RTIRZ-2009-04-2009-03-30RESOLUTION NO. RTIRZ - 2009-04
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PEARLAND TAX
INCREMENT REINVESTMENT ZONE #2 (TIRZ #2) BOARD OF DIRECTORS,
ACCEPTING THE FINANCIAL REPORT FOR THE PERIOD ENDING
FEBRUARY 28, 2009.
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 February 28, 2009 as shown in Exhibit "A".
PASSED, APPROVED, AND ADOPTED this 30t" day of March, A.D.
2009.
...............................
NIGEL HARRISON
TIRZ #2 CHAIRMAN
ATTEST:
C
MIKE~PYBU
TIRZ #2 SECRETARY
Exhibit "A"
Resolution No. RTIRZ-2009-04
TI RZ#2
SCHEDULE OF REVENUES AND EXPENDITURES
FOR MONTH ENDED FEBRUARY 28, 2009
REVENUES
Taxes
Alvin ISD
Brazoria County
City of Pearland
Fort Bend County
Interest
TOTAL
FY2009
ACTUAL
TO -DATE
FY2008
ACTUAL
TO -DATE
235,188
5,557,011
344,728
6,878,373
EXPENSES
Miscellaneous Services
Payment to City of Pearland
Payment to Development Authority
TOTAL
Net Change in Fund Balance
BEGINNING FUND BALANCE
ISD Suspense Fund
31,215 78,733
7,254,316 5,870,932
4,190 31
4,178,900 3,442,579
4,224,485 3,220,843
8,407,575 6,663,453
(1,153,259) (792,521)
6,567,676
3,550,220
5,820,924
3,107,249
ENDING AVAILABLE BALANCE 1,864,197 1,921,154
TI RZ#2
BALANCE SHEET
FOR MONTH ENDED FEBRUARY 28, 2009
ASSETS:
Cash and Cash Equivalents 873,371
Cash in Bank - A.I.S.D. 3,550,220
Investment / US Agency Investment 990,826
Interest Receivable
A.I.S.D. Receivable
Brazoria County Receivable
Fort Bend County Receivable
Total Assets 5,414,417
LIABILITIES:
Accounts Payable
Due to E.D.C.
Deferred Revenue
Total Liabilities
EQUITY:
Equity 5,414,417
Total Equity 5,414,417
Total Liabilities and Equity 5,414,417
SHADOW
CREEK
RANCH
AGENDA REQUEST
BUSINESS OF THE TIRZ NO. 2
PEARLAND, TEXAS
AGENDA OF: 03/30/2009 ITEM NO.: RTIRZ-2009-04
DATE SUBMITTED: 03/30/2009 REPRESENTING: City of Pearland
PREPARED BY: Rick Overgaard PRESENTOR: Claire Bogard
SUBJECT: Presentation of TIRZ February 2009 Financial Statements
EXHIBITS: Resolution No. RTIRZ-200-04 (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 5 month period ending February
28, 2009.
• Cash and Investments total $5,414,417. This includes the Alvin ISD suspense
fund of $3,550,220, of which $3,054,487 will be transferred from the suspense
account to the TIRZ operating fund in August 2009.
• Contributions through February total $7,223,101, of which $6,878,373 is from the
City of Pearland and $344,728 from Alvin I.S.D. Interest income totals $31,215
through February.
• Fiscal year to date expenses total $8,407,575, of which $4,178,900 or 50% is
administration fees to the City, and $4,224,485 was transferred to the
Development Authority for bond payments, bond reserve, and developer
reimbursement.
• Fund equity as of February 28, 2009 is $5,414,417, which includes $3,550,220 in
the suspense fund. The available balance is $1,864,197. The TIRZ transferred
$1,025,628 to the DAP in February for the bond payment due March 1, 2009.
RECOMMENDED ACTION
Receive presentation on February 2009 financials.