Sugar Land Development Corporation
	Agenda Request
Agenda Of:	September 18, 2007	Agenda Request No:		III A
Initiated By:	Jennifer Brown Assistant Fiscal Services Director	Responsible Department:		Fiscal Services
Presented By:	Linda Symank Director of Fiscal Services	Department Head:		Linda Symank Director of Fiscal Services
		Additional Department. Head (s):		n/a
Subject / Proceeding:	Amend Fiscal Year 2006/07 Budget to Projections
Exhibits:	Amended Budget for Fiscal Year 2006/07
Clearances			Approval
Legal:	n/a		Executive Director:	Joseph Esch
Recommended Action
Consideration and approval to amend the fiscal year 2006/07 budget to projections
Executive Summary
The Corporation’s current fiscal year ends on September 30, 2007. Staff met with the board on July 17, 2007 to review and discuss the projections for fiscal year 2006/07. City Council approved amending the fiscal year 2006/07 budget to projections on September 4th, contingent on the SLDC board’s approval of the projections, as the board was unable to act on the projections at the September 4^th meeting due to a discrepancy in the posted agenda. Fiscal year 2006/07 projections show the Corporation with $5,217,096 in revenues. Projected expenditures now total $8,993,577 and the projected ending balance is $2,765,227, which is $1,492,392 higher than the original budgeted ending balance for the year. On September 5^th, the City Attorney was notified that the supreme court turned down the City’s request for review of the Home & Hearth case. As such, payment is due for the remaining judgment and accrued interest totaling just under $1.4M. The SLDC has funded this project, as it is for detention needs in the triangle area, directly associated with the US59 widening project. The project currently has a balance of $192,408, which leaves a need for $1.22M in funding for payment of the judgment and remaining legal fees. The corporation currently has $1,275,000 appropriated for direct incentive funding that is not obligated. The revised projections reflect this funding in the capital projects budget, which provides funding for payment of the judgment. Approval of a funding resolution will be requested in a separate action for the project funding. The exhibit shows a comparison of projections for each account as compared to the original budget for fiscal year 2006/07. The variance column is a comparison of the projections to the original budget, and includes carryovers from fiscal year 2005/06 (including capital projects) plus any budget amendments approved during the fiscal year.
Exhibits

CITY OF SUGAR LAND
SUGAR LAND DEVELOPMENT CORPORATION
FISCAL YEAR 2006/07 BUDGET
			FY06/07		Variance to
			Original	FY 06/07	Original
			Budget	Projections	Budget
Sources:
	Sales Tax Receipts		$ 4,301,590	$ 4,702,873	$ 401,283
	TIRZ Assignment		303,000	200,442	(102,558)
	Interest Income		256,549	313,781	57,232
	TOTAL SOURCES		4,861,139	5,217,096	355,957
Uses:
		Operating Supplies	2,206	14,096	11,890
		Professional Services	14,570	12,070	(2,500)
		Public Relations - US 59	15,000	15,000	-
		Economic Development Program	208,052	216,304	8,252
		Other Contractual	411,216	394,452	(16,764)
		Education, Training, Travel	19,580	19,729	149
		Dues, Memberships, Meetings	41,205	43,705	2,500
		Total Operations & Maintenance	711,829	715,356	3,527
	Debt & Other Obligations
		Debt Service	2,094,499	2,094,499	-
		Sales Tax Repayment	2,740	2,740	-
		Other Fees	2,000	2,000	-
		Total Debt	2,099,239	2,099,239	-
	Projects
		US 59 Phase II	570,061	570,061	-
		Capital Project Funding	280,000	4,564,425	4,284,425
		Total Capital Projects	850,061	5,134,486	4,284,425
	Transfer to Other Funds		205,580	319,496	113,916
	Incentives- Obligated		725,000	725,000	-
	Incentives- Available Funds		825,350	-	(825,350)
TOTAL USES			5,417,059	8,993,577	3,576,518
Excess(Deficit) Sources over Uses			(555,920)	(3,776,481)	(3,220,561)
Beginning Fund Balance			3,656,399	9,085,183	5,428,784