| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
August 23, 2022 |
| | | | | | | | SUBJECT:
Forwarded from Georgetown Economic Development Corporation (GEDCO):
Consideration and possible action to approve the Administrative Services Contract between the City of Georgetown and the Georgetown Economic Development Corporation (GEDCO) for the 2023 fiscal year -- Nathan Parras, Assistant Finance Director |
| | | | | | | | ITEM SUMMARY:
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 $580,834, and have a monthly cost of $48,402.
COMMENTS
This contract was approved by the GEDCO board at its July 18, 2022 meeting.
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| | | | | | | | FINANCIAL IMPACT:
Revenues from this contract are included in the 2022 Annual Operating Budget of the City to offset expenses incurred for the administration of the corporation. |
| | | | | | | | SUBMITTED BY:
Sharon Parker |
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