NOTICE OF MEETING OF THE COPPERAS COVE ECONOMIC … · 2020. 8. 10. · Jonas Titas, Executive...

NOTICE OF MEETING

OF THE COPPERAS COVE ECONOMIC DEVELOPMENT CORPORATION

In accordance with the order of the Office of the Governor issued March 16, 2020, the Copperas

Cove EDC will conduct a telephonic meeting in order to advance the public health goal of limiting

face- to-face meetings (also called “social distancing”) to slow the spread of the Coronavirus

(COVID-19).

Notice is hereby given that a Regular Meeting of the Copperas Cove Economic Development Corporation will be held on July 22, 2020 at 12:00 p.m.

The public may participate in this meeting by the following method:

- Dial into the tollfree number: (888) 475-4499 and use Meeting ID: 338 329 0057

The public will be permitted to offer public comments telephonically as provided by the agenda

and as permitted by the presiding officer during the meeting. Written questions or comments may

be submitted up to two hours before the meeting via email to Diane Drussell, Assistant Director

at [email protected].

A recording of the telephonic meeting will be made and will be available to the public in accordance with the Texas Public Information Act upon request.

A. CALL TO ORDER

B. INVOCATION AND PLEDGE OF ALLEGIANCE

C. ROLL CALL

D. ANNOUNCEMENTS

E. CITIZENS FORUM

At this time, citizens will be allowed to speak on any matter other than personnel matters,

matters under litigation, or matters on the regular agenda, for a length of time not to exceed

five minutes per person. Thirty minutes total has been allotted for this section.

F. CONSENT AGENDA

All matters listed under this item are considered to be routine by the EDC Board of Directors

and will be enacted by one motion. There will not be separate discussion of these items. If

discussion is desired, that item will be removed from the consent agenda and considered

separately.

1. Consideration and action on approval of minutes for the Regular Meeting held on June 24,

2020. Brittany Sanders, Economic Development Specialist, Copperas Cove EDC.

mailto:[email protected]

G. PUBLIC HEARING

H. ACTION ITEMS

1. Presentation and acceptance of the Fiscal Year 2019 Annual Financial Report (AFR). Velia Key, Director of Financial Services.

2. Consideration and action on approving a six-month contract extension between the

Copperas Cove EDC and Fieldstone Commercial, LLC to purchase 10.207 acres in the Narrows Business Technology Park for Project Gateway. Jonas Titas, Executive Director,

Copperas Cove EDC

3. Consideration and action on authorizing the release of funds to the City of Copperas Cove in the amount of $171.74 for charges to the CCEDC for services rendered, as agreed upon, by various City employees for the month of May 2020. Velia Key, Director of Financial Services.

4. Consideration and action on authorizing the release of funds to the City of Copperas Cove in the amount of $163.32 for charges to the CCEDC for services rendered, as agreed upon, by various City employees for the month of June 2020. Velia Key, Director of Financial Services.

5. Consideration and action on approving the unaudited financial report of the Copperas Cove Economic Development Corporation for the month of May 2020. Velia Key, Director of Financial Services.

6. Consideration and action on approving the unaudited financial report of the Copperas Cove Economic Development Corporation for the month of June 2020. Velia Key, Director of Financial Services.

I. REPORTS FROM STAFF, OUTSIDE ENTITIES, ADVISORY COMMITTEES AND BOARDS

1. Update on transition of financial services from the City of Copperas Cove to third party,

effective October 1, 2020.Diane Drussell, Assistant Director Copperas Cove EDC.

2. Update on Capital Project. Jonas Titas, Executive Director, Copperas Cove EDC.

• Business 190 utility burial

• Spec Building

• Natural Gas extension to the Narrows Business and Technology Park

• IT Fiber- CDL School to the Narrows Business and Technology Park

J. ITEMS FOR FUTURE AGENDAS

K. EXECUTIVE SESSION

L. RECONVENE INTO OPEN SESSION FOR POSSIBLE ACTION RESULTING FROM

ANY ITEM POSTED AND LEGALLY DISCUSSED IN EXECUTIVE SESSION.

M. ADJOURN

The Board of Directors reserves the right to adjourn into Executive Session at any time regarding

any issue on this agenda for which it is legally permissible.

The Technology Building is wheelchair accessible and accessible parking spaces are available.

Requests for accommodations or interpretive services must be made 48 hours prior to the meeting.

Please contact the City Secretary at (254) 547-4221 or FAX (254) 542-8927 for information or

assistance.

I, the undersigned authority, do hereby certify that the above Notice of Meeting of the Governing Body of the Copperas Cove Economic Development Corporation was posted at 5:00 p.m. July 17, 2020, inside the Display Case of the Copperas Cove Economic Development Corporation, 113 W. Avenue D, Copperas Cove, Texas, a place convenient and readily accessible to the general public at all times.

Brittany Sanders, ED Specialist Copperas Cove EDC

Economic Development Corporation F.1.

Meeting Date: July 22, 2020

Contact: Brittany Sanders, Economic Development Specialist, Copperas Cove EDC

Subject: Consideration and action on approval of minutes for the Regular Meeting held on June 24, 2020. Brittany Sanders, Economic Development Specialist, Copperas Cove EDC

Attachments: June 24, 2020 Meeting Minutes

of 3

In accordance with the order of the Office of the Governor issued March 16, 2020, the Copperas Cove EDC will conduct a telephonic meeting in order to advance the public health goal of limiting face-to-face meetings (also called “social distancing”) to slow the spread of the Coronavirus (COVID-19).

A recording of the telephonic meeting will be made and will be available to the public in accordance with the Texas Public Information Act upon request.

A. CALL TO ORDER Chairman Adam Martin called the regular meeting of the Copperas Cove Economic Development

Corporation to order at 12:01 P.M. B. INVOCATION AND PLEDGE OF ALLEGIANCE

Director JC Stubbs led the Invocation and the Pledge of Allegiance. C. ROLL CALL Roll call led by Brittany Sanders, Economic Development Specialist Present: Adam Martin, Chairman Joey Acfalle, Vice Chairman

Jay Jackson, Secretary Rick Kirkpatrick, Director JC Stubbs, Director

Jonas Titas, Executive Director-EDC Diane Drussell, Assistant Director -EDC Others Present: Barbara Boulware-Wells, EDC Legal Counsel D. ANNOUNCEMENTS

None

E. CITIZENS FORUM At this time, citizens will be allowed to speak on any matter other than personnel matters,

matters under litigation, or matters on the regular agenda, for a length of time not to exceed five minutes per person. Thirty minutes total has been allotted for this section.

None

COPPERAS COVE ECONOMIC DEVELOPMENT CORPORATION

Meeting Minutes for June 24, 2020

of 3

F. CONSENT AGENDA - All matters listed under this item are considered to be routine by the EDC

Board of Directors and will be enacted by one motion. There will not be separate discussion of

these items. If discussion is desired, that item will be removed from the consent agenda and

considered separately.

1. Consideration and action on approval of minutes for the Regular Meeting held on May 27,


Director Rick Kirkpatrick made a motion to approve Agenda Item F1. Director JC Stubbs

seconded the motion and with a unanimous vote, motion carried. Director Rick Kirkpatrick made

a motion to amend Agenda Item F1 with the request that the EDC Legal Counsel Barbara

Boulware-Wells be added to the May 27, 2020, Regular Meeting Minutes reflecting she was

present for the meeting. Director JC Stubbs seconded the motion and with a unanimous vote,

motion carried.

2. Consideration and action on approval of minutes for the Special Meeting held on June 11,


Director Rick Kirkpatrick made a motion to approve Agenda Item F2. Director JC Stubbs

seconded the motion and with a unanimous vote, motion carried.

G. PUBLIC HEARINGS None H. ACTION ITEMS

None

I. REPORTS FROM STAFF, OUTSIDE ENTITIES, ADVISORY COMMITTEES AND BOARDS

Update on Strategic Plan and Capital Projects- Jonas Titas, Executive Director Copperas Cove EDC. Executive Director Jonas Titas gave an update on the extension of natural gas to the Narrows Business and Technology Park, the Business 190 utility burial, and the development of a spec building in the Narrows Business and Technology Park.

J. ITEMS FOR FUTURE AGENDAS

K. EXECUTIVE SESSION CONVENED AT 12:12 P.M.

1. Discussion of personnel matters pursuant to Chapter 551.074 of the Texas Government Code

regarding contracts of a public officer or employee. Annual Review and Contract for Employment for Executive Director, Jonas Titas, CEcD.

of 3

L. RECONVENE INTO OPEN SESSION AT 12:25 P.M FOR POSSIBLE ACTION RESULTING FROM ANY ITEM POSTED AND LEGALLY DISCUSSED IN EXECUTIVE SESSION

Director JC Stubbs made a motion to approve Agenda Item K1. Director Jay Jackson seconded

the motion and with a unanimous vote, motion carried

M. ADJOURN

Chairman Adam Martin adjourned the meeting at 12:25 P.M. ATTEST:

Brittany Sanders, Economic Development Specialist Jay Jackson, Secretary

Economic Development Corporation H.1.


Contact: Velia Key, Director of Financial Services

Subject: Presentation and acceptance of the Fiscal Year 2019 Annual Financial Report (AFR). Velia Key, Director of Financial Services

Description/Information: Per Texas Local Government Code §103.001 a municipality shall have its records and accounts audited annually and shall have an annual financial statement prepared based on the audit.

The accounting firm of Weaver and Tidwell was selected on August 2, 2016 by the City Council to perform the annual audit in compliance with U.S. Generally Accepted Accounting Principles and in accordance with Government Auditing Standards for the City and Economic Development Corporation (EDC). This is the Third year that Weaver has performed the financial audit for the Corporation.

Financial Impact: TBD

Action/Recommendation:

The CCEDC Staff recommends the Board accept the Annual Financial Report for the Fiscal Year ending September 30, 2019.



Contact: Jonas Titas, Executive Director, Copperas Cove EDC

Subject: Consideration and action on approving the six-month contract extension between the Copperas Cove EDC and Fieldstone Commercial, LLC to purchase 10.207 acres in the Narrows Business Technology Park for Project Gateway. Jonas Titas, Executive Director, Copperas Cove EDC Description/Information: During the February 19, 2020 Regular Board meeting, Project Gateway was presented to the BOD for approval. The board voted, unanimously, to accept the contract and offer of $800,000 from Fieldstone Commercial, LLC. On March 17, 2020, Project Gateway was presented to City Council and was accepted and approved. Financial Impact: $800,000 increase to budget

Action/Recommendation:

EDC staff recommends the Board approve the six-month contract extension between the Copperas Cove EDC and Fieldstone Commercial, LLC to purchase 10.207 acres in the Narrows Business Technology Park for Project Gateway




Subject: Consideration and action on authorizing the release of funds in the amount of $171.74 to the City of Copperas Cove for charges to the CCEDC for services rendered, as agreed upon, by various City employees for the month of May 2020. Velia Key, Director of Financial Services Description/Information: Effective October 1, 2018, the CCEDC transitioned away from being under the direction of the City Manager. The CCEDC and the City have an agreement to pay City staff for services performed, to include the financials. Furthermore, several members of City staff performed services directly benefiting the CCEDC and its operations during the month of May 2020. State law requires the CCEDC to reimburse the City for services rendered on behalf of the Corporation. Financial Impact:

$171.74

Action/Recommendation: EDC staff recommends the Board authorize the release of funds to the City for services rendered during the month of May 2020.

Attachments: EDC May Invoice




Subject: Consideration and action on authorizing the release of funds in the amount of $163.32 to the City of Copperas Cove for charges to the CCEDC for services rendered, as agreed upon, by various City employees for the month of June 2020. Velia Key, Director of Financial Services Description/Information: Effective October 1, 2018, the CCEDC transitioned away from being under the direction of the City Manager. The CCEDC and the City have an agreement to pay City staff for services performed, to include the financials. Furthermore, several members of City staff performed services directly benefiting the CCEDC and its operations during the month of June 2020. State law requires the CCEDC to reimburse the City for services rendered on behalf of the Corporation. Financial Impact:

$163.32

Action/Recommendation: EDC staff recommends the Board authorize the release of funds to the City for services rendered during the month of June 2020.

Attachments: EDC June Invoice




Subject: Consideration and action on approving the unaudited financial report of the Copperas Cove Economic Development Corporation for the month of May 2020. Velia Key, Director of Financial Services Description/Information: The Financial report for May has been prepared by the Finance Department as per the agreement between the CCEDC and the City. The report is attached for review by the Board. Financial Impact: See the attached unaudited financial report. Action/Recommendation: EDC staff recommends the Board approve the unaudited financial report for May as

presented by Velia Key, Director of Financial Services.

Attachments: May 2020 Unaudited Financial Report

“The City Built for Family Living” Finance Department

July 17, 2020

Mayor, City Council Members and Board of Directors of the Copperas Cove Economic Development Corporation: The Finance Department is pleased to submit the Unaudited Monthly Financial Report for the month of May 2020. The Finance Department performs all financial services for the Economic Development Corporation. The month of May includes three payroll runs for the employees. The employees received their payroll checks on May 1, 2020, May 15, 2020, and May 29, 2020. Total expenditures for the month of May 2020, include 63 disbursements to various to vendors. All supporting documentation is available for review at the City’s Finance Department. As of May 31, 2020, the Economic Development Corporation investment portfolio consisted of bank deposits with National United Bank and Texpool. Total cash available at month end was $6,722,691. Interest earned during this month equals to $1,607, which is a decrease of $10,010 in comparison to $11,617 earned in prior year 2019. We anticipate regular monitoring of the Economic Development Corporation’s financial position and we will continue to provide the City Council and the Board of Directors with information that is useful for making sound policy decisions. Respectfully submitted, Velia Key- Dir. of Financial Services

P.O. Drawer 1449 914 South Main Street Copperas Cove, Texas 76522 (254) 547-4221 (254) 547-2800

www.copperascovetx.gov

http://www.copperascovetx.gov/

Copperas Cove Economic Development Corporation

Portfolio Summary Management Report

For the Month Ended May 31, 2020

All cash balances were deposited at National United Bank and TexPool

Portfolio as of May 31, 2019

Operating Account…………………$615,971

Texpool…………..………………….$5,529,458

Portfolio as of May 31, 2020

Operating Account……………… $1,106,403

TexPool Account…………………...$5,616,288


Portfolio Allocation Analysis

Operating10.0%

TexPool90.0%

Fiscal Year 2018-19May 2019

Operating16.5%

TexPool83.5%

Fiscal Year 2019-2020May 2020


Unaudited Financial Report May 31, 2020

OPERATING REVENUES AND EXPENDITURES • Year-to-date total revenue exceeded expenditures by $551,912.

• Total Sales Tax Allocation received from the City was $129,277.

• Interest earnings received for the month of May were $1,607.

• Total Operating and Debt Service Expenditures for the month of May amount to $154,703.

• Salary and benefits for the month of May 2020 amounted to $32,230. This amount includes the salaries and benefits for three full time employees.

• The A/P runs during the month of May 2020 include the following disbursements: Check # Payee Amount Description

000634 Centex Technologies

$170.00 Invoice #10762 Computer setup

000635 Kirk Studio $195.00 Care for Community Business Project

000636 Konica Minolta $34.55 Copier

000637 VOID VOID VOID


000639 J.M. Little Attorney at Law

$1,900.00 Invoice 11201928 & 10201935

000640 A&L Florist $3,000.00 CCEDC Cares

000641 Cali Signs & Graphics, LLC

$3,000.00 CCEDC Cares

000642 Cove Leader Press $1,000.00 CCEDC Cares

000643 The Daisy $5,000.00 CCEDC Cares

000644 Frames & Things $3,000.00 CCEDC Cares

000645 Larry Letzer $5,000.00 CCEDC Cares

000646 James A. Pierce Jr. $3,000.00 CCEDC Cares

000647 Dunbar Rehab $3,000.00 CCEDC Cares

000648 Ashley Lyons $3,000.00 CCEDC Cares

000649 Tammy Thompson $3,000.00 CCEDC Cares

000650 Hope Wunsch $5,000.00 CCEDC Cares

000651 Megan Hutchinson $3,000.00 CCEDC Cares


000653 Shawn Perry $3,000.00 CCEDC Cares

000654 Edson Florexil $1,000.00 CCEDC Cares

000655 Rebecca Payne $3,000.00 CCEDC Cares

000656 Lisa M. Langdon $3,000.00 CCEDC Cares

000657 Rosemary Gray $5,000.00 CCEDC Cares



000660 Ables Top Hat Chimney Sweep



000662 Bella Sera $3,000.00 CCEDC Cares

000663 GymKix LLC $5,000.00 CCEDC Cares

000664 Military Vehicles Relocators LLC


000665 Toa Foods & Beverage LLC


000666 CLJ Ventures LLC $1,000.00 CCEDC Cares

000667 Ray Petit $1,000.00 CCEDC Cares

000668 Kara Lawson $3,000.00 CCEDC Cares

000669 HHAHC Print Shop $134.94 CCEDC Business cards

000670 Nam Quoc Truong $3,000.00 CCEDC Cares

000671 Bill French Jewelers


000672 Thu Thruong $3,000.00 CCEDC Cares

000673 Chang Jae Merrill $3,000.00 CCEDC Cares

000674 City of Copperas Cove

$1,019.23 Insurance



$1,683.61 TMRS

000677 Misty Gambrel $3,000.00 CCEDC Cares

000678 Glenda Guzman $1,000.00 CCEDC Cares

000679 Giovanni’s Italian Restaurant


000680 Katherine Asmus $3,000.00 CCEDC Cares

000681 Linda Grubb $1,000.00 CCEDC Cares

000682 Benjamin Eserona $3,000.00 CCEDC Cares

000683 Michael Loven $1,000.00 CCEDC Cares


$38.91 Service Period: 03/09/20-04/06/20


000686 Card Service Center

$1,388.43 Professional Development, LoopNet, Storage, & Board lunches

000687 Killeen Daily Herald $279.00 Cove Cares Ad

000688 GSLI $4,250.00 Website payment

000689 Waffle Cone $3,000.00 CCEDC Cares

000690 Jacquelyn McDowell



$679.01 Invoices for February, March, and April

000692 Century Link $213.84 Service Period: May 10-June 09, 2020

000693 Cove Banner $120.00 Invoice 3237

000694 Pristine Building Maintenance

$322.50 Janitorial Services

000695 Spectrum $142.60 Service Period: 5/12/20-06/11/20

000696 Walmart $7.86 Office supplies

000697 Inhouse System $39.99 Alarm System

000698 Diane Drussell $216.34 Mileage Reimbursement

000699 Texas Economic Development

$79.00 Covid-19 Webinar

000700 Altrusa International $85.00 Annual Dues


$1,661.70 TMRS

WEB Payment McMullin Property $1,600.00 Rent

ACH Payment TXU $243.47 Monthly Services

ECONOMIC DEVELOPMENT CORPORATION

MONTHLY FINANCIAL REPORT

AS OF MAY 31, 2020 (FY 2019-2020)

Current Current Month TotalDescription Budget May. 2020 Year to Date

BEGINNING FUND BALANCE

Unassigned 6,389,561$ 6,965,292$ 6,389,561$ TOTAL BEG. FUND BALANCE 6,389,561$ 6,965,292$ 6,389,561$

REVENUES:

Taxes

Sales Tax 1,290,000$ 129,277$ 935,383$ Subtotal Taxes 1,290,000$ 129,277$ 935,383$

Investment Earnings

Interest Revenue 118,000$ 1,607$ 49,697$ Subtotal Investment Earnings 118,000$ 1,607$ 49,697$

Other Income

Sale of Property -$ -$ 25,000$

Miscellaneous Revenue - - 104 Subtotal Other Income -$ -$ 25,104$

TOTAL REVENUES 1,408,000$ 130,884$ 1,010,184$

TOTAL FUNDS AVAILABLE 7,797,561$ 7,096,176$ 7,399,745$

EXPENDITURES

Administration

Personnel Services

Salaries 246,978$ 27,251$ 161,548$

Longevity 375 50 238

Fica Tax 18,303 1,374 12,346

Employee Insurance 16,404 569 9,110

Workers Compensation 508 - -

Retirement 29,525 2,246 20,438

Other Personnel Expenses 7,920 740 5,499 Total Personnel Services 320,013$ 32,230$ 209,179$

Supplies & Materials

Office Supplies 1,075$ 250$ 713$

Cleaning Supplies 314 - 61

Printing Cost 1,300 35 315

Postage 400 - 246

Minor Tools 100 - 6

Minor Equipment-Electronic 1,143 140 1,143

Minor Equipment-Software Electronic 690 - - Total Supplies & Materials 5,022$ 425$ 2,484$

Maintenance & Repairs

Repair & Maintenance Building 11,400$ 533$ 4,576$

Repair & Maintenance Facility 16,400 - 5,000

Repair & Maintenance Equipment 395 170 395

Repair & Maintenance software 18,100 - 17,778 Total Maintenance & Repairs 46,295$ 703$ 27,749$



AS OF MAY 31, 2020 (FY 2019-2020)

Current Current Month TotalDescription Budget May. 2020 Year to Date

Expenditures (cont.)

Contractual Services

Consulting Services 16,800$ 1,900$ 5,461$

Advertisement 100 - -

Communication 4,350 356 2,861

Rental of Equipment 2,100 333 1,183

Rental of Property 19,200 1,600 12,800

Dues & Subscription 8,038 458 7,414

Contract Labor 3,000 - 640

Professional Development 14,900 295 5,592

Professional Services 8,000 - 67

Provided City Services 7,766 679 3,247

Utilities 5,280 282 2,701 Total Contractual Services 89,534$ 5,903$ 41,966$

Designated Expenses

Insurance 6,000$ -$ 4,323$

Public Relations 4,990 13 3,662 Total Designated Expenses 10,990$ 13$ 7,985$

TOTAL ADMINISTRATION EXPENDITURES 471,854$ 39,274$ 289,363$

Non-Departmental


Program/Project Supply 2,100$ -$ -$ Total Supplies & Materials 2,100$ -$ -$


Advertising 1,650$ 699$ 1,428$

Dues and Subscriptions 300 - -

Business Attraction 148,133 110,480 132,659

Professional Services 5,863 4,250 5,863

Total Contractual Services 155,946$ 115,429$ 139,950$

Capital Outlay

Land 2,000,000$ -$ -$ Total Capital Outlay 2,000,000$ -$ -$

Other

Grant Match 500,000$ -$ -$ Total Other 500,000$ -$ -$

TOTAL NON-DEPARTMENTAL EXPENDITURES 2,658,046$ 115,429$ 139,950$



AS OF MAY 31, 2020 (FY 2019-2020)

Current Current Month Total

Description Budget May. 2020 Year to Date


Debt Service

Capital Outlay

Reliever Route Infrastructure 133,925$ -$ 4,463$

Total Capital Outlay 133,925$ -$ 4,463$

Other

Principal 01 Sales Tax 60,000$ -$ -$

Principal 12 Sales Tax 40,000 - -

Interest 01 Sales Tax 7,176 - 3,536

Interest 12 Sales Tax 41,920 - 20,960 Total Other 149,096$ -$ 24,496$

TOTAL DEBT SERVICE EXPENDITURES 283,021$ -$ 28,959$

TOTAL EXPENDITURES 3,412,921$ 154,703$ 458,272$

ENDING FUND BALANCE 4,384,640$ 6,941,473$ 6,941,473$




Subject: Consideration and action on approving the unaudited financial report of the Copperas Cove Economic Development Corporation for the month of June 2020. Velia Key, Director of Financial Services Description/Information: The Financial report for June has been prepared by the Finance Department as per the agreement between the CCEDC and the City. The report is attached for review by the Board. Financial Impact: See the attached unaudited financial report. Action/Recommendation: EDC staff recommends the Board approve the unaudited financial report for June as

presented by Velia Key, Director of Financial Services.

Attachments: June 2020 Unaudited Financial Report

“The City Built for Family Living” Finance Department

July 17, 2020

Mayor, City Council Members and Board of Directors of the Copperas Cove Economic Development Corporation: The Finance Department is pleased to submit the Unaudited Monthly Financial Report for the month of June 2020. The Finance Department performs all financial services for the Economic Development Corporation. The month of June includes two payroll runs for the employees. The employees received their payroll checks on June 12, 2020, and June 26, 2020. Total expenditures for the month of June 2020, include 22 disbursements to various to vendors. All supporting documentation is available for review at the City’s Finance Department. As of June 30, 2020, the Economic Development Corporation investment portfolio consisted of bank deposits with National United Bank and Texpool. Total cash available at month end was $6,809,714. Interest earned during this month equals to $1,322, which is a decrease of $9,910 in comparison to $11,232 earned in prior year 2019. We anticipate regular monitoring of the Economic Development Corporation’s financial position and we will continue to provide the City Council and the Board of Directors with information that is useful for making sound policy decisions. Respectfully submitted, Velia Key- Dir. of Financial Services

P.O. Drawer 1449 914 South Main Street Copperas Cove, Texas 76522 (254) 547-4221 (254) 547-2800

www.copperascovetx.gov

http://www.copperascovetx.gov/


Portfolio Summary Management Report

For the Month Ended June 30, 2020

All cash balances were deposited at National United Bank and TexPool

Portfolio as of June 30, 2019

Operating Account…………………$682,002

Texpool…………..………………….$5,540,280

Portfolio as of June 30, 2020

Operating Account……………… $1,192,427

TexPool Account…………………...$5,617,287


Portfolio Allocation Analysis

Operating11.0%

TexPool89.0%

Fiscal Year 2018-19June 2019

Operating17.5%

TexPool82.5%

Fiscal Year 2019-2020June 2020


Unaudited Financial Report June 30, 2020

OPERATING REVENUES AND EXPENDITURES • Year-to-date total revenue exceeded expenditures by $636,632.

• Total Sales Tax Allocation received from the City was $119,529.

• Interest earnings received for the month of June were $1,322.

• Total Operating and Debt Service Expenditures for the month of June amount to $36,131.

• Salary and benefits for the month of June 2020 amounted to $23,880. This amount includes the salaries and benefits for three full time employees.

• The A/P runs during the month of June 2020 include the following disbursements: Check # Payee Amount Description



000704 Rotary Club $85.00 Membership Dues

000705 Killeen Pest Control $55.00 Monthly Services

000706 United Way $42.00 EE Contributions

000707 The Knight Law Firm

$682.50 April Invoice #2234

000708 Jerry L. Jackson $5,700.00 Invoice #781403

000709 Uline, INC $411.73 Storage Rack


$1,019.23 Medical Benefits



$1,774.91 TMRS

000713 CenturyLink $213.84 Service Period: 6/10/2020-7/9/2020


$39.31 Service Period: 4/06/2020-5/8/2020

000715 Cove Leader Press $36.00 Annual Renewal

000716 Card Service Center

$968.51 UI Tax, Public Relations, Office Supplies, Storage, LoopNet, & Marketing

000717 Pristine Building Maintenance

$322.50 Janitorial Services

000718 Spectrum $142.60 Service Period: 6/12/2020-7/11/2020

000719 Killeen Pest Control $55.00 Monthly Services

000720 Gregory Allen Harn $1,490.00 Mowing Services


$1,019.23 Medical Benefits



$1,683.61 TMRS

WEB Payment McMullin Property $1,600.00 Rent

ACH Payment TXU $281.69 Monthly Services



AS OF JUNE 30, 2020 (FY 2019-2020)

Current Current Month TotalDescription Budget Jun 2020 Year to Date

BEGINNING FUND BALANCE

Unassigned 6,389,561$ 6,941,473$ 6,389,561$ TOTAL BEG. FUND BALANCE 6,389,561$ 6,941,473$ 6,389,561$

REVENUES:

Taxes

Sales Tax 1,290,000$ 119,529$ 1,054,912$ Subtotal Taxes 1,290,000$ 119,529$ 1,054,912$

Investment Earnings

Interest Revenue 118,000$ 1,322$ 51,019$ Subtotal Investment Earnings 118,000$ 1,322$ 51,019$

Other Income

Sale of Property -$ - 25,000$

Miscellaneous Revenue - - 104 Subtotal Other Income -$ -$ 25,104$

TOTAL REVENUES 1,408,000$ 120,851$ 1,131,035$

TOTAL FUNDS AVAILABLE 7,797,561$ 7,062,324$ 7,520,596$

EXPENDITURES

Administration

Personnel Services

Salaries 246,978$ 18,167$ 179,715$

Longevity 375 33 271

Fica Tax 18,303 1,393 13,739

Employee Insurance 16,404 1,139 10,249

Workers Compensation 508 - -

Retirement 29,525 2,322 22,760

Other Personnel Expenses 7,920 826 6,325 Total Personnel Services 320,013$ 23,880$ 233,059$


Office Supplies 1,075$ 35$ 748$

Cleaning Supplies 314 12 73

Printing Cost 1,300 87 402

Postage 400 - 246

Minor Tools 100 - 6

Minor Equipment-Electronic 1,143 - 1,143

Minor Equipment-Software Electronic 278 - -

Furniture & Fixture 412 412 412 Total Supplies & Materials 5,022$ 546$ 3,030$

Maintenance & Repairs

Repair & Maintenance Building 11,400$ 634$ 5,210$

Repair & Maintenance Facility 16,400 - 5,000

Repair & Maintenance Equipment 395 - 395

Repair & Maintenance software 18,100 - 17,778 Total Maintenance & Repairs 46,295$ 634$ 28,383$



AS OF JUNE 30, 2020 (FY 2019-2020)

Current Current Month TotalDescription Budget Jun 2020 Year to Date



Consulting Services 16,800$ 683$ 6,144$

Advertisement 100 - -

Communication 4,350 356 3,217

Rental of Equipment 2,100 167 1,350

Rental of Property 19,200 1,600 14,400

Dues & Subscription 8,038 480 7,894

Contract Labor 3,000 - 640

Professional Development 14,900 - 5,592

Professional Services 8,000 25 92

Provided City Services 7,766 - 3,247

Utilities 5,280 321 3,022 Total Contractual Services 89,534$ 3,632$ 45,598$

Designated Expenses

Insurance 6,000$ -$ 4,323$

Public Relations 4,990 149 3,811 Total Designated Expenses 10,990$ 149$ 8,134$

TOTAL ADMINISTRATION EXPENDITURES 471,854$ 28,841$ 318,204$

Non-Departmental


Program/Project Supply 2,100$ -$ -$ Total Supplies & Materials 2,100$ -$ -$


Advertising 1,650$ 80$ 1,508$

Dues and Subscriptions 300 - -

Contract Labor 5,700 5,700 5,700

Business Attraction 140,968 45 132,704

Professional Services 5,863 1,465 7,328

Total Contractual Services 154,481$ 7,290$ 147,240$

Capital Outlay

Land 2,000,000$ -$ -$ Total Capital Outlay 2,000,000$ -$ -$

Other

Grant Match 500,000$ -$ -$ Total Other 500,000$ -$ -$

TOTAL NON-DEPARTMENTAL EXPENDITURES 2,656,581$ 7,290$ 147,240$



AS OF JUNE 30, 2020 (FY 2019-2020)

Current Current Month Total

Description Budget Jun 2020 Year to Date


Debt Service

Capital Outlay

Reliever Route Infrastructure 133,925$ -$ 4,463$

Total Capital Outlay 133,925$ -$ 4,463$

Other

Principal 01 Sales Tax 60,000$ -$ -$

Principal 12 Sales Tax 40,000 - -

Interest 01 Sales Tax 7,176 - 3,536

Interest 12 Sales Tax 41,920 - 20,960 Total Other 149,096$ -$ 24,496$

TOTAL DEBT SERVICE EXPENDITURES 283,021$ -$ 28,959$

TOTAL EXPENDITURES 3,411,456$ 36,131$ 494,403$

ENDING FUND BALANCE 4,386,105$ 7,026,193$ 7,026,193$

Economic Development Corporation I.I.


Contact: Diane Drussell, Assistant Director, Copperas Cove Economic Development Corp.

INFORMATION

Subject: Update on transition of financial services from the City of Copperas Cove to third party, effective

October 1, 2020.Diane Drussell, Assistant Director Copperas Cove EDC.

Economic Development Corporation I.2.


Contact: Jonas Titas, Executive Director, Copperas Cove EDC

INFORMATION

Subject: Update on Capital Project. Jonas Titas, Executive Director, Copperas Cove EDC.

• Business 190 utility burial

• Spec Building

• Natural Gas extension to the Narrows Business and Technology Park

• IT Fiber- CDL School to the Narrows Business and Technology Park

DRAFT AgendaF 1 Item CoverF 1 Back up June 24 Minutes DraftH 1 Item Cover Annual reportH 2 Cover Project GatewayH 3. Item Cover Release of fundsH 3 Back up InvoiceH 4. Item Cover Release of fundsH 4 Back up InvoiceH 5 Item Cover Unaudited Financial ReportH 5 Back up UNAUDITED MAY FINANCIAL REPORTEDC CASH REPORT MAY 2020.pdf� Copperas Cove Economic Development Corporation�Portfolio Summary Management Report�For the Month Ended May 31, 2020��All cash balances were deposited at National United Bank and TexPoolCopperas Cove Economic Development Corporation�Portfolio Allocation Analysis

EDC MAY 2020 FINANCIAL REPORT -.pdfEDC MAY 2019

H 6 Item Cover Unaudited Financial ReportH 6 UNAUDITED JUNE FINANCIAL REPORTEDC CASH REPORT JUNE 2020.pdf� Copperas Cove Economic Development Corporation�Portfolio Summary Management Report�For the Month Ended June 30, 2020��All cash balances were deposited at National United Bank and TexPoolCopperas Cove Economic Development Corporation�Portfolio Allocation Analysis

EDC JUNE 2020 FINANCIAL REPORT -.pdfEDC JUNE 2020

I 1 Cover Financial TransitionI 2 Cover Capital Projects

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