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CEDC Annual Report FY05/06COPPELL EDUCATION DEVELOPMENT CORPORATION ANNUAL REPORT FY05 -06 ANNUAL PERFORMANCE REVIEW FY06 -07 PROJECTION OF GOALS FY06 -07 BUDGET SEPTEMBER 26, 2006 ANNUAL CORPORATE BUDGET FY05 -06 ANNUAL PERFORMANCE REVIEW, FY06 -07 PROJECTION OF GOALS AND FY06 -07 BUDGET FY04 -05 ANNUAL PERFORMANCE REVIEW FY05 -06 (October 1, 2005 through September 30, 2006) was the fifth fiscal year for the Coppell Education Development Corporation (CEDC). An election to continue the half -cent sales tax for education for another two years was held on September 10, 2005 and was approved by the voters. The following seven individuals comprised the CEDC Board of Directors: 1) Antonio Altemus 2) Meme Collins - Tabuena 3) JoAnn Schauf 4) Gregory Frnka 5) Brian Letzkus 6) Ron Carpenter 7) Darrell Michiels* *Removed due to failure to meet attendance requirements. • Antonio Altemus, President • Ron Carpenter, Vice President • Meme Collins - Tabuena, Secretary GRANT APPLICATIONS AND REVIEW 467 Clear Creek Lane, Coppell, TX 75019 2 -year term 710 Bankers Cottage Lane, Coppell, TX 75019 2 -year term 215 Westwind Drive, Coppell, TX 70519 721 Dove Circle, Coppell, TX 75019 105 Branchwood Trail, Coppell, TX 75019 454 Phillips, Coppell, TX 75019 413 Willet Drive, Coppell, TX 75019 The CEDC Board of Directors met on Wednesday, October 12, 2005 at Coppell Town Center. At this first meeting the CEDC Board elected the following to serve as officers per its bylaws: With these officers presiding, joined by the CEDC staff liaison Jim Witt, Coppell City Manager, and Kathy Bowling, Recording Secretary, the CEDC held six Board of Director meetings throughout FY05 -06 including October 12, 2005, January 11, 2006, February 8, 2006, May 10, 2006, July 12, 2006, and September 13, 2006. The regularly scheduled November 2005, December 2005 and March, April, June and August 2006 meetings were cancelled because there were no grants to review. At the October 12, 2005 meeting the Board unanimously approved four grants from the Coppell Independent School District. They included: A grant in the amount of $475,000 for nine Literacy Intervention Support teachers; a grant in the amount of $930,000 for 21 ESOL teachers; a grant in 2 2 -year term 1 -year term • \ -year term 1 -year term 2 -year term SCHOOL # OF STUDENTS % OF FUNDS BUDGET ALLOCATION FOR AS OF 8/25/06 PLUS CARRYOVERS Coppell ISD 8,586 92.96% $6,004,449.36 Carrollton/Farmers Branch ISD 528 5.72% $313,790.27 North Hills School 65 .70% $38,058.90 Lewisville ISD 57 .62 $39,178.55 TOTAL 9,236 100.00 $6,395,527.08 the amount of $565,000 for 11 Spanish teachers; and a grant in the amount of $225,000 for 4.5 certified Spanish teachers. At the January 11, 2006 meeting Finance Director Jennifer Armstrong reported that the anticipated sales tax collection was $3.6 million. The Board voted to approve a grant application from the Lewisville Independent School District in the amount of $29,693.36 for video and computer programs to teach Spanish, and a video projector. At the February 8, 2006 meeting an Agreement with Kasner & Associates was approved unanimously to provide investigative and recovery services related to the 4B one -half cent sales tax. The vote was unanimous to postpone the viewing of the Open Meetings video until the first meeting with new board members in October, 2006. At the May 10, 2006 meeting two grants from the Coppell Independent School District were approved unanimously. The first grant was for books and library print material in the amount of $126,000. The second grant was for language lab equipment in the amount of $200,500. City Manager Jim Witt distributed the estimated sales tax collections as of March 31, 2006. At the July 12, 2006 meeting the Board voted to approve two grant applications from the Carrollton- Farmers Branch Independent School District. The first was for a technology support specialist and substitutes for 21 days of staff development in the amount of $39,600. The second grant was for two full -time paraprofessional salaries, additional printed material, and software to improve reading skills in the amount of $115,200. At the September 13, 2006 meeting the Board approved the Annual Corporate Budget for the Coppell Education Development Corporation. 3 2005 ACTUAL RESULTS CISD Total: $2,409,550 of $3,849,784 leaving $1,440,234 CFBISD Total: $143,700 of $219,328 leaving $75,628 NHS Total: $25,532 of $27,083 leaving $1,551 LISD Total: $ -0- of $39, 071 leaving $39, 071 $2,578,782 of $4,135,266 Original sales tax projection was $3,045,000. Actual collections were $4,047,864 -- $1,002,864 excess due to revenues being higher than anticipated. Any unspent funds roll forward to the next year. SUMMARY OF FY 2005 -06 GRANT AWARDS 2005 -S01 CISD Spanish $565,000.00 2005 -S02 CISD Spanish $225,000.00 2005 -L03 CISD ESOL $930,000.00 2005 -L04 CISD Literacy $475,000.00 2006 -LO1 LISD Literacy $ 29,693.36 2006 -LO1 CISD Literacy $126,000.00 2006 -L02 CISD Literacy $200,500.00 2006-L01 C -FB ISD Literacy $115,200.00 2006 -T01 C -FB ISD Technology $ 39,600.00 TOTAL $2,705,993.36 FY06 -07 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 4 authorized by Section 379A of the TEXAS LOCAL GOVERNMENT CODE, as amended. In support of this goal, the objectives of the CEDC Board of Directors for FY06 -07 (October 1, 2006 through September 30, 2007) are represented in brief by the following bulleted list: • Continue to convene the CEDC Board of Directors at regularly scheduled meetings throughout FY06 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 in FY06 through FY07 the following levels of grant awards: FY06 379A Sales Tax Revenue Estimate $4,300,000 FY07 379A Sales Tax Revenue Estimate $4,600,000 TOTAL $8,900,000 • Successfully integrate a minimum of three (3) new members into the CEDC Board of Directors as of October 11, 2006. • Process FY06 -07 Grant Applications from October 2006 through the final collections in December 2007 that will be paid to the City sometime in 2008. • Finalize FY06 -07 Grant Agreements from October 2006 through September 2007. • Develop and submit the CEDC Annual Corporate Budget report by October 1, 2007. FY06 -07 BUDGET The CEDC FY06 -07 Budget included herein is based on the most current available estimate of FY06 -07 collectable 379A sales tax revenues as provided by the Coppell City Manager. 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 $4,300,000 5 Expenditures Salary & Benefits Supplies Maintenance Services Grant Award Services This Annual Corporate Budget report is respectfully submitted in accordance with the Bylaws of the Coppell Education Development Corporation (CEDC) this 26 day of September 2006. ON BEHALF OF THE CEDC BOARD OF DIRECTORS By. Antonio Altemus, President 6 $0 $0 $0 $6,395,528