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PEDC FY 2004-2005 BudgetIt of Prosper FY 2004=2005 Prosper Economic Development Corporation Budget August 31, 2004 Town of Prosper 113 W. Broadway Street Prosper, Texas 75078 (972) 345-2540 www. prospertx.gov SUMMARY OF REVENUES Town of Prosper FY 2004-200S Town Budget Summary of Revenues Economic Development Corporation (EDC) Fund Accounts Account Description 2003-2004 Budgeted Budgeted FY 2003-2004 Projected FY 2004-2005 Proposed FY 2004-2005 FY 2004-2005 Recommended Approved Beglnning Balance $ 255,000.00 $ 266,000.00 S 325,000.00 $ 325,000.00 $ 325,000.00 4120 'Sales Tax $ 200,000.00 $ 259,426.00 $ 276,331.00 $ 276,331.00 $ 276,331.00 Totals $ 455,000.00 $ 525,426.00 $ 604ML0O $ 601,33L00 $ 601,33L00 Town of Prosper FY 2004-2005 Town Budget Summary of Expenditures Economic Development Corporation (EDC) Fund ,Ikrotmt # Accame Dwafption FY 2003-2004 0ud0etod FY 2003-2004 Projoeted fl 2004-ZOOS Prepowd FY 2004-2005 Recommended FY 2004-2005 Approved 5116 Salaries 8. We ; 80,030.00 $ - S 97 440.00 $ 87,440.00 1 07,440.00 5315 Salaries - overtime 3 $ $ $ $ _ 5325 Salaries - Awned Leave $ $ ; ; - $ - 5140 :Salaries - Longevity Pay ; $ 50.00 ; 50.00 $ 50.00 5145 Social Security Expense f $ $ 4,776.48 $ 4,776.48 $ 4.776.48 5150 (Medicare Expense S - $ - $ 1,117.08 $ 1,117.08 q 1,117.08 5155 (SUM Ex rme $ $I 414.0D $ 414.DO $ 414.00 5150 NsJlh/Dentitl Expense ; - $ 4.115.16 $ 4,115.1 $ 4,115.16 5180 TMRS Expense ; $ $ 2,72115 $ 2,721.25 $ 2,72125 5105 SkwVLara Term Drab y ; $ ; 670.80 ; 670.BO S 67020 5190 conbau Labor $ $ 910.00 S 910.00 $ 910.00 5210 Supplies $ 2,000.00 $ - 2,198.74 $ 2,198.74 $ 2,198.74 5230 Dues 50=6 Submiptiore 1 50A0 $ S 1,200.00 $ 1,200.00 ; 1,200.00 5240 Pw4 o and Othrnry $ 2 70.00 ; ; 2AODA0 $ 2,000.00 $ 2,000.00 5250 laublirations $ - $ $ 4,085.00 $ 4,085.00 S 4,085.00 5200 PdntkV and Re>mduction $ 1,Swo) $ - S 5,500.DO $ 5,5DO.00 $ 5,500.00 5290 Miscakmous Upeme $ 13 550.00 $ $ 13,390.00 ; 13,390.00 $ 13,390.00 5310 Rental $ 6,427.DD $ - $ ; $ ' 53ZO Repairs & Maninanoe $ 120D.00 $ 0 ; 1,200.00 $ 1,2DO.00 5410 professional Servior $ 63,2DD.OD $ - D $ 48840.00 $ 48,040.00 3430 C Irvem $ 10300.00 f 0 $ 40,000.D05480 Contracted Savoes $ 100DO.00 ; - $5520 Telephone & Utilities $ 6,990.00 $ - "$48,840.OD 0 $ 3,9DO.005530 Travel $ 750.00 ; - 02,075.006140 Qpiml bxpenditures - Equip $ - S 0 $ 5,250.00Totdm } 1"AW.08 f f 23"53.51 f 231,R53.51 CITY OF FRISCO DEBT SERVICE FUND BUDGET SUMMARY FISCAL YEAR 2004 - 2005 ORIGINAL REVISED PROPOSED ACTUAL BUDGET BUDGET BUDGET FY 2002-03 FY gQ03-04 FY 2003-04 FY 404-05 Fund Balance, Beginning $ 188,903 $ 379,356 $ 278,716 $ 1,013,444 Receipts: Property Taxes -Current 4,651,851 11,943,865 11,976,089 13,904,205 Interest Income 18,990 7,000 5,088 10,000 CDC/EDC Contribution - 3,090,541 - - Transfers In -TIRZ 4,260,538 9,375,101 10,589,807 9,806,155 Contributions - - - - Transfers In - Other 355,781 845,500 718,626 922,623 Total Revenue 9,287,160 251262,007 23 289,610 24,642,982 Funds Available 9,476,063 25,641,363 23,568,325 25,656,427 Deductions: Principal 2,486,700 8,660,849 7,232,500 8,780,000 Interest 6,706,759 16, 806, 805 15, 313, 881 15, 852, 982 Fiscal Charges 3,889 8,500 8,500 8,500 Total Deductions 9,197,348 25,476 154 22 654,881 24,641,482 Fund Balance, Ending $ 278.715 $ 165,209 $ 1,013.444 $ 1.014.945 The Debt Service Fund is maintained to record the appropriate portion of the tax rate as levied for the interest and sinking reserve for related City debt. The tax rate ratio of Maintenance and Operations to Interest and Sinking is .524/.476 for FY 2005. The tax rate of $0.42296 is split $0.22172 for Maintenance and Operations and $0.20124 for the Debt Service Fund. The Citizens of Frisco approved a $197,500,000 bond package in September, 2002. The City issued $25,000,000 in General Obligation bonds in July 2004. The remaining GO debt is planned for issuance in two phases, one sale in FY 2005 and one in FY 2007. In addition, the City refunded approximately $9,000,000 in debt at an estimated cost savings of $450,000. The City also issued $33,000,000 in Certificates of Obligation bonds, which is all considered self- supporting for FCDC, the Panther Creek Public Improvement District #2 and the Utility Fund. Details can be found in the Capital Projects Schedule of Projects. 179 Long Term Debt - FCDC & FEDC Fiscal Year t999 Certlllcales o1 0411 flon 1 2001 Certificates O1 obligation Z061-ACartlflcatoo of olgiga6on 2005-A CeriliEoeles of W91colkin 2004 Certifcates of obit ution 004 Ranoral Obligotlo RefundIn o Bonds 0H. TOW Principal Total interest Total Prinll IMeroot Principal I lntered Principal I Interne! Principal I Interest Principal. Interest Prince al Interest 2006 400,000 289 226 111.11 379,091 149,4481 246,202 223,150 395 000 716 249 66 000 42,305 1 ?40 6 4 936 Z26 184,670 2006 484 00Q 287 975 280 C00 3S7 219 155.7401 239,272 170.0001 220,fiD0 496000 657 7L10 66,000 35,80 1 595 74Q 1,784,573 3,384,313 2OD7 450 00D 1 245,473 275 DDO 1 164,869 161,6971 232,586, 176.000 214.550 610,00) 642.625 60,000 33,932 1 631 89T 1,724 037 3 355 734 2008 450 pp0 I 226 000 285.000 1 341.806 168,0271 226166 180 000 ZD7 450 525 000 627.626 65.000 32,122 1 G73 527 1690,169 3 333 698 2009 450,0001 206,7115 300.0001 328,209 174.9611 219,957 190 000 200 050 W 000 811,500 70,000 30 075 1 724 981 7 6@6 828 3,320,581 2i1 t0 450.0001 188.2125 316.0001 314.019 182.263 211 928 2D0 000 191,250 66Q 000 591 76.000 27.437 1,782 j.263 1 624 484 3,305,747 2011 45Q ODD 1 169.313 33 000 1 299.056 90 445 204 977 210 D 181,00D 686,00 569,356 75.000 24,062 1 840 445 1447764 3 288,209 2012 450 OOD 150 075 354 ODO 265 056 197 921 196 617 220 000 170 260 810 000 543 138 76 OOp 20 313 1 902 921 1,345649 3 246 570 2F113 450 00D 130 26 36 265 056 206 761 186 01 230 m DDO 64D 400 511 8 BD 000 f8 438 t 9 1 761 7 27p 007 3 241 68 2014 450 D00 1 111.150 3a3,OW 1 246.806 218.387 175 999 245 000 147125 675,000 478,159 83 000 12,207 2 058 387 1,171,466 3,22Q,842 2016 450,000, 91.128 446 000 1 227,656 23D 373 164,322 266 OOQ 134826 710,000 441,813 94 000 7 613 2 14D 373 1,067,054 3,207A21 2016 000 70,875 425,000, 1 207,306 242,63 161,836 270 ODD 121,600 750.000, 403 487 1 D0,000 2.64 2.237.637 957,629 3196 266 2017 450,000 6D 626 445.0001 185.1325 255 077 138,522. 280 00D 107.750 790 DDD 363.063 - 2.220.077 WAN85 3 065 662 2018 450,000 80,576 465 ODO 162,719 269.265 124.907 296,000 93,3713 830 000 320.537 - - 2.309 288 731,913 3 041 178 2019 460000 10,126 690 000 138 N11 283 436 110.297 31O 0OO 78.260 875 000 278 875 2,408.4 6t 4 A 35 3,022.871 2020 51 pop 1 3 7 289 254 132 325 37 920 D 232000 - 2 059 2 1 603 282 533 2D21 540 000 87 381 315 549 7@ 556 345 000 45 625 970 000 184.750 2.170.849 397 312 2 568,161 2022 510 000 59.700 1 294 03,257 000 28 000 1 015 138,125 - 2 78 294 088 2 582 382 2023 595,0DO 30,04 348 336 46,273. 380 ODD 9 500 1 070 Op0 83,0D0 2.393,336 169,267 2 562 602 2p24 366 902 2A 446 - 1,125,000 28125 - 1 491 902 58 571 1548 473 7625 384,705 9,618 384 705 8 618 394 323 Total 700000 2237.11 7a DO0 4,ST4l00 133,2M 1dOW9 4,$40,0001 2.M.42al I4,6$%DQ0j L4t68,549 MD001 284,9361 30.623272 711Di84Z 5 it1 Recall Year 2000 Certificaift of DIME Ion I 2001-A Cori fflcMet oF i Obi! allon 2003-A Certificates o1 OWI flon Total P InalLml Total interest Total Principal tllterest I Prfncl sl Interest I Princl interest: 2005 16O OQD 244.0261 149.448 245.2021 223160 309 446 7t2 078 1 02 423 2008 170 00Q 235 228 165.740 230,2721 170 000 220 8DD 495 74p 695 098 1 190 838 2007 180 000 228 239 161,697 232 175,00) 214,050 510,697 672,375 1,189,072 2008 196 000 214 064 168 627 228 166 180 000 207,450 543 527 848 280 1 191 807 2009 2D5 ODD 203,208 174 861 218 957 190 000 200 050 689 961 622 215 1 192,176 2610 215 ODO 191,164 192 2 211, 28 200 000 101.250 597 263 594342 1 191 2011 230 000 180 BB3 100 446 2D4 977 210 DO 181 000 630,446 566,660 1 197 106 2012 45 000 169 412 1921 i96 617 220 O00 7 2 68 021 636 479 1 198 4 2013 280 000 157,183 205,761 186,901 230 p00 i59 O00 695 761 503 D64 1199,025 2014 215.000 144 183 218 387 175 998N000 147.125 736,387 467286 1205873 2015 290 000 130,138 230 373 i BA 322 134 625 775.373 429.085 S 204 4% 2076 305.000 115 058 242 637 151 836 121.600 817 837 38a 394 1,206,031 2017 3250 99 198 2550 39 1 660 077 345 4 105,547 2018 346 ODO 81 973 269.205 124 907 93 375 90921 300 66 1 209 520 2019 3B6 ODD 83 515 263,430 110 297 78 260 8,436 252 082 1 210 498 2020 390 000 43,805 299 281 96,132 62,376 1 014 251 201312 1,215,W 2021 410 000 22,550 315049 79.550 45,626 1 070 849 147,731 1,218,580 2022 3312,94 63.257 38p 000 28.0001 691,294. 91,26 782 651 2D23 348 333 46,273 380 DOD 9 600 728 335 55 T73 784 108 2C24 366,002 28,446 388 9D2 26.4461 395,348 2025 384,765 9 618 384,7051 9 618 1 394 323 Totet I 4,688,000 2,625 ittb 5 193,27Z No 4,94Q 00 2,395 4 !Al1A 2501791'-Mlk179 184 FY 05 Capital Proiects Source of Funds Source Original FY 04 Revised FY 04 Proposed FY 06 Impact Fees - Thoroughfare 2,670.000 4,413,774 - Contribution/General Fund 2,096,000 12,378,221 - Contribution/Enterprise Fund - 2,495,000 - Contdbution/Utili Fund - 7,296,000 - Contribution/Collin County 1,889.000 1,887,535 4,294,094 Contribution/McKinney 300,000 475,000 - Contribution/Denton County - 2,346 796 - Contribution/Little Elm - 25,000 - Contribution/FISD 250 000 - - Contribution/COG 1.420,000 1,720 000 - Contribution/Developer(s) 13,424,844 15, 445 696 - 2004 C.O. Bond - 2,686 000 - 2004 G.O. Bond - 25 000,000 - Frisco Economic Development Corp.FEDC 1 275,000 1,275,000 - Frisco Community Development Co FCDC 2,500,000 4,750,000 2.000,000 Parkland Dedication Fees 3,835 817 3.664,721 1,700,000 Hotel/Motel Occupancy Tax FundTax 465,000 494,750 - Interest Income 600,000 600,000 600,000 Grants FHWA & Donations 1,175000 - Future Bonds TOTALS - 30,TZ6,6$7 - t3,34t,483 7,968,910 16,683,004 FY 05 Capital Projects Source of Fun Intergov—^ +_1 L FC 1, Park Dedication 10% Bond Funds 48% Interest Income 4% 188 Utility Capital Projects Detail FY 2004-2006 RevisedProposed Actual Budget Budget Budget Protect Descrlptlon FY 2003 FY 2004 FY 2004 -�FY 200088 Water PROJECT 6 Westside Waterline - - 498,300 - ;PROJECT 6 Westside Waterline - - - - Water Supply Line (14,000 LF 2(Y" Waterline - from Hillcrestto Independence) D (church) 800,000 1.250,000 - FM 2478/ FM 3537 Waterline Relocation - - 300,000 - Stonebriar Creek Estates Waterline, Phase 2 - - - 500,000 FM 423 and Newman RD Waterline - - - 20,000 Hospital PRV - - - 70,000 Warren Parkway and DNT Utility Relocations - - - 450,000 'Vulnerability Assesment (Emer Plan Update) - - 37,000 - Tollroad Utility Relocates - - - 1,600,000 Sewer 12" reuse waterline along FM720 1,501 - - - 'Water Reuse System Construction 18,940 - - - Panther Creek Sewer Treatment Plant 63,303 _ 3,100.000 2,000,000 Cotton Wood Branch Sewer Main 1,930 - 35.000 - Lebanon/Legacy Pressure Reducing Valve 1,200 - - Eagan - Hicko SS 222.688 - - - Bicentennial Park SS 16,886 - - - Je ort Sanitary Sewer 16,760 - - - Main Street Sewer - Misc SS ]nip 32,079 - - - Savannah Ride Sewer - Misc SS Imp 8.500 - 14,000 - Hillcrest Control Valve - Misc SS Imp 53.500 - - - Lebanon PRV - Misc SS Imp 156,030 - 25,880 Contingency - Misc SS Imp (change orders) 107,940 - 294 - Preston Manor Sewerl-ine and Eld Valve and Custer 'Valve - - 466,000 - .Azalea, Maple & Mimosa - - 92,000 Dogwood - - 50,000 - Meadow - - 42,000 - First and Seventh - - 77.000 - Preston Trace and Sunset Blvd - _ 78.000 - 3,4.6. Pecan. Hickory - - 116.000 - Main Street Phase 4 - - 308.000 - Eldorado Ove ass (NC to Frisco) - - 5,000 - Teel Parkwav (Main to Eld) - - 17,000 - Legacy FEDC Sewer - - - 90,000 Impact Fee Update - 85.000 152,500 - Tollroad Sewer Line Relocations - - - FM 423 and Newman RD Waterline - - 50,000 Wastewater Modeling Software - - 275,000 - The Colony - Sewer access - - - - Payable to The Colony - Reimbursement for waterline - - - 750,000 rota) 3,017.935 23,217.529 39.004,039 11,475,000 W2 CITY OF FRISCO ECONOMIC DEVELOPMENT CORPORATION BUDGET SUMMARY FISCAL YEAR 2004 - 2005 ORIGINAL REVISED PROPOSED ACTUAL BUDGET BUDGET BUDGET FY 2002-03 FY 2003-04 FY 2003-04 FY 2004-05 Fund Balance, Beginning $ 9,550,413 $ 7,537,353 $11,017,531 $11,911,783 Receipts: Sales Tax Receipts 6,018,790 5,875,000 6,625,000 7,618,750 Interest Income 93,146 70,000 130,000 101,000 Contributions 26,320 26,000 26,000 26,000 Note/Bond Proceeds - - - Sale of Assets 1,173,265 - 6,700,000 - Loan Income 144,266 22,643 46,494 15,794 Miscellaneous 1,206 1,200 35,750 500 Total Revenue 7,456,993 5,994.743 _ 13,563,244 7,762,044 Funds Available 17,007,406 13,532,096 24,580,775 19,673,827 Deductions: Operating Expenditures 850,264 984,508 874,638 1,059,903 Capital Outlay 1,179, 761 2,150, 000 - 1,779,333 Incentives 1,166,284 1,633,000 1,036,200 2,948,000 Appropriation for Sports Complex 324,344 393,189 393,189 394,647 Appropriation for Soccer Complex - 269,020 269,020 223,150 Transfer to other funds - 1,275,000 1,275,000 - Section 380 Sales Tax Grant 1,236,084 1,527,500 1,527,500 1,750,000 Principal 448,155 493,331 6,620,943 295,810 Interest/Fiscal Charges 784,983 673,501 672,502 343,618 Total Deductions 5,989,875 9,399,049 12,668,992 - 8,794,461 Fund Balance, Ending The Frisco Economic Development Corporation benefits the City and its citizens by developing economic resources. It operates primarily within the geographic boundaries of the City. Funding for this organization is derived from a half cent sales tax. The FEDC has assisted the City in bringing many new businesses to Frisco, the first major achievement being the mall which opened in August 2000. The FEDC participated with the City in negotiations to bring a sports arena to Frisco which opened in the spring of 2003. Additionally, FEDC is participating in the Soccer Complex project which should open in 2005. The FEDC has issued bonds and uses various other financing Instruments in addition to the funds derived from the half cent sales tax. The debt service schedules for the bonds supported from the FEDC half cent sales tax can be found in the debt service section of the budget document. 199 DEPARTMENT DIVISIONIACTIVITY ACCOUNT GENERAL GOVERNMENT ECONOMIC DEVELOPMENT CORP 800.10.15 MISSION/PURPOSE STATEMENT: The Frisco Economic Development Corporation, In partnership with the City, strives to bring new business ventures to the area that will provide a diverse employment market and enhance the commercial industrial tax base. DESCRIPTION: The Frisco Economic Development Corporation, established by the city, is governed by a five member board appointed by the City Council. The FEDC Board approves the operating budget, which Is submitted to the Council for review and final approval. The FEDC Is funded by a half -cent sales tax used for various activities to attract and retain businesses. In compliance with state law, the FEDC develops performance based on agreements and monitors for compliance. ACCOMPLISHMENTS: The Frisco Economic Development Corporation Is dedicated to Improving economic opportunities and the quality of life for all citizens of Frisco. The primary mission, directly or Indirectly, supports the City of Friseo's seven Strategic Focus Areas through the development goals to expand and diversify the local tax base, create quality job opportunities for all levels of employment, encourage responsible, diverse growth and development and enhance Frisco's quality -of -life as an attractive and desirable place to live, work, play and grow. During FY04, the FEDC facllltated several economic development projects that supported more than 1,471 jobs In the community and occupies more than 771,000 square feet of office space. These projects Include: • IKEA, an International retail furniture company • Sports Tech, an Indoor multi -sports complex • Preston Ridge Campus of Collin County Community College District, campus expansion • Tenet Texas RBO, one of eight corporate regional offices for a medical services provider ■ IntegraSys, Corporate offices for an Information Technology solutions company, and • IBB Management, Inc., a business management company 200 DEPARTMENT DIVISIONIACTIVITY ACCOUNT GENERAL GOVERNMENT ECONOMIC DEVELOPMENT CORP 800.10.15 2002-2003 2003 2004 2004-2005 EXPENDITURES_ Actual Revised Proposed PERSONNEL 402,066 398,588 519,203 OPERATIONS 4,407,681 12,270,404 6,510,925 CAPITAL 1,180,129 - 1,764,333 TOTAL 5,989,876 12,668,992 8,794,461 PERSONNEL: FY 2003 FY 2004 FY 2005 Executive Director/President 1 1 1 Marketing Director 1 1 1 Business Development Manager 1 1 1 Secretary 1 1 1 Administrative Assistant 1 1 1 TOTAL 5 5 5 KEY POINTS OF PROPOSED BUDGETS: ■ The total capital funding Includes $1,200,000 for Platinum Parkway and $474,333 for improvements supporting retail development. ■ Additionally $15,000 is Included In furniture & fixtures for upgrades to the boardroom. ■ The FY04 revised operational cost includes a transfer to the Capital Projects Fund of $1,275,000 for the FEDC commitment for the construction of a portion of Legacy. d The revised budget Includes the sale of land and the payoff of note at the North Dallas Bank of approximagtely $6.3 million. 201 GAAP (Generally Accepted Accounting Practices): A set of rules governing the way in which the City's revenues and expenditures are accounted for in its quarterly and annual financial statements. The rules are codified by the Governmental Accounting Standards Board and the National Council on Governmental Accounting. General Fund: A governmental fund to account for resources and uses of general operating functions of City departments. The primary resources are property, sales, and franchise taxes. Interest Income: Revenue received from Investing the City's fund balances. Interfund Reimbursement: Administrative fees charged by the general fund to other City funds (e.g., Water & Sewer, Environmental Services) for the provision of administrative and other city services. Intergovernmental Revenue: Federal, state and county grants, and other forms of revenue. These include participation in infrastructure improvements, Housing funds, reimbursement of police salaries, etc. Miscellaneous (Other) Revenue: Sales of land, equipment, impounds/evidence, tower lease revenue, copy charges, and sundry revenue. Operating Budget: A budget for general expenditures such as salaries, utilities, and supplies. Generally does not include the Capital Projects Fund. Permit Revenue: Fees imposed on construction - related activities and for the acquisition of other nonbusiness permits (e.g., garage sale permits, alarm permits, etc.) Private Contributions: Funding received from various nongovernmental entities (sometimes placed In escrow accounts providing for a specific dedicated purpose). Escrows are established for median and sidewalk improvements. Property Tax: A tax levied on the assessed value of real and personal property. This tax is also known as ad valorem tax. Property Tax Rate: The property tax rate on all assessed property within the City limits. The City Council establishes the City's tax rate. Sales Tax: A tax administered by the State, imposed on the taxable sales of all final goods. The City of Frisco receives one percent of the total 8.25% sales tax. 6.25% goes to the State and FCDC and FEDC each receive 0.5%. Sources: All revenues and other receipts derived by the City including transfers from other funds, appropriation of prior years' earnings, proceeds from the sale of bonds, lease agreements, or other obligations. Solidwaste Collection: An Enterprise fund which provides weekly trash and recycling pickup and bulky item collection. This service is accounted for in the Environmental Services Fund. Fees and expenditures are directly related to the services provided. Special Revenue Fund: Funds used to account for certain property taxes, grant funds, and other special revenue legally restricted for specific purposes. Utility Fund: An Enterprise Fund established to account for resources and expenditures of operating and capital costs of City water and sewer distribution, storage and pumping facilities. 204 CITY OF FRISCO, TEXAS ORDINANCE NO. AN ORDINANCE OF THE CITY OF FRISCO, TEXAS APPROVING REVISED BUDGET FIGURES FOR FISCAL YEAR 2003-2004; ADOPTING THE 2004-2005 BUDGET FOR THE FRISCO ECONOMIC DEVELOPMENT CORPORATION; PROVIDING FOR REPEALING, SAVINGS AND SEVERABILITY CLAUSES; PROVIDING FOR AN EFFECTIVE DATE OF THIS ORDINANCE; AND PROVIDING FOR THE PUBLICATION OF THE CAPTION HEREOF. WHEREAS, pursuant to the laws of the State of Texas and the Bylaws of the City of Frisco, Texas ("Frisco") Frisco Economic Development Corporation ("FEDC"), the budget covering the proposed expenditures for the fiscal year beginning October 1, 2004 and ending September 30, 2005, including the revised budgetary data for the fiscal year 2003-2004, was filed with the City Secretary (the "budget"). A copy of the budget is attached hereto as Exhibit "A" and incorporated herein for all purposes; and WHEREAS, public meetings were held by the City Council of the City of Frisco, Texas (°City Council"), on said budget on August 17, 2004 and September 7, 2004, at which time said budget was fully considered, and interested taxpayers were given the opportunity to be heard by the City Council; and WHEREAS, the City Council has studied the budget and listened to the comments of the taxpayers at the public hearings and has investigated and determined that adoption of the budget is in the best interest of the City; and WHEREAS, the City Council finds that all legal notices, hearings, procedures and publishing requirements for the adoption of the budget have been performed or completed in the manner and form set forth by law. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRISCO, TEXAS: SECTION 1: Findings Incorporated. The findings set forth above are incorporated into the body of this Ordinance as if fully set forth herein. SECTION 2: Adoption of Budget. The proposed budget estimate of revenues and expenditures for the FEDC, attached hereto as Exhibit "A", as presented by the Board of Directors of the FEDC and appropriated by the City Council for the fiscal year beginning October 1, 2004 and ending September 30, 2005, including the revised budgetary data for the fiscal year 2003-2004, is hereby approved and adopted. SECTION 3: Amendment to 2003-2004 Budget. The revised estimate of expenditures for the FEDC's fiscal year 2003-2004 is $ 12,668,992. SECTON 4: Proposed 2004-2005 Expenditures. The proposed fiscal year 2004-2005 estimate of expenditures for the FEDC Is $ 8,794,461. SECTION 5: Savings/ Repealing Clause. All provisions of any ordinance in conflict with this Ordinance are hereby repealed; but such repeal shall not abate any pending prosecution for violation of the repealed Ordinance, nor shall the repeal prevent prosecution from being commenced for any violation if occurring prior to the repeal of the Ordinance. Any remaining portions of conflicting ordinances shall remain in full force and effect. 211 SECTION 6: Severability. Should any section, subsection, sentence, clause or phrase of this Ordinance be declared unconstitutional or invalid by a court of competent jurisdiction, it is expressly provided that any and all remaining portions of this Ordinance shall remain in full force and effect. Frisco hereby declares that it would have passed this Ordinance, and each section, subsection, sentence, clause, or phrase thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, or phrases be declared unconstitutional or invalid. SECTION 7: Effective Date. This Ordinance shall become effective from and after its adoption and publication as required by the City Charter and by law. DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF FRISCO, TEXAS, on this 21st day of September, 2004. E. MICHAEL SIMPSON, Mayor ATTEST TO: NAN PARKER, City Secretary ABERNATHY, ROEDER, BOYD, & JOPLIN, P.C. RICHARD M. ABERNATHY City Attorney 212