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Thursday, May 23, 2013
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Untrue Resident  
Floresville  
September 20, 2012 7:48am
 		 DTR, I am not sure you are doing all the research on the revenues and expenditures of the economic development corporations. Look at FEDC (4B) and Convention Center (4A) financial reports. Reports can be found at the Texas Comptroller of Public Accounts. http://www.texasahead.org/tax_programs/typeab/reporting.php

Below is the mess you are telling me is no risk. If the FEDC or 4A doesn’t pay their bill, the City of Floresville must (State Law).

4B: FEDC
2011: Revenue: $540k ($456k sales tax) Expenditures: $927k Differences: -387k
2010: Revenue: $447k ($408k sales tax) Expenditures: $705k Differences: -258k
2009: Revenue: $421k ($405k sales tax) Expenditures: $649k Differences: - $228k
2008: Revenue: $404k ($388k sales tax) Expenditures: $435k Differences: -$31k +1.5M (Bond)
2007: Revenue: $354k ($348k sales tax) Expenditures: $477k Differences: -$123k
Sports Complex $2.1M over 30 years at 3% (generous rate): $106k/year or $150k at 6%
Add personnel cost and administration cost and other FEDC costs, the annual average cost of operating FEDC is $125k/year. It will take $106k/year to service the debt on the sports complex plus the city will pay for maintaining. Add on the cost of FEDC operating costs of $125k/year and FEDC annual costs will be $231k. So, yes if the FEDC stops spending money on other things it would be able to support the Sports complex as its Sales Tax revenue is over $540k/year and will go up. However, FEDC has run a deficit the past 5 years that I have shown and is public record. Further, the rate for loan has not been announced but it will be likely closer to 6% with some financing fees around $100-200k. So, annual principal and interest payments will be closer to $150k. Spending $150k plus maintenance costs on a couple of sports fields should be voted on by the Citizens of Floresville or at least the Citizens should have more input on the priorities of the FEDC. FEDC should be creating better than grounds keeper jobs for the City of Floresville because they are on the hook to maintain it. FEDC just paid FISD $200k plus is promising McCoy’s $270k. FEDC cannot serve two masters. Is FEDC for job growth or resident entertainment? FEDC promised lots of job training. Where is that money? Instead of funding a turn lane for the convention center, how about funding other infrastructure? FEDC paid $700k for the sewer upgrades at Wal-Mart when the funding could have been used for more important sewer upgrades. How is FEDC going to pay for all the upgrades required in the industrial park? I would like open discussions and real number debates. At the end of the day, maybe a sports complex is the best for the residents not because of job growth, but because we would like more local entertainment. Please make that argument and I would more likely support the complex, but someone has then got to reel in FEDC as year after year of deficit is a risk for the City of Floresville.
     
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