Benbrook MINUTES OF THE MEETING OF THE BENBROOK CITY COUNCIL THURSDAY, FEBRUARY 6, 2025 The regular meeting of the Benbrook City Council was held on February 6, 2025 at 7:00 p.m. in the Council Chambers with the following Council members present: Jason Ward, Mayor Renee Franklin Dustin Phillips Gary Addison Keith Tiner Also Present: Jim Hinderaker, City Manager Ethan Cox, Assistant City Manager Beth Fischer, City Secretary Laura Skaggs, Accounting Supervisor I. CALL TO ORDER Meeting called to order at 7:00 p.m. by Mayor Ward. II. INVOCATIONPLEDGE OF ALEGIANCE Invocation was given by Pastor Geoff Shaw - All Saints Presbyterian Church The Pledge of Allegiance recited. III. CITIZEN COMMENTS ON ANY AGENDA ITEM IV. MINUTES 1. Approve minutes of the regular meeting held January 16, 2025 Motion by Mr. Tiner, seconded by Mr. Phillips to approve the minutes of the regular meeting held January 16, 2025. Vote on the Motion: Ayes: Ms. Franklin, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner Noes: None 1 Motion carries unanimously. V. REPORTS FROM CITY MANAGER A. GENERAL G-2684 Finance report for period ending December 31, 2024 Laura Skaggs gave the following report: General Fund revenues for the month of December, the third month of the fiscal year, were $7,758,514. Major revenues collected for the month include Property taxes of $7,012,565, Franchise taxes of $21,922, Permits of $82,355, Fines and Forfeitures of $53,508, Other Agency of $22,961, Charges for Services of $117,892, and Interest of $92,178. Sales tax collected and recognized as revenue in December was $355,133. Fiscal year to date sales tax is $1,097,873, a decrease of 18.1% compared to last year at this time. A separate summary of sales tax revenue collections is provided for comparative purposes. General Fund revenues collected through the end of December were $10,203,044 and 38.5% of the budget. General Fund expenditures for the month of December were $2,352,174. Fiscal year to date expenditures were $6,368,084 and 24.0% of the adopted budget. Total General Fund revenues of $10,203,044 were more than total General Fund expenditures of $6,368,084 by $3,834,960. Debt Service revenues for the month of December totaled $180,683 and were all from property tax. There were no expenditures in December. The next debt service payments are due February 1, 2025. EDC revenues for December were $197,467. EDC expenditures for December were $43,132. Revenues exceeded expenditures by $154,335. Revenues received for December were $8,247 from mineral lease revenue and interest earnings. Expenditures for the Capital Projects Fund were $180,255 for December. December expenditures included Cedar Creek and Timberline Drainage, and the Storm Drain Assessment project. Expenditures exceeded revenues by $172,008. 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 December 31, 2024, the City had $32,801,631 invested at varying interest rates; the EDC had $6,860,717 available. Motion by Mr. Phillips, seconded by Mr. Addison to accept the finance report for the period ending December 31, 2024. Vote on the Motion: 2 Ayes: Ms. Franklin, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner Noes: None Motion carried unanimously. G-2685 Quarterly Investment report for period ending December 31, 2024 Laura Skaggs gave the following report: The Public Funds Investment Act (PFIA), Texas Government Code and the City's Investment Policy require that an Investment Report be presented to City Council. The Investment Committee met on January 22, 2025, to review the report and ensure compliance with the City's investment policy. A copy of the Investment Report is attached, and highlights are presented below. The total portfolio for the City and EDC on December 31, 2024 is $39,662,348, with 82.7% or $32,801,631 belonging to the City, and 17.3% or $6,860,717to the EDC. 32.4% of the combined portfolio is in bank accounts, with 61.0% in local government investment pools, and 6.6% in certificates of deposit. The weighted average maturity on the combined portfolio is 17 days with a 3.17% average yield to maturity. In comparison, the 90-day T-Bill benchmark rate is 4.37%. The City's yield decreased from the prior quarter because of a decrease in market interest rates. Motion by Mr. Tiner, seconded by Ms. Franklin to accept the Investment Report for the quarter ending December 31, 2024. Vote on the Motion: Ayes: Ms. Franklin, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner Noes: None Motion carried unanimously. G-2686 Appointments to Civil Service Commission Beth Fischer gave the following report: State law requires the City Manager to appoint three members to the City's Civil Service Commission, with the appointments confirmed by the City Council. The commission consists of three members serving staggered three-year terms. All three positions had previously expired without reappointment. The City Manager has reached out to and offered appointments to the following Benbrook residents, who have agreed to serve, pending City Council confirmation. 3 Term beginning Term ending Place 1 Gary Ritchie February 6, 2025 February 5, 2028 Place 2 Crystal Ramsey February 6, 2025 February 5, 2027 Place 3 Jeremy Kirwan February 6, 2025 February 5, 2026 Motion by Mr. Addison, seconded by Ms. Franklin to confirm the appointments of Gary Ritchie, Crystal Ramsey, and Jeremy Kirwan to the Civil Service Commission. Vote on the Motion: Ayes: Ms. Franklin, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner Noes: None Motion carried unanimously. VI. INFORMAL CITIZEN COMMENTS VII. COUNCIL MEMBER AND STAFF COMMENTS VIII. ADJOURNMENT Meeting adjourned at 7:19 p.m. APPROVED: Jason Ward, Mayor ATTEST: <2 Elizabeth Fischér, City Secretary 4