HomeMy WebLinkAboutResolution Fort Worth Local Development Corporation (FWLDC) FWLDC-2017-07RESOLUTION NO. FWLDC-2017-07
FORT WORTH LOCAL DEVELOPMENT CORPORATION
RESOLUTION
OF THE BOARD OF TRUSTEES
Approving the 2018 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 2018
fiscal year of the Corporation (the "Budget") during the Corporation's meeting on August 15,
2017; 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 151h day of August, 2017.
By
Mar J. Kayseri; „o or*..,e „ c, c
y ate ecretary
FWLDC Budget
PROJECTED FY18
BUDGET
Beginning Year Cash Balance
$
555,769
Property Tax Reimbursement
$
88,563
Revenue from Rents
$
1,160,487
Gas Lease Royalties
$
72,000
Subtotal
$
1,321,049
Interest Income
TOTAL
$
12,000
0, .
EXPENDITURES
Bank Charges
$
365
Commissions
$
26,649
Contractual Services
$
61,400
Insurance
$
81,600
Loan Payments
$
416,748
Operations, Utilities, Storm Water Utility
$
36,000
Property Management
$
28,059
Property Taxes
$
148,072
Repairs
$
290,000
Transfer to City (Salaries)
TOTAL••4
$
207,000
Net Surplus/Deficiency (Revenue -Expenses)
$
37,156
Projected Ending Cash Balance
$
592,925
0