City of Georgetown, Texas
City Council Regular Meeting
September 10, 2019
Consideration and possible action to approve the Administrative Services Contract between the City of Georgetown and the Georgetown Economic Development Corporation (GEDCO) for the 2020 fiscal year -- Leigh Wallace, Finance Director
The Bylaws (Section 3.08) of the Georgetown Economic Development Corporation (GEDCO) require GEDCO to contract with the City for the administrative services provided by the general manager, economic development director, and other City staff. GEDCO shall provide reasonable compensation to the City for these services which include:
• Economic Development staff duties
• Contract management
• Accounting & financial reporting
• General Manager duties and responsibilities
• Legal services
• Special analysis and projections
The total annual contract costs are $254,921, and have a monthly cost of $21,243.
This contract was approved by the GEDCO board at its June 13, 2019 meeting.
Revenues from this contract are included in the 2020 Annual Operating Budget of the City to offset expenses incurred for the administration of the corporation.
Leigh Wallace, Finance Director