06-11-07 Special Called Meeting of the La Porte Development Corporation Board of Directors

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City of La Porte Interoffice Memorandum To: All LPEDC Board Members From: Gretchen Black, EDC \ John Joems, ICM~ August 21, 2007 Through: Date: Subject: FY 2008 Proposed Budget Attached is the proposed FY 2008 Budget for your consideration. The estimated LPEDC fund balance at the end of this fiscal year is projected to be $4.2M. The proposed FY 2008 Budget is balanced with expenditures of $134,317 for operations and $837,248 for debt service for a total of $971,565. Revenues are estimated at $1.8M. Items of note for 2008 budget: $15,000 has been budgeted for the development of the ED website. $10,000 for the initial payment for Project Austin Powers. The estimated fund balance at the end of 2008 is projected to be $5.1 M. With a healthy fund balance, the good news is that, as key development projects are identified and approved by the Board there will be sufficient funds to move the projects forward. We think that in order to spend the funds as wisely as possible while generating the most for our money, we should consider the development of a Strategic Plan for Economic Development. There are many very good strategic planning companies in the market place and we have begun to gather information on various companies for the Board to consider if this is an idea you would like to pursue. The plan would mostly likely include developing our niche, marketing strategies, targeted developments and perhaps community branding. We feel that this is a critical first step in understanding how we "fit" into the greater Houston region. The City Managers Office is considering expanding the scope of the strategic plan to include the City Council, the Planning and Zoning Commission and the Main Street Committee as we all have a role to play in influencing the "look" of our City.