HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2019-06RESOLUTION NO. FWLDC-2019-06
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Approving the 2020 Fiscal Year Budget
WHEREAS ,the administrative staff of the Fort Worth Local Development Corporation, a Texas
non-profit corporation (the "Corporation"), presented the attached proposed budget for the 2020
fiscal year of the Corporation (the "Budget") during the Corporation's meeting on August 20,
2019; and
WHEREAS, members of the Board of Trustees were permitted to ask questions and to request
clarifications of the staff with respect to the Budget;
NOW, THEREFORE, BE IT RESOLVED that, the administrative staff s 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 2p019.
d .
r
B
Mary J. Kayser
Secretary
F
PROPOSED
FY20 BUDGET
Beginning Year Cash Balance
$758,489
Property Tax Reimbursement
$246,485
Revenue from Rents
$1,384,315
Gas Lease Royalties
$63,205
Subtotal
$1,694,006
250 Lancaster Operating Transfer
$0
Interest Income
$8,217
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$0
Bank Charges
$185
Commissions
$34,280
Contractual Services
$51,532
Insurance
$94,398
Loan Payments
$416,748
Operations, Utilities, Storm Water Utility
$23,628
Property Management
$37,013
Property Taxes
$246,485
Repairs
$100,000
Transfer to City (Salaries)
$210,000
Transfer to City (Decision Package Year 2 of 5)
$185,000
Net Surplus/Deficiency (Revenue -Expenses) $302,954
Projected Ending Cash Balance $1,061,443