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CEDC Annual Report FY06/07COPPELL EDUCATION DEVELOPMENT CORPORATION ANNUAL REPORT FY06 -07 ANNUAL PERFORMANCE REVIEW FY07 -08 PROJECTION OF GOALS FY08 BUDGET SEPTEMBER 25, 2007 ANNUAL CORPORATE BUDGET FY06 -07 ANNUAL PERFORMANCE REVIEW, FY07 -08 PROJECTION OF GOALS AND FY07 BUDGET FY06 -07 (October 1, 2006 through September 30, 2007) was the sixth fiscal year for the Coppell Education Development Corporation (CEDC). Sales tax collection for the CEDC is scheduled to end December 31, 2007. The following seven individuals comprised the CEDC Board of Directors: 1) Antonio Altemus 2) Gina Mote 3) JoAnn Schauf* 4) Carrie Mamantov 5) Brian Letzkus 6) Thomas Massimi 7) April Terry** * *Filled unexpired term D. Michaels. FY06 -07 ANNUAL PERFORMANCE REVIEW • Antonio Altemus, President • JoAnn Schauf, Vice President • Gina Mote, Secretary 467 Clear Creek Lane, Coppell, TX 75019 1523 Falls Road, Coppell, TX 75019 215 Westwind Drive, Coppell, TX 70519 126 Turnberry Lane, Coppell, TX 75019 105 Branchwood Trail, Coppell, TX 75019 1018 Gibbs Crossing, Coppell, TX 75019 164 Bricknell Lane, Coppell, TX 75019 *Removed July 2007 due to failure to meet attendance requirements. The CEDC Board of Directors met on Wednesday, October 11, 2006 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 five Board of Director meetings throughout FY06 -07 including October 11, 2006, November 8, 2006, December 13, 2006, June 13, 2007 and September 12, 2007. The regularly scheduled January, February, March, April, May, July, and August 2007 meetings were cancelled because there were no grants to review. 2 2 -yr. term 2 -yr. term 2 -yr. term 1 -yr. term 2 -yr. term 2 -yr. term 1 -yr. term SCHOOL # OF STUDENTS % OF FUNDS BUDGET ALLOCATION FOR AS OF 6/30/07 PLUS CARRYOVERS Coppell ISD 8,292 92.68% $8,444,401.41 Carrollton/Farmers Branch ISD 515 5.76% $633,116.02 North Hills School 84 .94% $48,358.64 Lewisville ISD 56 .63% $5,246.18 TOTAL 8,947 100.00% $9,131,122.26 GRANT APPLICATIONS AND REVIEW At the October 11, 2006 meeting the Board unanimously approved three grants from the Coppell Independent School District. They included: A grant in the amount of $804,917 for 13 Literacy Intervention Support teachers; a grant in the amount of $1,083,600 for nine certified teachers and three aides for ESOL; and a grant in the amount of $644,375 for 12 Spanish teachers. Two grants from The North Hills School were also approved. The first grant was for computers, projectors, screens, etc., to update technology in the amount of $16,311.53. The second grant was in the amount of $21,746.40 to purchase hardware and software for promoting foreign language. At the November 8, 2006 meeting the Board voted to approve a grant application from the Coppell Independent School District in the amount of $128,833 for three certified Spanish teachers. The Board then viewed a film on Open Meetings. At the December 13, 2006 meeting three grant applications from the Lewisville Independent School District (LISD) were approved unanimously. The first was in the amount of $7,675 for technology at Killough High School North. The second application was in the amount of $8,872 to provide funding for technology at Durham Middle School. And the third grant application was in the amount of $41,193 for books and technology at Rockbrook Elementary. A fourth grant application in the amount of $9,917 was approved contingent upon a correction to the amount listed on page 8. The representative from LISD emailed the corrected page 8, which was forwarded to all Board members for their approval, which was received. At the June 13, 2007 meeting two grants from the Coppell Independent School District were approved unanimously. The first grant was for library print material in the amount of $126,000. The second grant was for equipment in the Engineering Technologies Pathway program at Coppell High School in the amount of $35,000. City Manager Jim Witt distributed the estimated sales tax collections as of March 31, 2007. 3 At the September 12, 2007 meeting the Board voted unanimously to approve two grant applications from the Carrollton- Farmers Branch Independent School District. The first was for a half -time technology support specialist and substitutes for 27 days of staff development in the amount of $54,525. The second grant was for four full -time paraprofessional salaries and additional printed material to improve reading skills in the amount of $139,550. Also at this meeting the Board approved the Annual Corporate Budget for the Coppell Education Development Corporation. 2006 ACTUAL RESULTS CISD Total: $2,859,392 of $4,804,315 leaving $1,944,923 CFBISD Total: $154,800 of $295,444 leaving $140,644 NHS Total: $38,058 of $36,371 leaving $ -0- LISD Total: $28, 531 of $31, 895 leaving $3, 364 $3,080,781 of $5,168,024 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 2006 -07 GRANT AWARDS 2006 -L03 CISD ESOL $1,083,600.00 2006 -L04 CISD Literacy $804,917.00 2006 -SO1 CISD Spanish Teachers $644,375.00 2006 -S02 CISD Spanish Teachers $128,833.00 2006 -T02 North Hills Technology $ 16,311.53 2006 -L05 North Hills Language Labs $ 21,746.40 2007 -TO1 LISD Technology $ 7,675.00 2007 -T02 LISD Technology $ 8,872.00 2007 -T03 LISD Technology $ 9,917.00 2007 -LO1 LISD Books $ 41,193.00 4 2007 -L02 CISD Books $126,000.00 2007 -T04 CISD Technology $ 35,000.00 2007 -T05 C -FB Technology $ 54,525.00 2007 -L03 C -FB Books $139,550.00 TOTAL $3,173,624.93 FY07 -08 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 is scheduled to end on December 31, 2007. Members who take office in October 2007, along with the remaining 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 FY07 -08 (October 1, 2007 through final disbursement in 2008) are represented in brief by the following bulleted list: • Continue to convene the CEDC Board of Directors at regularly scheduled meetings throughout FY08 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 the remaining months of FY08 the following levels of grant awards: FY07 379A Sales Tax Revenue Estimate $10,312,372 • Successfully integrate new members into the CEDC Board of Directors in October 2007. • Process FY08 Grant Applications from October 2007 through the final collections in December 2007 that will be paid to the City sometime in 2008. • Finalize FY08 Grant Agreements from October 2007 through collections in 2008. • Develop and submit final CEDC Annual Corporate Budget report by October 1, 2008. 5 FY08 BUDGET The CEDC FY08 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 Expenditures Salary & Benefits Supplies Maintenance Services Grant Award Services $10,312,372 This Annual Corporate Budget report is respectfully submitted in accordance with the Bylaws of the Coppell Education Development Corporation (CEDC) this 25 day of September 2007. ON BEHALF OF THE CEDC BOARD OF DIRECTORS By: Antonio Altemus, President 6 $0 $0 $0 $1,181,250