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Sugar Land
Development Corporation |
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Agenda Request
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Agenda Of: |
SEPTEMBER 18,
2007 |
Agenda Request
No: |
II A |
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Initiated By: |
Donna Vaughan, Records Manager |
Responsible
Department: |
City Secretary |
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Presented By: |
Glenda
Gundermann, City Secretary |
Department
Head: |
Glenda
Gundermann/DV City Secretary |
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Additional
Department. Head (s): |
N/A |
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Subject /
Proceeding: |
September 4, 2007
Sugar Land Development Corporation Meeting Minutes Approve Minutes |
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Exhibits: |
September 4, 2007
Minutes |
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Clearances |
Approval |
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Legal: |
N/A |
Executive
Director: |
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Recommended
Action |
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Approve the minutes of the September 4, 2007 Sugar Land Development Corporation meeting. |
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Exhibits |
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STATE OF TEXAS |
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COUNTY OF FORT BEND |
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CITY OF SUGAR LAND |
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CITY OF SUGAR LAND
Sugar Land Development Corporation MEETING
TUESDAY SEPTEMBER 4, 2007
REGULAR MEETING
The Sugar Land Development Corporation convened in regular meeting open to the public, in the Cane Room 161 of Sugar Land City Hall on Tuesday September 4, 2007 at 5:00 P.M. and the roll was called of the members to wit:
Dennis Parmer, President
Daniel Wong, Vice-President
Michael Schiff, Secretary/Treasurer
Donald G. Olson, Director
David Wallace, Director
Thomas Abraham, Director
Russell Jones, Director
QUORUM PRESENT
All of said members were present except Director Jones and Director Schiff.
Also present were:
Karen Daly, Assistant City Manager
Regina Morales, Economic Development Director
Ms. Jennifer Brown, Assistant Fiscal Services Director
Kathy Munoz, Executive Secretary
A Number of staff and visitors
CONVENE MEETING
President Parmer convened the session, open to the public, to order at 5:05 P.M.
MINUTES
President Parmer introduced the minutes of the Sugar Land Economic Development Corporation held August 2, 2007.
Following a full and complete discussion, Director Olson, seconded by Director Wallace, made a motion to approve the minutes of the Sugar Land Development Corporation meeting held August 2, 2007. The motion carried unanimously.
FINANCIAL
President Parmer introduced consideration of the Sugar Land Development Corporation Fiscal Year 2007-2008 Budget.
Ms. Jennifer Brown, Assistant Fiscal Director, informed the Corporation of that the verbiage regarding amendment of the Fiscal Year 2006 – 2007 budget was not included on the agenda. Following a brief discussion, members concluded the amendment will proceed to a brief meeting on September 18, 2007 to consider the projections.
The only change s the assignment to TIRZ in the amount of $360,000 to $310,000 which was reduced after the actual certified tax roll for TIRZ and the proposed tax rates for Fort Bend County and Levy Improvement District were available. No other changes have occurred since the meeting with the Corporation in July, 2007. Sugar Land 4B Corporation gets first assignment of revenues.
Revenues for Fiscal Year 2007-2008 total $5,746,238; $5,998,067 in expenditures with a budgeted ending fund balance of $3,869.551. This is significantly higher at $3,354,057 than policy requirements.
Following a full and complete discussion, Director Wallace, seconded by Director Olson, made a motion to approve the Sugar Land Development Corporation Fiscal Year 2007-2008 Budget. The motion carried unanimously.
CITY STAFF REPORT
Regina Morales, Economic Development Director reported that staff looks forward to the new budget year and are excited about Project America which is approximately 30 days from closure.
CORPORATE MEMBER REPORTS
There were no reports.
ADJOURN
There, being no further business to come before the Corporation, Director Olson, seconded by Director Abraham, moved that the meeting adjourn. The motion carried unanimously and the meeting adjourned, time at 5:12 P.M.
Dennis Parmer, President
Michael Schiff, Secretary/Treasurer
(SEAL)