ORD 2017-24 Budget approval EDC 4B 2017-18 TOWN OF TROPHY CLUB, TEXAS
ORDINANCE NO. 2017-24
AN ORDINANCE OF THE TOWN OF TROPHY CLUB, TEXAS
ADOPTING AND APPROVING THE BUDGET FOR THE FISCAL YEAR
BEGINNING OCTOBER 1, 2017 AND ENDING SEPTEMBER 30, 2018
FOR TROPHY CLUB ECONOMIC DEVELOPMENT CORPORATION 4B,
AND MAKING APPROPRIATIONS FOR EACH PROJECT,
OPERATION, ACTIVITY, PURCHASE, ACCOUNT AND OTHER
EXPENDITURES; PROVIDING FOR EXPENDITURES AS ALLOWED
BY APPLICABLE LAW; PROVIDING FOR FILING OF DOCUMENTS;
REPEALING CONFLICTING ORDINANCES; PROVIDING A
SEVERABILITY CLAUSE; PROVIDING A SAVINGS CLAUSE;
PROVIDING FOR ENGROSSMENT AND ENROLLMENT; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Trophy Club (the "Town") is a home rule municipality
regulated by state law and Charter; and
WHEREAS, the Charter of the Town provides that the Town Manager shall
prepare a proposed budget for the Town annually and to submit that budget to Council;
and
WHEREAS, public notice of a public hearing on the proposed annual budget for
the Town and for EDC4B. a copy of the EDC4B budget being included as part of the
Town's annual budget, stating the date, time, and place and subject matter of the public
hearing, was given as required by the laws of the State of Texas and Town Charter; and
WHEREAS, the proposed budget for the Town of Trophy Club, Texas (the
"Budget") which has been filed with the Town Secretary is a Budget to cover all
proposed expenditures of the Town for the fiscal year beginning October 1, 2017, and
ending September 30, 2018 and includes the individual budget for Trophy Club
Economic Development Corporation 4B ("EDC 4B"); and
WHEREAS, the budget for EDC 4B shows as definitely as possible each of the
various projects for which appropriations are set up in the budget, shows the estimated
amount of money carried in the budget for each of such projects, and otherwise
complies with all requirements of the home rule Charter for the Town; and
WHEREAS, the Town Council has studied the budget of EDC4B and listened to
the comments received at the public hearing and has determined that the budget
attached hereto is in the best interest of the Town of Trophy Club.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS:
SECTION 1.
APPROVING THE BUDGET
The budget for EDC4B attached hereto as Exhibit "A" and incorporated herein
is approved and adopted for the fiscal year beginning October 1, 2017, and ending
September 30, 2018; and there is hereby appropriated from the funds indicated and for
such purposes, respectively, such sums of money for such projects, operations,
activities, purchases, accounts and other expenditures as proposed in the attached
budget for EDC4B.
SECTION 2.
PROVIDING EMERGENCY EXPENDITURES
Pursuant to state law, no expenditure of the funds of the Town shall hereafter be
made except in compliance with the Budget and applicable state law; provided,
however, that in case of grave public necessity emergency expenditures to meet
unusual and unforeseen conditions, which could not by reasonable, diligent thought and
attention have been included in the original Budget, may from time to time be authorized
by the Town Council as amendments to the original Budget. Pursuant to Town Charter,
the Council may make emergency appropriations to address a public emergency
affecting life, health, property or the public peace.
SECTION 3.
BUDGET FILED
The Town Council shall cause to be filed a true and correct copy of the approved
budget for EDC4B, along with this Ordinance, with the Town Secretary and in the office
of the County Clerk of Denton County, and Tarrant County, Texas. Additionally, a copy
of the budget shall be posted on the Town's internet website.
SECTION 4.
CONFLICT
Any and all ordinances, resolutions, rules or regulations in conflict with this
Ordinance are hereby repealed and rescinded to the extent of the conflict herewith.
SECTION 5.
SEVERABILITY
If any section, article, paragraph, sentence, clause, phrase or word in this
Ordinance or application thereof to any person or circumstance is held invalid or
unconstitutional by a Court of competent jurisdiction, such holding shall not affect the
validity of the remaining portions of this Ordinance, and the Town Council hereby
declares it would have passed such remaining portions of this Ordinance despite such
invalidity, which remaining portions shall remain in full force and effect.
ORD 2017-24 Page 2 of 4
SECTION 6.
SAVINGS
All rights and remedies of the Town of Trophy Club, Texas, are expressly saved
as to any and all provisions of any other Ordinance affecting budget requirements,
which have secured at the time of the effective date of this Ordinance.
SECTION 7.
ENGROSSMENT AND ENROLLMENT
The Town Secretary of the Town of Trophy Club is hereby directed to engross and
enroll this Ordinance by filing this Ordinance in the ordinance records of the Town as
required in the Town Charter.
SECTION 8.
EFFECTIVE DATE
This Ordinance shall be effective from and after its date of passage in
accordance with law, and it is so ordained.
PASSED AND APPROVED by the Town Council of the Town of Trophy Club,
Texas, this 26th day of September 2017.
C. Nick Sanders, Mayor
Town of Trophy Club, Texas
[SEAL]
ATTEST: =``'
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Holly Fimbre-, Town Secretary .4. `* .
Town of Tr• • y Club, Texas to
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AP' -OVEa TA AS FORM: .--=
J. Iav'd 1 o:d III, Town Attorney
To n of Trophy Club, Texas
/
ORD 2017-24 Page 3 of 4
EXHIBIT "A"
EDC4B BUDGET
Beginning Working Capital $ 188,703 $ 339,714 $ 406,525 $ 544,191 $ 561,248 $ 141,716 $ 690,250 $ 765,890
Revenue
Sales Tax-General $ 322,784 $ 365,764 $ 400,621 $ 447,509 $ 451,625 $ 465,501 $ 494,807 $ 510,531
NTX Magazine Revenue 3,938 - - - - - - -
Interest Income 179 537 1,289 1,500 2,000 2,000 2,000 2,000
Total Revenue $ 326,901 $ 366,302 $ 401,910 $ 449,009 $ 453,625 $ 417,161 $ 496,807 $ 512,531
Expenses
Professional Outside Services $ - $ - $ - $ 2,000 $ 2,000 $ 2,000 $ 2,000 $ 2,000
Auditing 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Advertising 7,704 2,780 95 4,200 1,000 - - -
Printing 1,000 450 - 250 - 200 200 200
Schools&Training 1,430 270 345 1,000 500 1,000 1,000 1,000
Dues&Membership 650 270 - 1,050 2,500 1,150 1,150 1,200
Travel&Per Diem 132 30 30 422 392 422 422 422
Office Supplies 220 15 - 250 100 250 250 250
Miscellaneous Expense 6,059 7,641 2,500 3,500 6,050 3,000 3,000 3,000
EDC Protects 36,133 3,590 3,500 15,950 17,020 1,950 1,950 1,950
Incentive Programs - 93,849 140,773 206,820 140,773 205,773 205,773 205,773
Transfer to General Fund 66,597 89,964 - - - - -
Transfer to Debt Service 54,964 - - 202,423 202,423 200,823 204,023 201,555
Bond Interest - 1,883 98,745 - - - - -
Debt Issue Cost - 97,351 - - - - - -
Paying Agent Fees - 400 200 400 400 400 400 400
Total Expenses $ 175,890 $ 299,492 $ 247,183 $ 439,265 $ 374,158 $ 417,938 $ 421,168 $ 418,750
Net increase(Decrease) $ 151,011 $ 66,809 $ 154,722 $ 9,744 $ 79,467 $ 49,533 $ 75,639 $ 93,781
Ending Working Capital $ 339,714 $ 406,525 $ 561,248 $ 553,936 $ 640,716 # 1810;276 $ 765,890 $ 859,672
ORD 2017-24 Page 4 of 4