HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2019-05RESOLUTION NO. FWLDC-2019-05
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Approving the Amended 2019 Fiscal Year Budget
WHEREAS, the administrative staff of the Fort Worth Local Development Corporation, a Texas
non-profit corporation (the "Corporation"), presented the attached budget for the 2019 fiscal year
of the Corporation (the "Budget") during the Corporation's meeting on September 25, 2018; and
WHEREAS, the administrative staff of the Fort Worth Local Development Corporation, a Texas
non-profit corporation (the "Corporation"), presented the attached proposed amended budget for
the 2019 fiscal year of the Corporation (the "Budget") during the Corporation's meeting on August
20, 2019; and
WHEREAS, the interest income revenue approved in the Fiscal Year 19 budget must be amended;
NOW, THEREFORE, BE IT RESOLVED that, the administrative staffs Budget presentation
having been completed and all questions and clarifications requested by members of the Board of
Trustees having been answered, the Budget is hereby adopted for all purposes;
FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation is
hereby authorized and directed to certify the adoption of this Resolution.
Adopted this 20th day of August, 2019.
Mary' 3 Kays d
Secretary
F LDC Budget
APPROVED FY19
BUDGET
AMENDED/PROJECTED
FY19 ACTUALS
!VARIANCE
(FY19 Amended vs
Approved)
Beginning Year Cash Balance
$855,583
$604,171
$251,412
Property Tax Reimbursement
$135,781
$202,733
�:e
Revenue from Rents
$1,386,583
$1,351,721
$34,862
Gas Lease Royalties
$72,000
$61,966
$10,034
Subtotal
$1594,364
$1�},616,420
-
250 Lancaster Operating Transfer
$350,000
$0
$350,000
Interest Income
$1,606,364
$8,056
$1,598,308
Small Business/Entrepreneurship Ecosystem -
$100,000
6�
$100,000
��$0 ,
Sank Charges
$248
$173
$75
Commissions
$29,383
$34,280
Contractual Services
$21,159
$67,305
Insurance
$92,799
$84,939
$7,860s
Loan Payments
$416,748
$416,748
$0
Operations, Utilities, Storm Water Utility
$22,940
$37,815
Property Management
$37,103
$33,632
$3,4716
Property Taxes
$151,541
$202,733
Repairs
$1,410,000
$97,534
$1,312,467
Transfer to City (Salaries)
$208,000
$210,000
Transfer to City (Decision Package}
$185,000 4-$185,000
$0§
Net Surplus/Deficiency (Revenue -Expenses) $875,807 $154,318
Projected Ending Cash Balance $1,731,390 $758,489