HomeMy WebLinkAboutRES 082526-5.G - FY2027 GEDCO Budget ResolutionRESOLUTION NO. -5. G
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, APPROVING THE PROPOSED 2027 BUDGET
FOR THE GEORGETOWN ECONOMIC DEVELOPMENT
CORPORATION (GEDCO) REPEALING CONFLICTING
RESOLUTIONS; INCLUDING A SEVERABILITY CLAUSE; AND
ESTABLISHING AN EFFECTIVE DATE.
WHEREAS, the City is required by State Law and the Bylaws of the Georgetown
Economic Development Corporation (GEDCO), a Type A corporation, previously established
pursuant to Vernon's Rev. Civ. Stat. 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 20,
2026; and
WHEREAS, the budget is for the fiscal year beginning October 1, 2026, and ending
September 30, 2027;
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 approves the proposed
2027 budget of GEDCO, and all programs and expenditures set forth therein, for the twelve month
period beginning October 1, 2026 and ending September 30, 2027 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repealed, and all other resolutions of the City not in conflict with the provisions of this resolution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 shall 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.
Resolution No. 0%;02(6 6 • tj
Description: 2027 GEDCO Budget Resolution
Date Approved: August 25, 2026
Page I of 2
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.
RESOLVED this 25' day of August, 2026.
ATTEST:
Robyn nsmore By:
City Secretary
APPROVED AS TO FORM:
kye asson
City Attomc
Resolution No. 0Sz26 - S • `q
Description: 2027 GEDCO Budget Resolution
Date Approved: August 25, 2026
Page 2 of 2
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION FUND
The Georgetown Economic Development Corporation (GEDCO) considers grants using economic
development funds as authorized and defined by the Internal Revenue Code of 1986, Section 4A,
leading to the creation or retention of primary jobs and/or provision of significant capital investment
which benefits the community of Georgetown. The funding source is 1/8th cent of the City's sales tax
rate.
FISCAL YEAR 2026
Total revenues are projected to be $4.5 million, which is slightly above budget. Sales tax revenue is
projected at 1% less than budget. Interest revenue came in above budget totaling $550 thousand.
Total expenses are projected to be $4.5 million, which is in line with the budget. This includes the
cost of all currently anticipated Economic Development projects for Pegatron, Loram, CeIlLink, GAF
Energy, Compal Technologies, and WBW. A few approved agreements have met their performance
targets to receive reimbursement: VTC and Cell -ink.
Total fund balance as of September 30th, 2026, is projected to be $12.1 million with a sales tax
contingency reserve of $910 thousand and a reserve for debt service of $201 thousand.
FISCAL YEAR 2027
Budgeted revenues are expected to total $11.5 million. Sales tax is projected to increase 2% over
FY2026 projections.
Budgeted expenses total $13.2 million. This includes the cost of all currently anticipated Economic
Development projects for Pegatron, Loram, CeIlLink, GAF Energy, Texas Outdoor Power and
Equipment, Baer Electric, and Jackson Shaw. There is additional CIP money in the amount of $10
million budgeted for the customer service center and the library Parking Lots. GEDCO's share of Joint
Services and General Fund Allocations total $864 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 Rivery TIRZ is $271
thousand.
Total fund balance is projected to be $10.4 million as of September 30th, 2027. This includes the
contingency requirement of reserving 2S% of budgeted sales tax revenue, or $920 thousand, as well
as the debt service reserve requirement of $203 thousand.
FY2025 FY2026 FY2027
Actuals Amended Budget Projected Base Budget Changes Proposed Budget
Beainnlna Fund Balance 11,222,471 13,001,025 13,225,138 13,218,694 13,218,694
40002:Sales Taxes
3
3
3 ,605,2
3,681534
3,681,534
42001:lnterest Income
I 646.i79 I
396,000
550,000 I
544,500
544,500
Operating Revenue Total
4,165,000
4,037,635
4,155,219
4,226,034
4,226,034
Operating
Operations •
1,080,5691
925,430
871,652
993,497
993,497
Operating Expense Total
1,080,569
925,430
871,652
993,497
993,497
Available Operating Fund Balance
14,306,9011
16,113,230
16,508,705
16,451,231
16,451,231
45003:Misc Reimbursements I 505,7681 334,838 334,838 I 7,200,7768 7,200,7768
46001:Bond Proceeds000
Non -Operating Revenue Total 505,768 334,838 334,838 7,270,768 7,270,768
Operations
1,519,100
3,411,909
3,421,000
1,963,189
1,963,189
CIP Expense
7,000,000
7,000,000
Transfers
3,000,000
3,000,000
Debt Service
292,544
203,769
203.849
270,849
270,849
Non -Operating Expense
1,811,644
3,615,678
3,624,649
12,234,038
12,234,038
WC Adjustment
2.24,113
- -
-
Ending Fund Balance
13,225,138
1 12,832,390
13,218,694
1 11,487,961
11,487,961
Contingency
I
Debt Service Reserve
203.5011
200:769
200,769I
202,581
202,581
Reserves Total
1,045,373
1,111,178
1,111,178
1,122,965
1,122,965
Available Fund Balance
12,179,7651
11,721,212
12,107,516
10,364,997
10,364,997
8/11/2026 8:17 AM