BACKGROUND
The Sachse Economic Development Corporation's (EDC) Treasurer prepares a report each month to update the Board concerning the current year's budget monitoring. This month's report consists of the summary EDC report presented to the City Council covering October 2023. Also included is a preliminary line-item report and balance sheet for November 2023.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending October 31, 2023.
BACKGROUND
The Sachse Economic Development Corporation's (EDC) Treasurer prepares a report each month to update the Board concerning the current year's budget monitoring. This month's report consists of the summary EDC report presented to the City Council covering November 2023. Also included is a preliminary line-item report and balance sheet for December 2023.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending November 30, 2023.
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. The same Quarterly Investment Report was accepted by City Council on December 4, 2023.
POLICY CONSIDERATION
Texas Government Code 2256.023 of the Public 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 and that the report shall be presented not less than quarterly to each governing body within a reasonable time after the end of the period. 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 September 30, 2023.
BACKGROUND
The City's current Investment Policy was reviewed by City Council on December 4, 2023, 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 FY2023-2024 included the following changes:
POLICY CONSIDERATION
The recommended policy for adoption is in compliance with the Public Funds Investment Act (PFIA).
RECOMMENDATION
Accept the City of Sachse Investment Policy for FY 2023-2024 as adopted by the City Council on December 4, 2023.
BACKGROUND
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.
OVERVIEW
On November 16, 2023, the Sachse Economic Development Corporation authorized the City Manager to negotiate and execute an incentive agreement for Project Yosemite on behalf of the Economic Development Corporation.
On December 4, 2023, the Sachse City Council authorized the City Manager to negotiate and execute an economic development agreement on behalf of the City of Sachse with Vaquero Sachse II Partners, LP, its assigns, or related entities for Project Yosemite generally located along Miles Road, north of Bunker Hill Road, and any amendments and instruments related thereto.
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
Conduct a public hearing for an infrastructure project generally located along Miles Road, north of Bunker Hill Road, known as Project Yosemite, for Vaquero Sachse II Partners, LP, its assigns, or related entities.
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 November of 2021 City staff brought forward a discussion item seeking direction from the Economic Development Corporation Board on a proposed business visitation program
OVERVIEW
Economic Development staff has primarily been conducting informal business visits since 2021. As such, time has passed since this program was last discussed, and staff would like to update to the EDC Board on the current program and discuss identified enhancements.
POLICY CONSIDERATION
There is no policy consideration at this time.
RECOMMENDATION
Discuss and provide direction on the Sachse Economic Development business visitation program.