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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 [SEAL] ATTEST: akk lii+ 111,41 /67% fo ,,.... ,,,..„4„._ Y Holly Fimbr s, Town Secretary I'. 03 Town of ophy Club, Texas A'P' IV D TO AS FORM: \ qRY 13i lw J. la 7 Dod, I I, Town Attorney To n of Trophy Club, Texas 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