05-12-2006 (WEDC) Minutes /444-4
Wylie Economic Development
CORPORATION
Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Monday, May 12, 2006 — 6:30 A.M.
Inwood National Bank-Conference Room
200 South Highway 78 —Wylie, Texas
CALL TO ORDER
Announce the presence of a Quorum.
President Fuller called the meeting to order at 6:30 a.m. Board Members present were: Gary
Bartow,Merrill Young, and Mitch Herzog. John Yeager was not present.
Staff present was: Executive Director Sam Satterwhite, Mark Roath, Ex-Officio Member/City
Manager, and Larry Williamson,Financial Director, City of Wylie.
CITIZEN PARTICIPATION
There being no citizen participation, President Fuller proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 - Consider and Act Upon Approval of the May 8, 2006 Minutes of the
WEDC Board of Directors Meeting.
MOTION: A motion was made by Merrill Young and seconded by Gary
Bartow to approve the May 8, 2006 Minutes of the WEDC Board
of Directors Meeting. The WEDC Board of Directors voted 4 —
FOR and 0—AGAINST in favor of the motion.
ITEM NO. 2 - Consider and Act Upon Issues Surrounding a WEDC Promotional
Expenditures Policy.
Staff presented the Policy which identifies the criteria for an expenditure to be
promotional. Within the Policy, as many promotional expenditures as possible will be
identified in the WEDC annual budget. In addition, staff recommended that the WEDC
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May 12, 2006
Page 2 of 3
Board budget monies within a "General Funds" category for unanticipated promotional
expenditures. Staff would have the authority to approve expenditures from "General
Funds" up to $2,000. President Fuller requested that the Policy as presented be amended
to specify that all "General Fund" expenditures will be approved by the Board of
Directors along with the monthly WEDC Treasurer's Report.
Furthermore, staff will be required to provide a contract or receipt for services rendered.
When the prior two forms of verification cannot be provided, a letter from the vendor will
be requested detailing services provided and monies expended.
The WEDC Board believed that policy represented the ongoing intent of all WEDC
promotional expenditures in that they advertise or publicize the City of Wylie for the
purpose of a) developing new and expanded business enterprises and b) serve a public
purpose. Staff pointed out that all promotional expenditures in the future will be required
to meet the above criteria and documentation will be required to support the same.
MOTION: A motion was made by Mitch Herzog and seconded by Gary
Bartow to forward the amended WEDC Promotional Expenditures
Policy to the Wylie City Council for comment. The WEDC Board
of Directors voted 4 — FOR and 0 — AGAINST in favor of the
motion.
ITEM NO. 3 — Consider and Act Upon Issues Surrounding a WEDC Financial
Standards and Accountability Policy.
Staff presented a Policy to the Board which outlined purchasing limits for the Executive
Director, the process for monetary reimbursements and credit card expenditures, the
prohibition of gifts and personal expenditures, and reporting requirements to the City of
Wylie Finance Department. The Board believed the policy was necessary and requested
input from the Wylie City Council.
MOTION: A motion was made by Gary Bartow and seconded by Merrill
Young to forward the WEDC Financial Standards and
Accountability Policy to the Wylie City Council for comment.
The WEDC Board of Directors voted 4 — FOR and 0 —AGAINST
in favor of the motion.
ITEM NO. 4 - Consider and Act Upon Approval of the January 20, 2005 Minutes of
the WEDC Board of Directors Meeting.
MOTION: A motion was made by Merrill Young and seconded by Gary
Bartow to approve the January 20, 2005, minutes of the regular
Board of Directors Meeting of the WEDC. The WEDC Board of
Directors voted 4—FOR and 0—AGAINST in favor of the motion.
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May 12, 2006
Page 3 of 3
ITEM NO. 5 - Consider and Act Upon Approval of the February 2, 2005 Minutes of
the WEDC Board of Directors Meeting.
MOTION: A motion was made by Gary Bartow and seconded by Merrill
Young to approve the February 2, 2005, minutes of the regular
Board of Directors Meeting of the WEDC. The WEDC Board of
Directors voted 4—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 6 - Consider and Act Upon Approval of the March 21, 2005 Minutes of
the WEDC Board of Directors Meeting.
MOTION: A motion was made by Merrill Young and seconded by Gary
Bartow to approve the March 21, 2005, minutes of the regular
Board of Directors Meeting of the WEDC. The WEDC Board of
Directors voted 4—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 7 - Consider and Act Upon Approval of the May 6, 2005 Minutes of the
WEDC Board of Directors Meeting.
MOTION: A motion was made by Gary Bartow and seconded by Merrill
Young to Approve the May 6, 2005, minutes of the regular Board
of Directors Meeting of the WEDC. The WEDC Board of
Directors voted 4—FOR and 0—AGAINST in favor of the motion.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 7:43a.m.
Consensus of the WEDC Board was to adjourn.
hi/hscl iVeS/
Marvin Fuller, President
ATTEST:
Samuel D.R. Satterwhite
Executive Director