Those who wish to speak may fill out a form or email the City Secretary prior to the meeting.
BACKGROUND
Minutes of the November 17, 2022, meeting.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Approve the minutes as presented.
BACKGROUND
Minutes of the January 12, 2022, Joint City Council - Economic Development Corporation, meeting.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Approve the minutes as presented.
BACKGROUND
The Sachse Economic Development Corporation's Treasurer prepares a report each month to update the Board concerning the current year's budgetary process. This month's report consists of the summary financial report presented to City Council covering October 2022. Also included is a preliminary line-item budget report and balance sheet for November 2022.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending October 31, 2022.
BACKGROUND
The Sachse Economic Development Corporation's Treasurer prepares a report each month to update the Board concerning the current year's budgetary process. This month's report consists of the summary financial report presented to City Council covering November 2022. Also included is a preliminary line-item budget report and balance sheet for December 2022.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending November 30, 2022.
BACKGROUND
The Sachse Economic Development Corporation's Treasurer prepares a report each month to update the Board concerning the current year's budgetary process. This month's report consists of the summary financial report presented to City Council covering December 2022. Also included is a preliminary line-item budget report and balance sheet for January 2023.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending December 31, 2022.
BACKGROUND
The Sachse Economic Development Corporation's Treasurer prepares a report each month to update the Board concerning the current year's budgetary process. This month's report consists of the summary financial report presented to City Council covering January 2023. Also included is a preliminary line-item budget report and balance sheet for February 2023.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending January 31, 2023.
BACKGROUND
The Finance Department releases a Quarterly Investment Report on the City's finances to provide an overview of investment activity for the Money Market, Investment Pool, and Certificate of Deposit accounts.
OVERVIEW
It is the City's strategy to maintain a high percentage of idle funds invested in safe, secure, and liquid securities and pooled investment types. This strategy is in accordance with the Public Funds Investment Act (PFIA) and City policy.
POLICY CONSIDERATION
The PFIA and City Investment Policy require that Investment Officers prepare and submit quarterly a written report of the investment transactions for all funds covered by the Investment Policy to the City Council and to the governing boards of all component units.
RECOMMENDATION
Accept the Quarterly Investment Report for the quarter ending September 30, 2022.
BACKGROUND
The Finance Department provides a Quarterly Investment Report to provide an overview of investment activity details for Checking, Money Market, Investment Pool, and Certificate of Deposit accounts.
Beginning with the current quarter, the format of the investment report has been revised to eliminate redundancies and to make the report more understandable.
POLICY CONSIDERATION
Texas Government Code 2256.023 of the Public Funds Investment Act (PFIA) requires not less than quarterly, the investment officer prepare and submit a written report of investment transactions for all funds covered by the Investment Policy. The City's Investment Policy is to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of Sachse and conforming to the PFIA and all other State and local statutes governing the investment of public funds.
RECOMMENDATION
Accept the Quarterly Investment Report for the quarter ending December 31, 2022.
BACKGROUND
The City's current Investment Policy was reviewed by City Council on November 14, 2022, in accordance with the Public Funds Investment Act (PFIA). The PFIA requires that the Investment Policy be reviewed annually by the City Council and the Boards of all component units.
OVERVIEW
The Investment Policy approved by City Council for FY2022-2023 included the following changes:
Modifications include:
POLICY CONSIDERATION
The recommended policy for adoption is in compliance with the PFIA.
RECOMMENDATION
Accept the City of Sachse Investment Policy for FY2022-2023, as adopted by City Council on November 14, 2022.
BACKGROUND
Announcements are made at this time for informational purposes only.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Receive any reports and presentations by the Sachse Economic Development Corporation President, Board Members, Executive Director, and staff regarding items of community interest; special events; announcements and activities; office, industrial, commercial, or retail business retention; and marketing projects.
BACKGROUND
In 2021 the Sachse EDC and City Council each adopted the goals and objectives for the Economic Development Corporation.
OVERVIEW
The Sachse EDC and City Council held a joint meeting on January 12, 2023, where the adopted goals and objectives of the Economic Development Corporation were discussed. An outcome of this discussion was that the EDC Board needed to review the existing priority list and consider reprioritizing goals now that time has passed since initial adoption.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Discuss the goals and objectives of the Type B Corporation.
BACKGROUND
On September 22, 2022, the Sachse Economic Development Corporation authorized the City Manager as Executive Director of the EDC to negotiate and execute an economic development agreement on behalf of the EDC with C&C Sachse, LLC., and any amendments and instruments related thereto.
On October 17, the Sachse City Council authorized the City Manager as Executive Director of the EDC to negotiate and execute an economic development agreement on behalf of the EDC with C&C Sachse, LLC., and any amendments and instruments related thereto.
OVERVIEW
As required by Texas Local Government Code, a Type B corporation shall hold at least one public hearing on a proposed project before spending money to undertake the project.
POLICY CONSIDERATION
The Economic Development Policy (Resolution 3387) states that "the City and the SEDC may, notwithstanding this policy, provide economic development incentives and/or establish economic development programs on a case-by-case basis that promote economic development, create employment opportunities, increase sales tax and property tax revenue."
RECOMMENDATION
Approve a project for C&C Sachse, LLC. for an infrastructure project generally located along State Highway 78 and Country Club Drive in Sachse, Texas.