Benbrook  MINUTES OF THE MEETING OF THE BENBROOK CITY COUNCIL THURSDAY, APRIL 18, 2024  The regular meeting of the Benbrook City Council was held on April 18, 2024 at 7:30 p.m.  in the Council Chambers with the following Council members present:  Jason Ward, Mayor Renee Franklin Larry Marshall Dustin Phillips Gary Addison Keith Tiner  Also Present:  Andy Wayman, City Manager Jim Hinderaker, Assistant City Manager Joanna King, City Secretary Beth Fischer, Deputy City Secretary Rick Overgaard, Finance Director Bennett Howell, Public Services Director Jessica James, EDC Director Kent Williams Members of Girl Scout Troop 3390 Haven Wheeler Allison Wheeler Arabella Maison-Regan Melody Wheeler Megan Maison Madeline Mercado  Others:  Spencer Gourley - Scout Troop 17  .  CALL TOORDER  Meeting called to order at 7:30 p. m. by Mayor Ward. NVOCATIONPLEDGE OF ALEGIANCE Invocation was given by Councimember Keith Tiner. The Pledge of Allegiance was recited.  II.  III. CITIZEN COMMENTS ON ANY AGENDA ITEM  1    IV. MINUTES  1. Approve minutes of the regular meeting held April 4, 2024  Motion by Dr. Marshall, seconded by Mr. Tiner to approve the minutes oft the regular  meeting held April 4, 2024. Vote on the Motion:  Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner  Noes: None  Motion carries unanimously. V. REPORTS FROM CITY MANAGER  G-2651  Finance Report for period ending March 31, 2024  Rick Overgaard gave the following report: General Fund revenues for the month of March, the sixth month of the fiscal year, were $1,885,611. Major revenues collected for the month include Property taxes of $173,309, Franchise taxes of $889,544, Permits of $30,183, Fines and Forfeitures of $58,246, Charges for Services of $97,262, Other Agencies of $135,595, and Interest of $131,048. Sales tax collected and recognized as revenue in March was $332,929. Fiscal year to date sales tax is $2,407,601, an increase of 15.6% over last year at this time. General Fund revenues collected through the end of March were $21,278,794 and General Fund expenditures for the month of March were $1,522,893. Fiscal year to date expenditures were $10,523,906 and 42.9% of the adopted budget. Fiscal year to date expenditures increased compared to last year because EMS salaries were reimbursed from the American Rescue Plan Act (ARPA). The ARPA grant Total General Fund revenues of $21,278,794 were more than total General Fund Debt Service revenues for the month of March totaled $12,905 and were all from property tax. There were no expenditures in March. The next debt service EDC revenues for March were $201,797. EDC expenditures for March were Revenues received for March were $200,601 from stormwater utility fees, mineral lease revenue, and interest earnings. Expenditures for the Capital Projects Fund were $1,140,588 for March. March expenditures included the TIF funded Mercedes Bridge project. Expenditures exceeded revenues by $939,987.  86.7% of the budget.  expired in October 2023.  expenditures of $10,523,906 by $10,754,888.  payments are due August 1, 2024.  $28,272. Revenues exceeded expenditures by $173,525.  2    Sufficient funds are available in the current fund balances of the Capital Projects Fund. This fund operates on a project basis rather than a specific fiscal year. On March 31, 2024, the City had $45,160,559 invested at varying interest rates; Motion by Ms. Franklin, seconded by Mr. Tiner to accept the finance report for the  the EDC had $8,822,254 available. period ending March 31, 2024. Vote on the Motion:  Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner  Noes: None  Motion carries unanimously.  G-2652  Quarterly Investment Report for period ending March 31, 2024  Rick Overgaard gave the following report: The Public Funds Investment Act (PFIA), Texas Government Code and the City's Investment Policy require that an Investment The Investment Committee met on April 9, 2024, to review the report and ensure  Report be presented to City Council.  compliance with the City's investment policy.  The total portfolio for the City and EDC on March 31, 2024 is $53,982,813, with 83.7% or $45,160,559 belonging to the City, and 16.3% or $8,822,254to 23.6% of the combined portfolio is in bank accounts, with 60.1% in local government investment pools, 13.5% in certificates of deposit, and 2.8% in The weighted average maturity on the combined portfolio is 26 days with a 3.89% average yield to maturity. In comparison, the 90-day T-Bill benchmark  the EDC. agency notes.  rate is 5.46% due to rising interest rates.  The City's yield increased from the prior quarter because property tax revenue was invested in higher yielding investment pools and certificates of deposit. Motion by Dr. Marshall, seconded by Mr. Addison to accept the Investment Report  for the quarter ending March 31, 2024.  Vote on the Motion:  Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner  Noes: None  Motion carries unanimously.  3    G-2653  Interlocal Agreement to reconstruct a portion of Chapin Road  Bennett Howell gave the following report: On December 15, 2022, the City Council approved an Interlocal Agreement with Tarrant County confirming the City's participation and cost share commitment to reconstruct Westpark Drive and Timbercreek Road, two local roadways included in the voter approved 2021 Tarrant County Transportation Bond Program (Program). Both projects were At the request of the City, Tarrant County has authorized the transfer of the City's unused Bond Program funds ($225,000) to the City's Chapin Road Reconstruction Project (Project), previously approved by City Council on December 21, 2023 as The Project will reconstruct approximately 1,560 linear feet of roadway located between approximately 100 feet west of Westerly Road to Williams Road. The Project also includes reconstruction of the concrete intersection of Chapin Road  completed under budget.  part of the City's annual street overlay program.  and Williams Road.  The Project is estimated to cost approximately $410,000.  The transfer of unused Tarrant County bond funds nets Benbrook $225,000, as the project was already planned and budgeted in the FY2023-24 overlay program. Motion by Mr. Phillips, seconded by Mr. Tiner to approve the Interlocal Agreement with Tarrant County to reconstruct Chapin Road from approximately 100 feet west  of Westerly Road to Williams Road.  Vote on the Motion:  Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner  Noes: None  Motion carries unanimously. VI. INFORMAL CITIZEN COMMENTS  Madeline Mercado addressed City Council. VII. COUNCIL MEMBER AND STAFF COMMENTS VIII. RECESS INTO EXECUTIVE SESSION  Pursuant to Section 551.072, Texas Government Code, to deliberate the purchase, exchange, lease, or value of real property. a public officer or  employee.  1. 9445 and 9353 Benbrook Boulevard  4    Mayor Ward announced that City Council would now be holding a closed executive meeting pursuant to the provisions of the Open Meetings Law, Chapter 551, Texas Government Code, in accordance with the authority contained in: Section 551.072, Deliberation regarding real property Executive Sessions are not open to the public Meeting recessed at 7:46 p.m.  IX. RECOVENE INTO REGULAR SESSION  Mayor Ward reconvened into open session at 8:10 p.m. X. NECESSARY ACTION FROM EXECUTIVE SESSION  Motion by Mr. Tiner, seconded by Mr. Addison to ratify the Benbrook Economic Development Corporation's purchase of two parcels of land located at 9445 Benbrook Boulevard and 9353 Benbrook Boulevard in the amount of $3,157,000 and amend the Benbrook Economic Development Corporation's FY 2023/2024  budget accordingly. Vote on the Motion:  Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner  Noes: None  Motion carries unanimously.  XI. ADJOURNMENT  Meeting adjourned at 8:11 p.m.  APPROVED:  ATTEST:  R  CKy Secretary  es  5