| | | | | | | | City of Georgetown, Texas City Council Regular Meeting September 10, 2019 |
| | | | | | | | SUBJECT:
Forwarded from Georgetown Economic Development Corporation (GEDCO):
Consideration and possible action to approve a Resolution to approve the proposed fiscal year 2020 Budget for the Georgetown Economic Development Corporation (GEDCO) -- Leigh Wallace, Finance Director |
| | | | | | | | ITEM SUMMARY: State law and the GEDCO Bylaws require that GEDCO adopt a budget annually, which in turn must be approved by the City Council. The attached budget was approved by the GEDCO board at their June 13, 2019 meeting and includes the following:
• Sales Tax Revenues - $1.9M
• Debt service - $311K
• Administrative contract expense - $254K
• Appropriates an amount available for approved and unidentified potential economic development projects - $8.9M
• Contingency Reserves - $490K
The GEDCO budget appropriation totals $9.6M and includes operating expenses from October 1, 2019 to September 30, 2020.
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| | | | | | | | SUBMITTED BY: Leigh Wallace, Finance Director |
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