From
Finance Committee
Title
Resolution approving the proposed budget for FY 2019-2020 and amending the FY 2018-2019 budget
Presenter
Jim Swafford
Recommended Action
Approve
Analysis
The FY 2019-2020 Proposed Budget for the Sports Corporation is attached.
Financial Consideration
FY 2018-2019 Budget Amendment
Increase Interest Income $80,000
Decrease Maintenance for Bronze Statues $625
Increase Grand Prairie Metropolitan Utility Reclamation District PILOT $165,000
FY 2019-2020 Budget
Increase Maintenance for Bronze Statues $625
Lone Star Capital expenditures of $500,000 are included in the budget. No projects have been identified at this time.
Increase Required Operating Reserve $12,663 (12.5% of the operating expenditures)
Body
A RESOLUTION APPROVING THE BUDGET OF THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. (CORPORATION), ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2019 AND ENDING SEPTEMBER 30, 2020 (FY 2019-2020) AND AMENDING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2018 AND ENDING SEPTEMBER 30, 2019 (FY 2018-2019).
Whereas, the budget of the Corporation for FY 2018-2019 as approved by the Board of Directors (Board) on August 6, 2018, and
Whereas, the Board wishes to amend the FY 2018-2019 budget, and
WHEREAS, the proposed budget of the Corporation for FY 2019-2020 was presented to the Board on May 6, 2019
NOW THEREFORE, BE IT RESOLVED, by the GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. that:
Section 1. the Board hereby amends the FY 2018-2019 budget as attached, and
Section 2. the Board hereby adopts the FY2019-2020 budget as attached.
PASSED AND APPROVED BY THE BOARD OF DIRECTORS OF THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC., AUGUST 5, 2019.