866,949 9,263,609
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 10,841,173 2,542,992 13,384,165 -
Deferred outflow related to OPEB 688,023 - 688,023 -
Deferred charge on refunding 1,284,789 728,573 2,013,362 -
Total deferred outflows of resources 12,813,985 3,271,565 16,085,550 -
LIABILITIES
Accounts payable 13,615,643 14,235,940 27,851,583 10,000
Unearned revenue 4,690,624 397,414 5,088,038 -
Accrued interest 1,065,163 441,689 1,506,852 -
Payable from restricted assets
Construction contracts and retainages - 1,074,426 1,074,426 -
Customer deposits payable from restricted assets - 1,618,144 1,618,144 -
Noncurrent liabilities, due within one year 18,646,252 8,989,526 27,635,778 201,475
Noncurrent liabilities, due in more than one year
Accrued employee benefits 4,734,222 652,127 5,386,349 -
Net pension liability 15,129,088 3,548,799 18,677,887 -
Other post employment benefits 4,183,335 - 4,183,335 -
Long-term debt 209,757,718 103,562,094 313,319,812 2,954,050
Total liabilities 271,822,045 134,520,159 406,342,204 3,165,525
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 10,038,493 2,354,708 12,393,201 -
Deferred inflows related to OPEB 93,813 - 93,813 -
Total deferred inflows of resources 10,132,306 2,354,708 12,487,014 -
NET POSITION
Net investment in capital assets 334,866,278 474,482,607 809,348,885 139,740
Restricted for
Debt service 2,110,178 - 2,110,178 -
Specific programs 8,107,583 - 8,107,583 -
Unrestricted 42,054,620 121,502,015 163,556,635 5,958,344
TOTAL NET POSITION 387,138,659$ 595,984,622$ 983,123,281$ 6,098,084$
Primary Government
ASSETS
Page 48 of 71
City of Georgetown, Texas
Georgetown Economic Development Corporation
April 19, 2021
S UB J E C T:
Dis cus s ion regarding the S taff R eport - David Morgan, G eorgetown C ity Manager
IT E M S UMMARY:
T he G EDC O Board has requested that staff provide a project progres s and status report at eac h meeting
on all of the ac tive projec ts dis cus s ed by the Board.
Activity R eport
P erformanc e Agreement R eport
O ther S taff Items
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
Activity Report April 2021 Pres entation
Active Project Update Backup Material
Page 49 of 71
Economic Development
Activity Report
April 2021
Page 50 of 71
Strategic Goal 1
Support existing businesses
and industries
Page 51 of 71
0
10
20
30
40
50
60
70
80
90
Ap
r
20
Ma
y
20
Ju
n
20
Ju
l
20
Au
g
20
Se
p
20 Oc
t
20
No
v
20
De
c
20
Ja
n
21
Fe
b
21
Ma
r
21
Business Retention Activity
Visits Touches
Page 52 of 71
Strategic Goal 2
Enhance targeted recruitment
of identified industries
Page 53 of 71
0
2
4
6
8
10
12
14
16
18
20
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Leads
FY19 FY20 FY 21 Rolling 12-Month Average
Page 54 of 71
0
2
4
6
8
10
12
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Qualified Leads
FY19 FY20 FY21 Rolling 12-Month Average
Page 55 of 71
0
2
4
6
8
10
12
14
16
18
20
Ap
r
2
0
Ma
y
2
0
Ju
n
2
0
Ju
l
2
0
Au
g
2
0
Se
p
2
0
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Ma
r
2
1
Qualified Leads Comparison
Leads Qualified
We have qualified for an average of 54% of leads over the last 12 months.
Page 56 of 71
0
1
2
3
4
5
6
7
8
9
10
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Site Visits
FY19 FY20 FY 21 Rolling 12-Month Average
Page 57 of 71
0
10
20
30
40
50
60
70
80
90
Ap
r
2
0
Ma
y
2
0
Ju
n
2
0
Ju
l
2
0
Au
g
2
0
Se
p
2
0
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Ma
r
2
1
Active Projects
Development Hot Warm Cold
We have a rolling 12-month average of 66 active projects.
Page 58 of 71
Strategic Goal 3
Diversify workforce development
and recruitment initiatives
Page 59 of 71
Workforce Development Activity
•Worked with the SBDC to connect them with
manufacturers for potential defense contracts
•Connected HUB businesses with resources to assist with
new (re)certification process
•Participated in the program development and awarding
of academic scholarships through The Chisolm Trail
Foundation for minority students who are Georgetown
residents to pursue industry certification or technical and
university degree programs
Page 60 of 71
Strategic Goal 4
Encourage speculative
development
Page 61 of 71
Speculative Development Activity
•Continuing to work with prospective industrial
speculative developers and landowners
Page 62 of 71
Overall Objective
Tell our story to a
broader local audience
Page 63 of 71
Other Activity
•Sent the inaugural quarterly e-newsletter
•Hosted Quarterly Main Street Breakfast Bites
•Planning Spring Fling Event
•Developing workshops for Georgetown Small Business
Week: May 3-7, 2021
•Arts & Culture Program featured in the April edition of
Georgetown View Magazine
•Beginning to plan Symposium
Page 64 of 71
Economic Indicators
Page 65 of 71
0
500
1000
1500
2000
2500
3000
3500
$-
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
$800.0
Ap
r
2
0
Ma
y
2
0
Ju
n
e
2
0
Ju
l
y
2
0
Au
g
2
0
Se
p
2
0
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Ma
r
2
1
Construction Permit Applications
Valuation
(in millions)
# of Permits
Page 66 of 71
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
e
2
0
Ju
l
y
2
0
Au
g
2
0
Se
p
t
2
0
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
0
Fe
b
2
0
Unemployment Rate
Unemployment Rate Rolling 12-Month Average
Page 67 of 71
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
Oc
t
No
v
De
c
Ja
n
Fe
b
Ma
r
Ap
r
Ma
y
Ju
n
Ju
l
Au
g
Se
p
Sales Tax Collections
FY 2018 FY 2019 FY 2020 FY 2021
Page 68 of 71
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Oct Nov Dec Jan Feb Mar April May Jun Jul Aug Sep
Hotel Occupancy Tax Collections
FY18 FY19 FY20 FY21
Page 69 of 71
Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
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
KJ Scientific (KJS)
Provide a grant of the equipment obtained in the
TLCC brand acquisition to KJ Scientific (KJS) to
retain the business in Georgetown.The retention
equipment grant is for five years with KJS obligated
to pay a pro-rated amount of $10,000 per year
should they relocate outside of the City.2/27/2018 12/31/2022 $ 50,000 $ 50,000
Holt Caterpillar
GEDCO to provide up to $360,000
infrastructure grant for fire suppression system
pump house installation.9/10/2019 360,000$ 356,235$
Georgetown Development I, LLC
Infrastructure reimbursement grant of $500,000 for
qualified expenditures related to the development
of 90,000 SF of speculative business park space in
Georgetown at the Westinghouse Business Center.10/9/2018 6/1/2021 500,000$
WBW Development
Infrastructure reimbursement grant of $200,000 for
qualified expenditures and a $120,000 job creation
grant for the creation of 30 jobs over 6 years
related to the development of their headquarters
location in Downtown Georgetown.2/12/2019
within 6 years of
the certificate of
occupancy date 320,000$
Confido III, LLC
Infrastructure reimbursement grant for $600,000
to assist with construction of an access road and
turn lane to maintain access to the Georgetown
airport as area land development continues.3/8/2019 3/31/2022 600,000$
4871 Williams Dr., LLC (Sedro Crossing)
Infrastructure reimbursement grant of $250,000 to
assist with improvements (utilities and access
points) for construction of 89,500 square feet of
commercial building space.3/26/2019 12/31/2023 250,000$
GEDCO - AGREEMENTS STATUS REPORT
April 19, 2021
Page 70 of 71
Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
GEDCO - AGREEMENTS STATUS REPORT
April 19, 2021
Cockrum Commercial (Sedro Crossing)
Infrastructure reimbursement grant of $250,000 to
assist with improvements (utilities and access
points) for construction of 60,000 square feet of
new professional office space on Williams Dr.3/26/2019 12/31/2023 250,000$
Atmos Energy
Infrastructure reimbursement grant of $148,499.36
for the installation of 776 feet gas main along 7th,
8th, and 9th streets.4/6/2019 148,499$ 143,674$
Texas Speed & Performance
Job creation grant of $2K per job up to 100 jobs in 5
years.11/12/2019 11/12/2024 200,000$
Titan NorthPark35, LLC
Infrastructure reimbursement grant for qualified
infrastructure costs related to the speculative
development of a master planned industrial
business park located at SH130 & I35.11/17/2020
Certificate of
Occupancy date $1,900,000
(Motion Commercial Properties) assigned
to: Titan
NorthPark35, LLC
Infrastructure reimbursement grant in connection
with the construction of 2 bldgs :
$500K infrastructure reimbursement bldg #1
$500K infrastructure reimbursement bldg #2
Certificate of
occupancy issue
date
10 year
anniversary of
start date
$1,000,000
---------
Atmos Energy (Lakeway Extension)
Extension of natural gas line for any GEDCO
applicable project. Payment made 3/4/2021 12/10/2019 12/10/2024 400,000$ 400,000$
Costco
Agreement to partner with Atmos for natural gas
line extension and reimbursement of cost to
GEDCO by Costco if retail store construction is not
completed.12/10/2019 12/10/2024 N/A
Page 71 of 71