ORD 2018-17 Budgey 2018-19 EDC 4B TOWN OF TROPHY CLUB, TEXAS
ORDINANCE NO. 2018-17
AN ORDINANCE OF THE TOWN OF TROPHY CLUB, TEXAS
ADOPTING AND APPROVING THE BUDGET FOR THE FISCAL YEAR
BEGINNING OCTOBER 1, 2018 AND ENDING SEPTEMBER 30, 2019
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 Trophy Club Economic Development Corporation 4B ("EDC 4B"), a copy of the EDC
4B 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, 2018, and
ending September 30, 2019 and includes the individual budget for the Trophy Club 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 EDC 4B 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 EDC 4B attached hereto as Exhibit "A" and incorporated herein
is approved and adopted for the fiscal year beginning October 1, 2018, and ending
September 30, 2019; 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 EDC 4B.
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 EDC 4B, 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 2018-17 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 11th day of September 2018.
C. Nick Sanders, Mayor
Town of Trophy Club, Texas
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ORD 2018-17 Page 3 of 4
EXHIBIT "A"
EDC 4B BUDGET
EDC 4B FY 2015 FY 2016 FY 2017 FV 2018 FY 2018 FY 2019 FY 2020 FY 2021
ACTUAL ACTUAL ACTUAL BUDGET ESTIMATE PROPOSED PROJECTED PROJECTED
Beginning Working Capital $ 339,714 $ 406,525 $ 561,248 $ 640,716 $ 713,274 $ 805,708 $ 420,866 $ 461,046
Revenue
Sales Tax-General $ 365,764 $ 400,621 $ 426,862 $ 465,501 $ 436,021 $ 453,356 $ 462,423 $ 471,671
NTX Magazine Revenue - - - - - - - -
Interest Income 537 1,289 3,918 2,000 5,000 2,000 2,000 2,000
Total Revenue $ 366,302 $ 401,910 $ 430,779 $ 467,501 $ 441,021 $ 455,356 $ 464,423 $ 473,671
Expenses
Professional Outside Services $ - $ - $ 2,000 $ 2,000 $ - $ 1,470 $ 1,544 $ 1,621
Auditing 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000
Advertising 2,780 95 480 1,000 4,000 4,000 4,000
Printing 450 - - 200 - 200 200 200
Schools&Training 270 345 - 1,000 500 1,000 1,000 1,000
Dues&Membership 270 - 2,500 1,150 1,050 1,150 1,150 1,200
Travel&Per Diem 30 30 - 422 392 422 422 422
Office Supplies 15 - 30 250 100 200 200 200
Miscellaneous Expense 7,641 2,500 3,535 3,000 2,550 3,000 3,000 3,000
EDC Projects 3,590 3,500 17,018 1,950 - 416,560 3,000 3,000
Incentive Programs 93,849 140,773 140,773 205,773 140,773 205,773 205,773 205,773
Transfer to General Fund 89,964 - - - - - - -
Transfer to Debt Service - - - 200,823 200,823 204,023 201,555 203,668
Bond Principal - - - - - - -
Bond Interest 1,883 98,745 111,018 - - - - -
Debt Issue Cost 97,351 - - - - - - -
Paying Agent Fees 400 200 400 400 400 400 400 400
Total Expenses $ 299,492 $ 247,188 $ 278,753 $ 417,968 $ 348,588 $ 840,198 $ 424,244 $ 426,484
Net Increase(Decrease) $ 66,809 $ 154,722 $ 152,026 $ 49,533 $ 92,433 $ (384,842) $ 40,179 $ 47,188
Ending Working Capital $ 406,525 $ 561,248 $ 713,274 $ 690,250 $ 805,708 $ 420,866 $ 461,046 $ 508,234
ORD 2018-17 Page 4 of 4