2008-08-25 RTIRZ-2008-03RESOLUTION NO. RTIRZ-2008-03
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PEARLAND TAX
INCREMENT REINVESTMENT ZONE NUMBER TWO (TIRZ #2) BOARD OF
DIRECTORS, ACCEPTING THE FINANCIAL REPORT FOR THE PERIOD
ENDING JULY 31, 2008.
BE IT RESOLVED BY TIRZ #2 BOARD OF DIRECTORS:
Section 1. That the Board of Directors for the Pearland Tax Increment
Reinvestment Zone #2 Board of Directors hereby accepts the Financial Report
for the period ending July 31, 2008 as shown in Exhibit "A".
PASSED, APPROVED, AND ADOPTED this 25"' day of August, A.D. 2008.
NIGEL HARRISON
TIRZ #2 CHAIRMAN
ATTEST:
~~
MIKE PYBU N
TIRZ #2 SECRETARY
Exhibit "A"
RTIRZ-2008-003
TI RZ#2
BALANCE SHEET
FOR MONTH ENDED JULY 31, 2008
ASSETS:
Cash and Cash Equivalents
Cash in Bank - A.I.S.D.
Interest Receivable
A.I.S.D. Receivable
Brazoria County Receivable
Fort Bend County Receivable
Total Assets
LIABILITIES:
Accounts Payable
Due to E.D.C.
Deferred Revenue
Total Liabilities
E UITY:
Equity
Total Equity
Total Liabilities and Equity
3,377,338
5,675,068
9,052,407
9,052,407
9,052,407
9,052,407
T I RZ#2
SCHEDULE OF REVENUES AND EXPENDITURES
FOR MONTH ENDED JUNE 30, 2008
FY2008
ACTUAL
REVENUES TO -DATE
Taxes
Alvin ISD 2,754,266
Brazoria County 1,055,912
City of Pearland 6,007.585
Fort Bend County 185,541
Interest 152,279
TOTAL 10,155,583
EXPENSES
Miscellaneous Services 62,061
Payment to City of Pearland 3,641,196
Payment to Development Authority 3,220,843
TOTAL 6,924,100
Net Change in Fund Balance 3,231,483
BEGINNING FUND BALANCE 5,820,924
ISD Suspense Fund 5,675,068
ENDING AVAILABLE BALANCE 3,377,339
AGENDA REQUEST
BUSINESS OF THE TIRZ NO. 2
PEARLAND, TEXAS
AGENDA OF: 08/25/2008 ITEM NO.: Resolution No. RTIRZ-2008-03
DATE SUBMITTED: 08/18/08 REPRESENTING: City of Pearland
PREPARED BY: Fatima U. PRESENTOR: Claire Bogard
SUBJECT: Presentation of TIRZ July 2008 financial statements
EXHIBITS: Resolution No. RTRZ — 2008-03 Exhibit "A" Balance Sheet and
Statement of Revenues and Expenditures
EXPENDITURE REQUIRED: None
PROJECT: N/A
EXECUTIVE SUMMARY
Attached are the financial statements (Balance Sheet and Statement of Revenues and
Expenditures) for the Shadow Creek Ranch TIRZ for the 10 month period ending July 31,
2008.
• Cash and Investments total $9,052,407. This includes the Alvin ISD suspense
fund of $5,675,068 of which $2,628,148 was transferred from the suspense
account to the TIRZ operating fund on August 14cn
• Contributions through July total $10,155,583, of which $6,007,585 is from the
City of Pearland. Of that amount, current taxes equal $5,942,295 and are 92%
collected. Alvin I.S.D. contributions total $2,754,266, Brazoria County
$1,055,912, and Fort Bend County $185,541.
• Fiscal year to date expenses total $6,924,100 of which $3,642,191 or 53% is
administration fees to the City, and $3,220,843 was transferred to the
Development Authority for bond payments and developer reimbursement.
• Fund equity as of July 31, 2008 is $9,052,407 which includes $5,675,068 in the
suspense fund. The available balance is $3,377,338. The TIRZ will be
transferring $2,154,394 in August to the DAP for the bond payment due
September 1, 2008
Revised 2007-01-09
It is estimated that at 9/30/2008, the TIRZ will have approximately $3.7 million available
to transfer to the Development Authority.
RECOMMENDED ACTION
Receive presentation on July 2008 financials.
Revised 2007-01-09