EDC-4B August 5, 2020 TOWN OF TROPHY CLUB
ECONOMIC DEVELOPMENT CORPORATION 4B MINUTES
WEDNESDAY,AUGUST 5,2020,6:00 P.M.
ZOOM VIDEO MEETING
The Economic Development Corporation(EDC)4B of the Town of Trophy Club,Texas, met on Thursday,August 5,
2019 at 6 PM. The meeting was held virtually via Zoom Video Conference and was open to the public via Zoom
and www.facebook.com/trophyclubgov.
EDC 4B MEMBERS PRESENT:
Michael Richmond President
Michael Clarke Director
Scott Haro Director
Travis Inge Director
Sean Bone Council Member/Liaison
EDC 4B MEMBERS ABSENT:
Cory McDonald Vice President
Chris Whipple Secretary/Treasurer
STAFF PRESENT:
Wade Carroll Assistant Town Manager
Leticia Vacek Town Secretary/RMO
Mike Erwin Finance Manager
President Richmond called the EDC 413 Meeting to order and announced a quorum at 6:07 PM.
Assistant Town Manager Carroll introduced two new Town Hall Members: Leticia Vacek,Trophy Club's new Town
Secretary,previously the San Antonio City Clerk. Ms.Vacek comes to Trophy Club with 30+years of experience;and
has jumped right in,finding new ways to improve Town Hall's efficiency, reviewing new and replacement software
for open records reporting and agenda management, as well as assisting the Boards and Commission Committees.
Mr.Carroll also introduced Mike Erwin,Trophy Club's new Finance Manager, bringing 25+years of experience,also
having worked in multiple Texas Municipalities.
CITIZEN PRESENTATIONS
Citizens are allowed four(4)minutes to address the Board regarding an item over which the Board has authority.
Town Secretary Vacek confirmed there were no citizens to speak.
REGULAR SESSION
1. Take appropriate action regarding the EDC 4B Minutes dated December 5,2019(W.Carroll).
Motion:
Director Inge moved to approve the December 5, 2019 EDC 4B Minutes. Director Clarke seconded the motion. The
motion carried unanimously by those present.
2. Take appropriate action regarding the proposed EDC 4B Budget for Fiscal Year 2021(S.Norwood).
Assistant Town Manager Carroll reported on the OTD payout in 2019, resulting in a savings,for a budget reflecting
a healthy fund balance of $93,000. Finance Manager Erwin shared that the 2020 estimate has an old starting
balance, and as August/September sales tax come in and information comes forward, the year-end fund balance
should be between$150,000-$200,000. He explained the Fiscal Year 2021 Proposed Budget is similar to the Fiscal
Year 2020 Budget.
Mr. Erwin further explained the Fiscal Year 2020 Approved Budget was based on the 2019 Audit that produced the
negative $31,676. He added that the current cash sits at$93,000, with a payment forthcoming. Discussions were
held on the OTD payout, sales tax revenue, administrative costs, online retail, and the increase in sales tax. Mr.
Carroll shared that the Town, as a rule, has always been conservative; thus, part of the reason the Town is where
they stand today with the Budget. Director Haro asked of the transfer of$30,000 to the General Fund,which is the
management cost for staff. Director Clarke discussed the sales tax revenue. Mr. Erwin noted that the increase in
sales tax was due to online retail uptick through Amazon. Director Inge asked of the possibility of assisting local
businesses with incentives/grants. Mr. Carroll remarked that Council had asked of this topic and recommended a
special work session be held to look into this idea. Director Inge stated that the EDC would not duplicate efforts and
asked for a list of businesses. Council Member Bone noted that Mayor Pro Tern Shoffner mentioned looking at
assisting our local businesses and felt the EDC was on the right track to look into it. Mr. Erwin reported this budget
will be presented at the August 25, 2020 Town Council Meeting for Fiscal Year 2020-2021. Mr. Erwin recommended
approval of the EDC 4B Budget for Fiscal Year 2021.
Motion:
President Richmond entertained a motion to approve the Fiscal Year 2021 EDC Budget. Director Inge made a motion.
Director Clarke seconded the motion. The motion carried unanimously by those present.
ADJOURN
There being no further business, President Richmond adjourned the meeting at 6:31 P.M.
� (0-1i '0�6�de-4—r-na
ici a k,TRMC/CMC/MMC Michael Richmond, President, EDC 413
Town Secretary/RMO Town of Trophy Club,Texas