HomeMy WebLinkAbout025299 RES - 05/13/2003RESOLUTION
APPROVING THE CITY OF CORPUS CHRISTI, TEXAS, BUSINESS
AND JOB DEVELOPMENT CORPORATION'S BUDGETS FOR THE
REMAINDER OF FISCAL YEAR 2002-03 AND FOR FISCAL YEAR
2003-04
WHEREAS, the Board of Directors of the City of Corpus Christi, Texas Business and
Job Development Corporation on Monday, May 5th, adopted its budget for the
remainder of Fiscal Year 2002-03 and for Fiscal Year 2003-04.
WHEREAS, Section 21 of the Texas Development Corporation Act of 1979, Art. 5190.6,
Vernon's Texas Revised Civil Statutes, requires the City Council to approve all
programs and expenditures of the corporation and annually review any financial
statements of the corporation.
WHEREAS, the members of the City Council and the City staff have reviewed the
budget prepared by the Corporation and believe the budget will help carry-out the
programs the City's 1/8 cent economic development sales tax was established to
address.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The City Council approves the budget for the remainder of Fiscal Year
2002-03 and for Fiscal Year 2003-04, adopted by the Board of Directors of the City of
Corpus Christi, Texas Business and Job Development Corporation on Monday, May 5,
2003. The copy of the budget is attached to this resolution as Attachment A.
ATTEST:
THE CITY OF CORPUS CHRISTI
Armando Chapa
City Secretary
Mayor
APPROVED: 9th day of May, 2003.
R32106B1.doc
Corpus Christi, Texas
The above resolution was passed by the following vote:
Samuel L. NeaL Jr. ~( .~ J~l/-~ ~_13/3'
Brent Chesney
Javier D. Colmenero
Melody Cooper
Henry Garrett
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
025299
City of Corpus Christi
4A Corporation
Proposed Budget
Beginning Fund Balance
Revenues
Sales Tax Revenue
Interest Earnings
Expenditures
Total Revenue
Affordable Housing
Stadium Project Reserve
Major Business Incentive Projects
Small Business Projects
Administration (Direct Costs)*
Total Expenditures
Ending Fund Balance (5% Reserve)
0 50,267
FY2002-03 FY2003-04
1,054,667 4,278,996
600 3,000
1,055,267 4,281,996
FY2002~3 FY2003-04
167,000 500,000
700,000 2,100,000
138,000 1,326,000
200,000
5,000
1,005,000 4,131,000
50,267 201,264
Total
5,333,664
3,600
5,337,264
Total
667,000
2,800,000
1,464,000
20O,00O
5,000
5,136,000
*Includes: TEDSTA Membership - $1,500; Meeting Costs - $300; Postage - $200;
Training - $2,000; and, miscellaneous - $1,000.
Note: Sales tax growth programmed at 1.43%.
ATTACHMENT A