HomeMy WebLinkAboutRES 082625-5.G - FY2026 GEDCO BudgetREsoLUTION No. A24a!�6 C-1
INCLUDING A SEVERABILITY CLAUSE; AND ESTABLISHING AN
EFFECTIVE D4TE.
Ann., Article 5190.6 Section 4(A) to approve an annual budget; and
WHEREAS, the appropriations were approved by the GEDCO Type A Board on July 21
2025;and
WHEREAS, the budget is for the fiscal year beginning October 1, 2025 and ending
September 30, 2026;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION 1. The meeting at which this resolution was approved Was conducted in
compliance with the Texas Open Meetings Act, Texas Government Code, Chapter 551.
SECTION 2. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim.
SECTION 3. The City Council of the City of Georgetown hereby accepts the proposed
2026 budget of the Georgetown Economic Development Corporation (GEDCO) for the twelve
month period beginning October 1, 2025 and ending September 30, 2026 in accordance with
State Law and the GEDCO Bylaws.
SECTION 4. All resolutions that conflict with the provisions of this resolution are hereby
repealed, and all other resolutions of the City not in conflict with the provisions of this resolution
shall remain in full force and effect.
SECTION 5. If any provision of this resolution or application thereof, to any person or
circumstance, shall be held invalid, such invalidity �hall not affect the other provisions, or
application thereof, of this resolution, which can be given effect without the invalid provision or
application, and to this end the provisions of this resolution are hereby declared to be severable.
SECTION 6. The Mayor is hereby authorized to sign this resolution and the City Secretary
to attest. This resolution shall become effective and be in full force and effect immediately in
accordance with the provisions of the City Charter of the City of Georgetown.
Resolution No. 6-1
Do iddAlm ho'w
Wate Approved: August 26, 2025
Page I of 2
Robyn D moro
City Secretary
a
Aso s 4 ' ityyAttorneyl
Resolution No.
Descriptio : 2"
Date Approved: August 26, 2025
Page 2 of 2
r RINFEWO 114 GEORGETOWN'
GEORGETOWN EcONomic DEVELOPMENT CORPORATION FUND
The Georgetown Economic Development Corporation (GEDCO) considers requests and also grants
economic development funds as authorized and defined by the internal Revenue Code of 1986,
Section 4A, leading to the creation or retention of primaryjobs and/or provision ion f significant capital
investment which benefits the community of Georgetown, The funding; source is 1/ cry cent of the
City's sales tax rate.
SAL YEAR
Total revenues are projected to be $4.4 million, which is in line with budget. Sales tax revenue is
projected at 5% more than budget. Interest revenue came in at budget totaling $400 thousand.
Total expenses are projected to be $3.5 million, which is less than the budgeted amount of $4.4
million. This is largely due to a decrease in the projected amount of economic development
incentive payments. Several approved agreements have met their performance targets to receive
reimbursement: Valex, CelLink, GAF Energy, Texas Speed, and Strategic Thermal Labs.
Total fund balance as of September 30th, 2025 is projected to be $12.1 million with a sales tax
contingency reserve of $841 thousand and a reserve for debt service of $203 thousand.
ISCAL YEAR 2026
Budgeted revenues are expected to total $4.3 million. Sales tax is projected to increase 3% over
FY2025 projections.
Budgeted expenses total $4 million. This includes the cost of all currently anticipated Economic
Development projects for Texas OutdoorPower, Loram, Cangshan, GISD/Atmos, and North Park 35 -
Gas Line. GEDCO's share of Joint Services,and General Fund Allocations total $750 thousand, which
covers GEDCO's share of expenses in the Economic Development department, Finance
departments, City Manager's Office, and other support services. The annual debt service payment
for the Sheraton Garage in the RiveryTIPZ is $203 thousand.
Total fund balance is projected to be $12.4 million as of September 30th, 2026. This meets the
contingency requirement of reserving 25% of budgeted sales tax revenue, as well as the debt
service reserve requirement.
112024
FY2025
FY2026
AMuals
Amended Bud et
Pro'ected
Base 8 et
trait as
Pro s d 0-Ud et
8a triitin Fund 8atael
8,016,018
12,222,472
11,222.472 -
12,119,67A
-
12,119,673
002:Salesa
,,<
,
�3,�641:635
001aom
,
,
06
34
000
Operating Revenue Total
3,997,648
3,767,208
3,935,568
4,037,635
4,037,635
a
11 asat�oass
"a6767�a
„74
632.it86
877,430
13, :
890,430
Operating Expense Total
567,672
680,374
632,086
877,430
13,000
890,430`
Available araW -Fund Balance
11,445; i
14,300,30
14,52$,954
15,279,878
S3,
15,2%978
45003:Pvlisc Rei¢nbursements
i5„29
7C€ 68
S0,7b8
34,833
-
4 838
Non -Operating Revenue Total
795,519
710,768
505,768
334,838
334,838
Operations
1,143,321
3,101,000
2,284,000
2,857,720
61,189
2,919,909
Transfers
427,280
427,280
Debt Service
293.<756
200,,769
200.769
203.76
203,769
Non -Operating Expense
1,437,077
3,729,049
2,912,049
3,061,489
61,189
3,122,678
Eodirr Fund Balance
10 436
1t.7."931025
12,119,673
12,553, 2a
74189$
12,47%038
AFR Adjustment '
418,036
Contingency
810,764
841,802
841,802
910,409
910,409
DebtServica Reserve
20Q,769
203,769...:
203,769
2 ,769
700,769.-.
Reserves Total
1,429,569
1,045,571
1,045,571
' 1,111,178
-:
' 1,111,178 '
Available Fund Balance
1021tt,39
10245,454
11,074102
11442,049
74,199
11377,860