Meeting Agenda Regular Meeting of the Oak Point Cityl Hall 100 Naylor Road Oak Point, Texas 75068 Tuesday, February 11, 2025 - 6:00P.M Oak Point Economic Development Corporation OAK POINT ECONOMICI DEVELOPMENT CORPORATION 1. Call to order, roll call, and announce a quorum is present. (President) Int thee evento a quorum is notp present, the Corporation may meet as a committee, but noo action will bet taken. 2. Pledge of Allegiance and Pledge to the Texas Flag (President) 3. Public Input (President) This agendai item provides an opportunity) for citizens too address the Economic Development Corporation ond any matter that is notp posted on the agenda, as well ass specific agenda items. The EDCV willh hear comments ons specific agendai items that arel listed as public hearings priort tot the EDC addressing those items. The EDCisn not permitted tot take action or engage inc any discussion onp presentations ori inquiries concerning ani item not listedo ont the agenda. However, in accordance with Section: 551.042 oft the Government Code, an representative ofo Citys staffo fort the EDCI may respond withe either a statement of specific factuali information relatingt tot thei inquiryo orar recitation ofe existing policyi inr response tot thei inquiry. 4. Consider and act upon the appointment of a Secretary of the Economic Development Corporation and 5. Consider and act upon the minutes from the January 14, 2025, meeting of the Oak Point Economic 6. Review and discuss the financial report of the Oak Point Economic Development Corporation. (City Staff) 7. Recess into Closed Session in compliance with Section! 551.001 et. Seq. Texas Government Code, to wit: 8. ICSC update and discussion on additional content for EDCI booth for future shows. (Hankins) 9. Discuss future agenda items for the next regular meeting of the Economic Development Corporation. The Economic Development Corporation oft the Cityof Oak Point, Texas, reserves the right tor meet ina Closed Session ond any item listedo ont this Agenda should the need arise, pursuant to authorization by Texas Government Code, Sections 551.071 (consultation with attorney), 551.072 (deliberations aboutr real property), 551.073 (deliberations about gifts and donations), 551.074 (personnel matters), 551.076 deliberations abouts security devices), This facilityi is wheelchair accessible and accessible parkings spaces are available. Requests for accommodations ori interpretive: services must ber made Idol hereby/certify that this Notice of public meeting was posted on the outside bulletin board at the Oak Point City Hall, a plaçe convénient and readily accessible to the general public at allt times, and said Notice was posted by 5:00p p.m. on the 7th Municipal Development District. (Chair) Development Corporation. (Chair) CLOSED SESSION a. Section 551.087 (economic development) to deliberate potential commercial opportunities andi incentives. (President) 10. Adjourn. (President) 551.087 (economic development), 418.1 183 (homelands security). 481 hours priort tot the meeting. Please contact City Hall at (972) 294-2312 or FAX (972)294-1619) for further information. CERTIFICATION: dayofFebryary,? 2025. This notice was removed at_ a.m./p.m. ont the. day ofF February: 2025. E Esy, COUNT Meeting Minutes Regular Meeting of the Oak Point City Hall 100 Naylor Road Oak Point, Texas 75068 Tuesday, January 14, 2025 -- 6:00P.M Oak Point Economic Development Corporation OAK POINT ECONOMICI DEVELOPMENT CORPORATION 1. Call to order, roll call, and announce a quorum is present. Deborah Armstrong David Wootton Ethan Mabe Debbie Peterman Chris Risher Greg Weiler James Hankins City staff present: Jennifer Henry President Vice President Director Director Director Director Director City Clerk Present Present Present Present Absent-Arrived at 6:12pm Present Present And with a quorum present thet followingi items were addressed: 2. Pledge of Allegiance and Pledge to the Texas Flag President Armstrong led the Pledge of Allegianceandi the Pledge tot the Texas Flag. 3. Public Input No one came forward to speak. 4. Consider and act upon the minutes from the November 12, 2024 meeting of the Oak Point Economic Development Corporation and the December 16, 2024 joint meeting of the EDC, City Council, and P&Z. Director Weiler made ar motion to approve ther minutesfrom the November 12, 2024 meeting oft the Oak Point Economic Development Corporation and the December 16, 2024 joint meeting of the EDC, City Council, and P&Z; motion seconded by Director Hankins. Motion Passed 6-0 5. Review and discuss the finançial report of the Oak Point Economic Development Corporation. Discussion amongst Directors was had. President Armstong requested information of the Clawback andi recent budgeting trends. City staff Henry will gather information andi forward to thel President and Directors via email at al later date. 6. Tradeshow Booth Update Director Weiler shared the latest rendering of the LED booth display and expressed the challenges of conveying the vision and message to the graphic designer. After discussion the Directors agreed to continue tov work with the graphic designer and make some additional changes. 7. ICSCI Registration Update. President Armstrong confirmed that Vice President Wootton, Director Hankins, Director Mabe, and Director Weiler were all registered for the ICSC Red River January 29-315t. Discussion was had on what days each member would attend and materials to bet taken. 8. Catalyst Commercial Monthly Update President Armstong relayed that Jason with Catalyst Commercial will be attending ICSC Red River. When speaking with. Jason, President Armstong mentioned a possible in person ICSC update from Catalyst during the February EDC Meeting. Director Weiler noted that the December Memo "active" and "working" on projects only included "food" establishments and that he would like to see "other services" in the works for Oak Point. 8. Wayfinding Signage Update President Armstong gave an update on the Monument Sign. Stonework and Iron work completion is scheduled for. January 27th. Inspection is scheduled for February 10th. CoServ is working on electricity to the area and bids for electrical work are being received. All old Wayfinding signs have been removed, and the new signs have been installed. 9. Discuss future agenda items for the next regular meeting oft the Economic Development Corporation. Update on ICSC from Catalyst and Directors Content for EDC Booth for futuree events 10. Adjourn. President. Armstrong Adjourned the meeting at 7:03 p.m. DeborahArmstrong: President ATTEST: Jennifer Henry OAK POINT gcountry place EDC Monthly Financial Report Period ending January 31,2 2025 Donna Boner Finance/HR Director OAK POINT ECONOMIC DEVELOPMENT CORPORATION To: From: Re: Date: Economic Development Corporation (EDC) Board of Directors Donna Boner, Finance/HR Director Oak Point EDC Meeting-Tuesday, February 11, 2025 February 5, 2025 Agenda Item: Review and discuss at financial report of the Oak Point Economic Development Corporation. Description of Agenda Item: current finances. Year-To-Date Budget Report The attached financial report is intended to provide the EDC with an overview of the EDC's The Year-To-Date Budget Report compares budgeted and actual year-to-date revenues and expenditures. In reviewing the year-to-date revenues and expenditures in the Report, the EDC should note that 33% oft the 2024-2025 budget year has transpired. Sales Tax Revenue Analysis The Sales Tax Revenue Analysis tracks the collection of sales tax revenue and compares current year sales tax collections with prior year collections. Annual sales tax collections are higher than projected. Sales Tax Revenue for the months of October 2024 and November 2024 are directly related to last fiscal year; therefore, these amounts are not part of the FY 2024-25 financials. For fiscal year 2024-25, the EDC sales tax revenue received through January 31, 2025 is $47,883.33. On the cash basis, the EDC sales tax revenue received is $93,764.22 from October 31, 2024 through September 30, 2025, which represents an increase of $2168.67 or 2.4% from October 2023 through September 30, 2024. EDC Fund Balance As of January 31, 2025 the balance oft the EDC Fund is $1,463,677.80. Attached Documents: EDC Financial Report Board, Committee and/or Staff Recommendation: Itisre recommended that the EDC review and discuss the current financial report of the Oak Point Economic Development Corporation. Budget Report Account Summary City of Oak Point, TX For Fiscal: 2025 Period Ending: 01/31/2025 OAK POINT Variance Favorable Percent Original Total Budget Total Budget Current Period Activity 25,067.88 5,726.93 30,794.81 30,794.81 300.00 3,063.57 3,000.00 0.00 0.00 0.00 3,666.67 0.00 10,030.24 107,410.09 10,030.24 10,030.24 20,764.57 20,764.57 Fiscal Activity (Unfavorable) Used 47,883.33 -227,416.67 17.39% 71,837.83 -283,462.17 20.22% 71,837.83 -283,462.17 20.22% Fund:! 50- Economic Development Fund SubObject: 560- EDC Fund- Revenue Revenue 50-56-560100 50-56-560300 Expense 50-850-880100 50-850-880200 50-850-880300 50-850-880450 50-850-880500 50-850-880700 50-850-880800 50-850-880900 General Sales Taxes- EDCF Fund Interest Income- EDC 275,300.00 80,000.00 275,300.00 80,000.00 355,300.00 355,300.00 77,900.00 8,905.00 30,500.00 68,000.00 3,000.00 3,000.00 44,000.00 3,685.00 238,990.00 238,990.00 238,990.00 116,310.00 116,310.00 23,954.50 -56,045.50 29.94% SubObject: 560- -EDCF Fund- Revenue Total: 355,300.00 Revenue Total: 355,300.00 Department: 850-EDC- Economic Development Corp SubObject: 880- EDCI Fund Expenses Consultants Trade Shows, Membership & Profes Advertising Incentives Printing &F Postage Training Transfer to GF-S Staff Support Auditor 77,900.00 8,905.00 30,500.00 68,000.00 3,000.00 3,000.00 44,000.00 3,685.00 12,440.00 4,013.57 9,005.84 67,284.00 0.00 0.00 14,666.68 0.00 107,410.09 107,410.09 65,460.00 15.97% 4,891.43 45.07% 21,494.16 29.53% 716.00 98.95% 3,000.00 0.00% 3,000.00 0.00% 29,333.32 33.33% 3,685.00 0.00% 131,579.91 44.94% 131,579.91 44.94% 131,579.91 44.94% SubObject: 880- EDC Fund- Expenses Total: 238,990.00 Department: 850- EDC- Economic Development Corp Total: 238,990.00 Fund: 50- Economic Development Fund Surplus (Deficit): 116,310.00 Expense Total: 238,990.00 Report Surplus (Deficit): 116,310.00 35,572.26 -151,882.26 -30.58% 35,572.26 -151,882.26 -30.58% 2/5/2025 7:42:17 AM Page 1of2 Budget Report For Fiscal: 2025 Period Ending: 01/31/2025 Fund Summary Variance Favorable Original Total Budget Total Budget 116,310.00 116,310.00 Current 116,310.00 116,310.00 Period Activity 20,764.57 20,764.57 Fiscal Activity (Unfavorable) 35,572.26 -151,882.26 -35,572.26 -151,882.26 Fund 50- Economic Development Fund Report Surplus (Deficit): 2/5/2025 7:42:17AM Page 2of2 Balance Sheet Account Summary As Of 01/31/2025 City of Oak Point, TX OAK POINT Account Fund:5 50- Economic Development Fund Assets 50-100099 50-112310 50-125050 50-127000 Liability 50-200000 50-200099 50-285600 50-291095 Equity 50-360050 50-390050 Total Revenue Total Expense Revenues Over/Under Expenses Name Claim on Cash Texpool- EDC Receivablet from GFt to EDC Fund Sales Tax Receivable- EDC Accounts Payable API Pending- Due tor Pool Sales Tax Payable EDC Due to Other Funds Balance -80,973.82 1,544,651.62 0.00 0.00 0.00 5,625.00 0.00 -21,890.51 -16,265.51 69,212.10 1,446,303.47 71,837.83 107,410.09 -35,572.26 TotalA Assets: 1,463,677.80 1,463,677.80 Total Liability: Fund Balance- Prior Year Adjustments Fund Balance- Reservedi for EDC Fund Total Beginning Equity: 1,515,515.57 Total Equity and Current Surplus (Deficit): 1,479,943.31 Total Liabilities, Equity and Current Surplus (Deficit): 1,463,677.80 2/5/2025 7:41:34 AM Page 1of1 City of Oak Point EDCI Fund- -Sales Tax Current & Previous Year Comparison and) Variance Analysis Variance Variance% Budget GLA Actuals Budget GL Actuals Budget GLA Actuals Budget GLA Actuals Budget GLA Actuals Budget GL/ Actuals Budget GL/ Actuals Actual/Budg Actual/Budg Variance 2018-19 2018-19 2019-20 2019-20 2020-21 2020-21 2021-22 2021-22 2022-23 2022-23 2023-24 2023-24 2024-25 2024-25 2024-25 2024-25 CurrtoPrey 13,739.51 8,670.09 8,670.09 10,101.75 10,101.75 16,065.03 16,065.03 20,145.03 20,145.03 21,557.01 21,557.01 23,381.71 23,381.71 21,394.60 (1,987.11) 92% (1,987.1 7,884.91 9,477.20 9,477.20 11,155.47 11,155.47 8,690.60 8,690.60 20,096.39 20,096.39 21,890.51 21,890.51 22,221.30 22,221.30 24,486.29 2,264.99 110% 2,264 6,509.55 9,312.86 9,312.86 11,452.81 11,452.81 16,814.47 16,814.47 18,113.41 18,113.41 20,040.35 20,040.35 23,763.32 23,763.32 22,815.45 (947.87) 96% (947.8 9,085.67 10,693.00 10,693.00 10,638.67 10,638.67 20,481.86 20,481.86 22,452.97 22,452.97 22,826.86 22,826.86 22,229.22 22,229.22 25,067.88 2,838.66 113% 2,838. 11,025.70 12,372.17 12,372.17 16,073.49 16,073.49 23,677.67 23,677.67 27,416.57 27,416.57 28,263.02 28,263.02 23,974.19 23,974.19 0.00 (23,974.19) 0% (23,974.1 7,411.42 9,583.85 9,583.85 12,329.87 12,329.87 19,909.65 19,909.65 17,732.28 17,732.28 18,564.52 18,564.52 17,741.16 17,741.16 0.00 (17,741.16) 0% (17,741.1 7,165.49 8,831.87 8,831.87 10,972.97 10,972.97 14,913.61 14,913.61 16,916.64 16,916.64 18,343.64 18,343.64 17,795.47 17,795.47 0.00 (17,795.47) 0% (17,795.4 8,901.65 10,159.55 10,159.55 13,742.12 13,742.12 19,280.73 19,280.73 20,520.66 20,520.66 21,877.23 21,877.23 22,310.79 22,310.79 0.00 (22,310.79) 0% (22,310. 7,845.50 9,591.14 9,591.14 16,273.48 16,273.48 18,297.16 18,297.16 17,604.06 17,604.06 20,089.33 20,089.33 20,960.31 20,960.31 0.00 (20,960.31) 0% (20,960.3 6,981.49 8,068.34 8,068.34 17,417.62 17,417.62 16,988.02 16,988.02 19,593.81 19,593.81 22,566.57 22,566.57 22,887.29 22,887.29 0.00 (22,887.29) 0% (22,887.2 9,831.27 10,509.97 10,509.97 17,836.70 17,836.70 20,700.13 20,700.13 21,734.48 21,734.48 23,376.68 23,376.68 25,097.02 25,097.02 0.00 (25,097.02) 0% (25,097.0 8,611.05 11,222.84 11,222.84 16,623.27 16,623.27 18,132.81 18,132.81 20,378.53 20,378.53 23,216.97 23,216.97 26,001.86 26,001.86 0.00 (26,001.86) 0% (26,001.8 104,993 118,493 118,493 164,618 164,618 213,952 213,952 242,705 242,705 262,613 262,613 268,364 268,364 93,764 (174,599) 111% (174,599 Fiscal OCT NOV DEC AN FEB MAR APR MAY JUN JUL AUG SEP TOTALS 30,000.00 25,000.00 15,000.00 10,000.00 5,000.00 0.00 OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP HGLA Actuals 2018 GLA Actuals 2019-20 GLA Actuals 2020-21 "GLA Actuals 2021-22 GLA Actuals 2022-23 "GLA Actuals 2023-24 "GLA Actuals2 2024-25 M Detail Report Account Detail City of Oak Point, TX Date Range: 01/01/2025 01/31/2025 OAK POINT Account Fund: 50- Economic Development Fund 50-56-560100 01/07/2025 GLPKT13779 JN13315 50-56-560300 Name Beginning Balance Total Activity Ending Balance -22,815.45 -25,067.88 -47,883.33 General Sales Taxes EDC Fund Interest Income EDC Post Date Packet Number Source Transaction Pmt Number Description Vendor Project Account -18,227.57 Project Account Amount Running Balance -25,067.88 -47,883.33 5,726.93 -23,954.50 Amount Running Balance -5,726.93 -23,954.50 300.00 12,440.00 Amount Running Balance 300.00 12,440.00 3,063.57 4,013.57 Amount Running Balance 600.00 1,550.00 63.57 1,613.57 1,600.00 3,213.57 800.00 4,013.57 3,000.00 9,005.84 Amount Running Balance 3,000.00 9,005.84 3,666.67 14,666.68 Amount Running Balance 3,666.67 14,666.68 Ending Balance: -31,711.74 Ending Balance: -31,711.74 ToF Record. Jan Sales Tax Post Date Packet Number Source Transaction Pmt Number Description Vendor 01/31/2025 GLPKT13825 JN13584 50-850-880100 To record. January 2025 interest on1 Texp Consultants 12,140.00 Project Account Post Date Packet Number Source Transaction Pmt Number Description Vendor VENO2077- Corbin Design Vendor 01/17/2025 APPKT0003207 11305 50-850-880200 14195 11305 Trade Shows, Membership & Professional Fees 950.00 Project Account Post Date Packet Number Source Transaction Pmt Number Description 01/31/2025 APPKT0003211 27430 01/31/2025 APPKT0003211 JAN2025ADMIN 14249 01/31/2025 APPKT0003211 JAN2025ADMIN 14249 01/31/2025 APPKT0003211 JAN2025ADMIN 14249 14244 27430 5691990032391ADMIN 69109002231ADMIN 6919X.002231ADMAN VENO1474- Texas Economic Development VENO1436- Wells Fargo Remittance Center VENO1436- Wells Fargo Remittance Center VENO1436- Wells Fargo Remittance Center 50-850-880300 Advertising 6,005.84 Project Account Post Date Packet Number Source Transaction Pmt Number Description Vendor VENO2037- GIS Planning, Inc. Vendor 01/17/2025 APPKT0003207 2120921107 50-850-880800 14199 Transfer to GF-Staff Support 2120921107 11,000.01 Project Account Total Activity: -20,764.57 Total Activity: -20,764.57 Post Date Packet Number Source Transaction Pmt Number Description 01/21/2025 GLPKT13778 JN13324 Tor record. January 2025 EDC: staff servic Total Fund: 50- Economic Development Fund: Beginning Balance: -10,947.17 Grand Totals: Beginning Balance: -10,947.17 2/5/2025 7:42:41 AM Page 1of2