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CEDC Annual Report FY07/08COPPELL EDUCATION DEVELOPMENT CORPORATION ANNUAL REPORT FY07-08 ANNUAL PERFORMANCE REVIEW FY08-09 PROJECTION OF GOALS FY09 BUDGET SEPTEMBER 23, 2008 ANNUAL CORPORATE BUDGET FY07-08 ~~NNUAL PERFORMI~NCE REVIE~`~; FY08-09 PROJECTION OF GO.~LS ~~ND FY09 BC;DGET FY07-08 ANNUAL PERFORMANCE REVIEW FY07-08 (October 1, 2007 through September 30, 2008) was the seventh fiscal year for the Coppell Education Development Corporation (CEDC). Sales tax collection was scheduled to end December 31, 2007, but was extended by the State Comptroller to March 31, 2008. The following seven individuals comprised the CEDC Board of Directors: 1) Antonio Altemus 467 Clear Creek Lane, Coppell, TX 75019 2) Gina Mote 1523 Falls Road, Coppell, TX 75019 3) Bill Elieson 369 E. Parkway Blvd., Coppell, TX 70519 4) Marilyn Kibler 306 Buttonwood Court, Coppell, TX 75019 5) Brian Letzkus 105 Branchwood Trail, Coppell, TX 75019 6) Thomas Massimi 1018 Gibbs Crossing, Coppell, TX 75019 7) April Terry 164 Bricknell Lane, Coppell, TX 75019 2-yr. term 1-yr. term 2-yr. term 2-yr. term 1-yr. term 1-yr. term 2-yr. term The CEDC Board of Directors met on Wednesday, November 14, 2007 at Coppell Town Center. At this first meeting the CEDC Board elected the following individuals to serve as officers per its bylaws: Antonio Altemus, President Biran Letzkus, Vice President • Gina Mote, Secretary With these officers presiding, joined by the CEDC staff liaison Jim Witt, Coppell City Manager, and Kathy Bowling, Recording Secretary, the CEDC held four Board of Director meetings throughout FY07-08 including November 14, 2007, December 12, 2007, February 13, 2008, and May 14, 2008. The regularly scheduled October 2007, January, March, April, June, July, August and September 2008 meetings were cancelled because there were no grants to review. GRANT APPLICATIONS AND REVIEW At the November 14, 2007 meeting the Board unanimously approved three grants from the Coppell Independent School District. They included: A grant in the amount of $1,236,368 for 18 ESL teachers, 3 aides and 3 bilingual teachers; a grant in the amount of $847,412 for 13 Spanish teachers at the high school, and 2.5 Spanish teachers at Coppell middle schools; and a 2 grant in the amount of $761,314 for 13 literacy intervention support teachers. One grant from The North Hills Preparatory School was also approved to provide funding for computers, keyboards, monitors, printers and software to update technology in the amount of $54,210. At the December 12, 2007 meeting the Board voted to approve a grant application from the Lewisville Independent School District in the amount of $9,660 for books at Rockbrook Elementary. At the February 13, 2008 meeting a grant from Coppell Independent School District in the amount of $45,000 for production equipment for students interested in communications careers at the high school was unanimously approved. SCHOOL # OF STUDENTS % OF FUNDS BUDGET ALLOCATION AS OF 4/15/08 PLUS CARRYOVERS Coppell ISD 8,292 92.68% $8,376,722.97 Carrollton/Farmers Branch ISD 515 5.76% $637,084.82 North Hills School 84 .94% ($367.90) Lewisville ISD 56 .63% $18,666.07 TOTAL 8,947 100.00% $9,032,105.96 At the May 14, 2008 meeting a grant from The North Hills Preparatory School in the amount of $25,000 was approved unanimously. The grant was for seven technology stations, headphones, and six hours of professional development training for the entire faculty. City Manager Jim Witt distributed the estimated sales tax collections as of April 15, 2008. 2008 ACTUAL RESULTS CISD Total: $1,473,878 of $1,449,294 using $24,584* CFBISD Total: $97, 028 of $90, 013 using $7, Ol S NHS Total: $27,105 of $14, 682 using $12, 423 LISD Total: $9, 660 of $9, 788 leaving $128 $1, 607, 671 of $1, 563, 777 *Funds carried forward. 3 Original sales tax projection was $3,700,000. Actual. collections were $3,189,348 -- $510,652 less due to collections being less than anticipated. Any unspent funds roll forward to the next year. SUMMARY OF FY 2007-08 GRANT AWARDS 2008-L02 CISD ESL $1,236,368.00 20086-SO1 CISD Spanish Teachers $ 847,412.00 2008-LO1 CISD Literacy $ 761,314.00 2008-T02 CISD Technology $ 45,000.00 2008-L03 LISD Books $ 9,660.00 2008-TO1 North Hills Technology $ 54,210.00 2008-T03 North Hills Technology $ 25,000.00 TOTAL $2,978,964.00 FY08-09 PROJECTION OF GOALS The purpose and overriding goal of the Coppell Education Development Corporation, a nonprofit, non-stock corporation with no members, is to finance programs to publicly funded institutions which will promote literacy, foreign language and career technology for a skilled workforce, as authorized by Section 379A of the TEXAS LOCAL GOVERNMENT CODE, as amended. The collection of a half-cent sales tax for education ended on March 31, 2008. Current board members will continue to serve until all funds have been expended. In support of this goal, the objectives of the CEDC Board of Directors for FY08-09 (October 1, 2008 through final disbursement in 2009) are represented in brief by the following bulleted list: Continue to convene the CEDC Board of Directors at regularly scheduled meetings throughout FY09 to faithfully administer the CEDC grant application, review and award funding in accordance with the bylaws, and the grant review policy adopted by the Mayor and Council. The current CEDC education development plan, in accordance with city of Coppell budgetary estimates, expects to administer during FY09 the following levels of grant awards: FY07 379A Sales Tax Revenue Estimate $9,032,106 Process FY09 Grant Applications from October 2008 through final distribution of all remaining revenue. Finalize FY09 Grant Agreements from October 2008 through final disbursement of all funds. 4 Develop and submit final CEDC Annual Corporate Budget report by October 1, 2009. Work with school districts to expend all remaining funds in as expedient a manner as possible. FY09 BUDGET The CEDC FY09 Budget included herein is based on the most current available estimate of FY08 collectable 379A sales tax revenues as provided by the Coppell Finance Director. This budget is also simply modeled to reflect the four (4) top-level account categories used as a standard in the budgets of the city of Coppell. Revenues Section 379A (Municipal Education Development Act) Sales Tax Revenue $200,000 Expenditures Salary & Benefits $0 Supplies $0 Maintenance $0 Services Grant Award Services $9,032,106 This Annual Corporate Budget report is respectfully submitted in accordance with the Bylaws of the Coppell Education Development Corporation (CEDC) this 23~d day of September 2008. ON BEHALF OF THE CEDC BOARD OF DIRECTORS By: Antonio Altemus, President 5