The Waxahachie Community Development Corporation Board approved its budget and the budget for the Convention and Visitors Bureau at its Tuesday afternoon meeting.
Director of Finance Charles Harris presented both budgets to the board for its consideration.† †
The CVB is funded by the hotel/motel tax. From this tax 75 percent is given to the CVB and the remaining 25 percent is given to the Waxahachie Arts Council. For the current fiscal year estimated revenues from this tax are expected to be $399,525. This is $13,525 more than what was budgeted. During the 2013-2014 fiscal year revenues are estimated to come in at $394,800.
The expenditures for the CVB is to be estimated to come in at $287,956, which is $3,044 less than what was budgeted. The WCDC board manages the operations of the CVB.
Before the budget was passed discussion from the board centered on the CVB contingency fund. The contingency fund provides the board with a way to provide assistance to groups who are looking to host an event with sponsorship dollars. It can also be used if the board is short in funding a line item in the budget during the year to cover that expense.
The contingency fund has $10,000 in it at this time. The board discussed increasing the contingency fund but didnít specify a specific amount.
They also talked about using the fund for improvement projects around the city that would bring more people into the community.
The board decided to leave the fund at $10,000 and explore further options during a workshop meeting in the future. The board then approved the CVB budget.
The WCDC budget was then presented to the board for consideration. Contained within this budget are the budgets for the Waxahachie Civic Center and the Sports Complex. The revenue at the civic center for the current fiscal year was budgeted at $387,950 and revenues are expected to be $426,800. Revenues at the sports complex were budgeted at $233,000 and are estimated to be $180,190. The low revenue figure was due in part to rainouts of some baseball tournaments.
Civic center projects that were completed during the 2012-2013 fiscal year included replacing parking lot lights and exterior building lights. The roof replacement project is under way at the civic center.
Line items in the civic center budget include a software update for $14,000, upgrading the sound system for $24,000 and replacing indoor and outdoor security cameras for $8,500.
The sports complex budget includes replacing an existing tractor/mower for $50,000. The existing piece of equipment is beyond repair. The second item is to renovate the football field and running track at a cost of $110,000. The renovation of the football field and running track is needed because of heavy use over the years. The hot weather and drought conditions have also taken a toll on the football field as well. The renovation project would re-establish the crown of the football field and would lay new sod in the area that would be reworked. The outer curb of the track would be replaced.† It is estimated for the 2013-2014 fiscal year there will be a fund balance of $1,290,040.
Before the budget was approved Board President John Sanders brought up the topic of creating a reserve fund where money could be set aside to pay for future capital expenses. This fund could be used to replace items that are designed to wear out such carpet and lawnmowers. The board approved the idea to create a reserve fund not to be placed in this yearís budget but in future budgets. They also directed Stevens to research the matter further and report his findings back to them. The board then approved the 2013-2014 fiscal year budget for the WCDC.
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