Benbrook MINUTES OF THE MEETING OF THE BENBROOK CITY COUNCIL THURSDAY, MARCH 20, 2025 The regular meeting of the Benbrook City Council was held on March 20, 2025 at 7:00 p.m. in the Council Chambers with the following Council members present: Larry Marshall, Mayor Pro-Tem Dustin Phillips Gary Addison Laura Mackey Keith Tiner Also Present: Jim Hinderaker, City Manager Ethan Cox, Assistant City Manager Beth Fischer, City Secretary Rick Overgaard, Finance Director I. CALL TO ORDER Meeting called to order at 7:00 p.m. by Mayor Pro-Tem Marshall. H. NVOCATIONPLEDGE OF ALEGIANCE Invocation was given by Pastor Bo Bozan = The Church at Benbrook The Pledge of Allegiance recited. III. CITIZEN COMMENTS ON ANY AGENDA ITEM IV. MINUTES 1. Approve minutes of the regular meeting held March 6, 2025 Motion by Mr. Tiner, seçonded by Mr. Addison to approve the minutes of the regular meeting held March 6, 2025. Vote on the Motion: Ayes: Dr. Marshall, Mr. Phillips, Mr. Addison, Ms. Mackey, Mr. Tiner Noes: None 1 Motion carries unanimously. V. PROCLAMATIONRECOGNITION/AWARDS 1. Child Abuse Prevention Month - Alliance for Children VI. REPORTS FROM CITY MANAGER A. GENERAL G-2689 Finance report for period ending February 28, 2025 Rick Overgaard gave the following report: General Fund revenues for the month of February, the fifth month of the fiscal year, were $3,491,737. Major revenues collected for the month include Property taxes of $2,810,335, Franchise taxes of $58,204, Permits of $43,533, Fines and Forfeitures of $53,598, Charges for Services of $98,736, and Interest of $87,573. Sales tax collected and recognized as revenue in February was $337,896. Fiscal year to date sales tax is $1,932,153, a decrease of 6.9% 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 February were $18,893,557 and 71.2% of the budget. General Fund expenditures for the month of February were $1,761,573. Fiscal year to date expenditures were $10,686,442 and 40.3% of the adopted budget. Total General Fund revenues of $18,893,557 were more than total General Fund expenditures of $10,686,442 by $8,207,115. Debt Service revenues for the month of February totaled $193,242 and were all from property tax. There were no expenditures in February. The next debt service payments are due August 1, 2025. EDC revenues for February were $186,778. EDC expenditures for February were $118,586. Revenues exceeded expenditures by $68,192. Revenues received for February were $100,378 from stormwater utility fees, mineral lease revenue, and interest earnings. Expenditures for the Capital Projects Fund were $14,102 for February. February expenditures included Cedar Creek and Timberline Drainage and Low Water Crossing project. Revenues exceeded expenditures by $86,276. 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 February 28, 2025, the City had $40,186,833 invested at varying interest rates; the EDC had $7,245,049 available. Motion by Ms. Mackey, seconded by Mr. Phillips to accept the finance report for the period ending February 28, 2025. 2 Vote on the Motion: Ayes: Dr. Marshall, Mr. Phillips, Mr. Addison, Ms. Mackey, Mr. Tiner Noes: None Motion carried unanimously. G-2690 Annual Comprehensive Financial Report (ACFR) for fiscal year ending September 30, 2024 Rick Overgaard gave the following report: As required by Chapter 103 of the Texas Local Government Code, an independent audit of the City's accounts and records has been made by the certified public accounting firm of BrooksWatson & Co. for the fiscal year ending September 30, 2024. The audited financial statements or Annual Comprehensive Financial Report (ACFR), which include the auditor's unmodified or "clean" opinion on pages 1 - 4 of the ACFR is submitted for City Council's information and consideration. The Benbrook ACFR includes several sections as listed below: Introductory Section, which is unaudited Financial Section, including: > independent Auditor's Report > Managements Discussion and Analysis > Basic Financial Statements > Notes to the Financial Statements, and > Supplementary Information Statistical Section, which is unaudited The ACFR was prepared in accordance with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). Staff anticipates that the City will receive a Certificate of Achievement for Excellence in Financial Reporting for the thirty-nineth consecutive year. The City's basic financial statements are comprised of three components: 1) government-wide financial statements, 2) governmental fund financial statements and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. 1. The government-wide statements, which are found on pages 20 - 25, are designed to provide the reader with a broad overview of the City's finances, in a manner similar to a private-sector business. These statements include depreciated capital assets and long-term debt. 2. The governmental fund financial statements focus on current sources and uses of spendable resources, as well as on balances of spendable resources available ati the end of the fiscal year. These statements are much more useful in evaluating 3 a government's near-term financial requirements and should be the focus of the City's fiscal year activities and financial health. These statements are on pages 26 - 27 and 30 - 33 of the ACFR. 3. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and the governmental fund financial statements. The notes to the financial statements can be found on pages 39 - 75. 4. In addition to the basic financial statements and accompanying notes, this report presents certain required supplementary information that can be found on pages 77 - 87. The General Fund ending fund balance at September 30, 2024, was $23,617,122, a $1,900,719 increase from the prior year. The City's total governmental ending fund balances at fiscal year end was $30,947,073, a decrease of $1,647,297 from the prior year. This includes an increase of $1,900,719 in the General Fund, an increase of $16,442 in the Debt Service Fund, an increase of $438,484 in the Special Assessment Fund, a decrease of $4,310,326 in the Municipal Complex Fund, and an increase of $307,384 in the nonmajor governmental funds. The City's total debt showed a net decrease (including - premiums) of $1,009,274. The total governmental bonds and certificates of obligations payable at the close of the fiscal year was $22,069,030. Capital assets were $162,619,723, with a depreciation of $74,384,296, leaving a net value of $88,235,427. Net position for the primary government increased $7,634,478 during fiscal year 2023-24 to $85,582,930 at September 30, 2024. Motion by Mr. Tiner, seconded by Mr. Addison to accept the Annual Comprehensive Financial Report for fiscal year ending September 30, 2024. Vote on the Motion: Ayes: Dr. Marshall, Mr. Phillips, Mr. Addison, Ms. Mackey, Mr. Tiner Noes: None Motion carried unanimously. VII. INFORMAL CITIZEN COMMENTS VIII. COUNCIL MEMBER AND STAFF COMMENTS IX. ADJOURNMENT 4 Meeting adjourned at 7:19 p.m. APPROVED) Laffy-Mrshall, Mayor Pro-Tem ATTEST: Elizabothi Fischer, City Secretary 5