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2009-04-21C lug SCITY OUTHLAKE TEXAS REGULAR CITY COUNCIL MEETING MINUTES: APRIL 21, 2009 LOCATION: 1400 Main Street, Southlake, Texas Council Chambers in Town Hall CITY COUNCIL PRESENT: Mayor Pro Tern John Terrell, Deputy Mayor Pro Tern Gregory Jones (arrived at 5:08 p.m.) and Councilmembers Laura K. Hill (arrived at 5:24 p.m.), Pamela Muller, Virginia M. Muzyka, and Vernon Stansell. CITY COUNCIL ABSENT: Mayor Andy Wambsganss. STAFF PRESENT: City Manager Shana Yelverton, Assistant City Manager / Director of Public Safety Jim Blagg, Assistant City Manager Ben Thatcher, Assistant to the City Manager Alison Orlowski, Community Relations Officer Pilar Schank, Facility Manager Jeff Parrack, Office Assistant Elsie Rice, Director of Community Services Chris Tribble, Deputy Director of Community Services Kerry McGeath, Director of Economic Development Greg Last, Director of Finance Sharen Jackson, Director of Human Resources Supervisor Kevin Hugman, Director of Information Technology Dale Dean, C Information Technology Technician Vicky Roche, Director of Planning and Development Services Ken Baker, Chief Building Official Paul Ward, Planner II Clayton Comstock, Planner I Daniel Cortez, Administrative Secretary Stephanie Breitbarth, Chief of Police Services Robert Finn, Chief of Fire Services Mike Starr, Director of Public Works Robert H. Price, Deputy Director of Public Works Gordon Mayer, Public Works Operations Manager Chuck Kendrick, Civil Engineer Michael James, Civil Engineer Cheryl Taylor, Environmental Coordinator Christi Upton, Public Works Administrative Secretary Linda Sadler, City Attorney E. Allen Taylor, and City Secretary Lori Payne. WORK SESSION: Agenda Item No. 1. Call to order. The work session was called to order by Mayor Pro Tern Terrell at 5:05 p.m. Agenda Item No. 2. Invocation. Assistant City Manager / Director Blagg gave the invocation. Mayor Pro Tern Terrell led the pledge of allegiance. Deputy Mayor Pro Tern Jones arrived at the meeting. Agenda Item No. 3. Proclamation for Administrative Professionals Week 2009. Mayor Pro Tern Terrell presented the proclamation to Office Assistant Rice, Administrative Secretary Breitbarth and Administrative Secretary Sadler. REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 1 of 12 Agenda Item No. 4. Development Activity Report presentation. Director Baker made err in comments. Planner Comstock presented this item and answered Council's questions. Agenda Item No. 5. COPS Code Enforcement Program presentation. Director Baker presented this item and answered Council's questions. Agenda Item No. 6. Discuss all items on tonight's meeting aq_ e nda. City Council reviewed the consent agenda items with city staff. Mayor Pro Tern Terrell closed the work session at 5:51 p.m. REGULAR SESSION: Agenda Item No. 1. Call to order. The regular session was called to order by Mayor Pro Tern Terrell at 5:52 p.m. Agenda Item No. 2A. Executive Session. Mayor Pro Tern Terrell announced City Council would be going into Executive Session pursuant to the Texas Government Code Section 551.071, seek advice from the city attorney, and Section 551.087, deliberation regarding economic development negotiations. City Council adjourned for Executive Session at 5:52 p.m. Executive Session began at 6:53 p.m. and ended at 7:15 p.m. Agenda Item No. 2B. Reconvene. Mayor Pro Tern Terrell reconvened the regular meeting at 7:23 p.m. and asked if any action was necessary from Executive Session. No action was necessary. Agenda Item No. 3A1. Mayor's Report - update of upcoming meetings and events. Mayor Pro Tern Terrell announced upcoming meetings and events. Agenda Item No. 3A2. Mayor's Report - Presentation of rebate check by Clear Results and Oncor for implementation of energy savings initiatives. Assistant City Manager Thatcher presented this item to Council. David Goett from Oncor presented the check to the City for its participation in the City Smart program. Agenda Item No. 3A3. Mayor's Report - Southlake DPS Citizen's Association (SDCA) recognition. Mayor Pro Tern Terrell and Councilmember Muller introduced this item. Chief Finn made a presentation and recognized volunteers Barbara Griggs, Anne Wise and Dick McCauley from the three separate volunteer branches that serve the Department of Public Safety: Citizens on Patrol (COPS), Fire Rehab, and Volunteers in Public Safety (YIPS). Agenda Item No. 3A4. Mayor's Report - other recognitions. Mayor Pro Tern Terrell presented this item and made several recognitions of Councilmembers, residents, and REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 2of12 staff members who have recently won awards or who have been honored in some special way: Paul Ward was recognized for excellence in building inspections from the Building Officials Association of Texas; Kerry McGeath was recognized as the 2009 Librarian of the Year by the Texas Library Association; Shana Yelverton and Sharen Jackson were recognized for the Distinguished Budget Presentation Award from the Government Finance Officers Association; and the City of Southlake was named as a Tree City by the Arbor Day Foundation. Mayor Pro Tern Terrell also noted some of the Southlake Journal's Best of the Best: Pamela Muller as Best Government Official, David Baltimore as Volunteer of the Year, Bob Jones Park as a runner up as the best park to take children, Bob Jones Nature Center as the best center to view wildlife, and Southlake Town Square as the best place to take a date. Agenda Item No. 3131. City Manager's Report - Financial Report. City Manager Yelverton introduced this item to Council. Director Jackson presented this item and answered Council's questions. Agenda Item No. 3132. Bob Jones Nature Center and Preserve Master Plan kickoff. City Manager Yelverton introduced this item. Director Tribble presented this item and answered Council's questions. CONSENT AGENDA: Consent agenda items are considered to be routine by the City Council and are enacted with one motion. Mayor Pro Tern Terrell read the items into the record. Agenda Item No. 4A. Approve minutes from the April 2009 regular City Council meeting. The minutes were approved as presented. Agenda Item No. 4B. Approve a Professional Services Agreement with Lee Lewis Construction, Inc. as Construction Manager at Risk for the DPS North Training Facility. A presentation was not made on this item. Agenda Item No. 4C. Approve a Community Services Agreement with the Southlake DPS Citizen Academy Alumni Association. A presentation was not made on this item. Agenda Item No. 4D. Resolution No. 09-020, Giving support of and partnership with the 2010 Census. A presentation was not made on this item. In accordance with Section 4.21 of the City Charter, the caption for this item is listed as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS GIVING SUPPORT OF AND PARTNERSHIP WITH THE 2010 CENSUS; AND PROVIDING AN EFFECTIVE DATE. C REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 3 of 12 Agenda Item No. 4E. Award of construction contract for the Dove Road intersection and CW drainage improvements to Quality Excavation, Ltd. in the amount of $2,983,435.26 and authorize construction phase contingencies. A presentation was not made on this item. Agenda Item No. 4F. ZA08-089, Plat Revision for Lot 1 R, Block 1, Mendez Addition being a revision of Lot 1, Block 1, Mendez Addition and being located at 910 East Southlake Boulevard. Current Zoning: S-P-1 - Detailed Site Plan District. Requested Zoning: S-P-1 - Detailed Site Plan District. SPIN _ Neighborhood #10. A presentation was not made on this item. Council approved this item subject to Revised Plat Review Summary No. 4, dated April 13, 2009. Agenda Item No. 4G. Ordinance No. 480-579, 1St Reading (ZA08-062), Zoning Change and Concept Plan for 520 South White Chapel Boulevard on property being described as Tract 3E, Hiram Granberry Survey, Abstract No. 581 and being located at 520 South White Chapel Boulevard. Current Zoning: AG -Agricultural District. Requested Zoning: SF-20A - Single Family Residential District. SPIN Neighborhood #14. This item was tabled to the May 5, 2009 City Council meeting. Motion was made to approve consent agenda items 4A; 413; 4C; 4D; 4E; 4F subject to Revised Plat Review Summary No. 4, dated April 13, 2009; and to table item 4G to the May 5, 2009 City Council meeting. Motion: Muzyka Second: Stansell Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 REGULAR AGENDA: Agenda Item No. 5. Public Forum. No one spoke during the public hearing. Mayor Pro Tern Terrell announced that item 9A would be considered next. Agenda Item No. 9A. Consider SV09-003, Variance to the Sign Ordinance No. 704-C for Southlake Town Square Grand Opening sign. Planner Comstock presented this item to Council. Applicants Carla Chase and Tim Wyatt from Southlake Town Square, 1256 Main Street, Southlake, Texas presented this item and answered Council's questions. Council discussed this request. After discussion, the applicants asked for a 30-day extension to look at more permanent signage. Motion was made to table SV09-003, Variance to the Sign Ordinance No. 704-C for Southlake Town Square Grand Opening sign to the May 19, 2009 City Council meeting. Motion: Jones Second: Hill Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 4 of 12 Approved: 6-0 (to table) Agenda Item 6A. Ordinance No. 662-D, 2"d Reading, Revise the Drought Contingency Plan. Director Price presented this item in conjunction with items 6B and 6C and answered Council's questions. In accordance with Section 4.21 of the City Charter, the caption for this item is listed as follows: AN ORDINANCE OF THE CITY OF SOUTHLAKE, TEXAS, AMENDING THE DROUGHT CONTINGENCY / EMERGENCY WATER MANAGEMENT PLAN FOR THE CITY OF SOUTHLAKE, TEXAS; ESTABLISHING CRITERIA FOR THE INITIATION AND TERMINATION OF DROUGHT RESPONSE STAGES FOR LOCAL WATER DELIVERY LIMITATIONS AND COMPLIANCE WITH THE CITY OF FORT WORTH'S DROUGHT CONTINGENCY/EMERGENCY WATER MANAGEMENT PLAN; ESTABLISHING RESTRICTIONS ON CERTAIN WATER USES; ESTABLISHING PENALTIES FOR THE VIOLATION OF AND PROVISIONS FOR ENFORCEMENT OF THESE RESTRICTIONS; ESTABLISHING PROCEDURES FOR GRANTING VARIANCES; AND PROVIDING CUMULATIVE AND SEVERABILITY AND SAVINGS CLAUSES; AND AN EFFECTIVE DATE. No one spoke during the public hearing. Motion was made to approve Ordinance No. 662-D, 2"d Reading, Revise the Drought Contingency Plan as presented on first reading. Motion: Jones Second: Hill Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 Agenda Item No. 6B. Ordinance No. 895-13, 2nd Reading, Revise the Water Conservation Plan. Director Price presented this item in conjunction with items 6A and 6C and answered Council's questions. In accordance with Section 4.21 of the City Charter, the caption for this item is listed as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS, AMENDING CHAPTER 19 "UTILITIES", ARTICLE II "WATER", DIVISION 3 'WATER CONSERVATION" OF THE CODE OF ORDINANCES; PROVIDING THAT THIS ORDINANCE SHALL BE CUMULATIVE OF ALL ORDINANCES; PROVIDING A SEVERABILITY CLAUSE; PROVIDING A PENALTY FOR VIOLATIONS HEREOF; PROVIDING FOR PUBLICATION IN THE OFFICIAL NEWSPAPER; AND PROVIDING AN EFFECTIVE DATE. No one spoke during the public hearing. Motion was made to approve Ordinance No. 895-13, 2nd Reading, Revise the Water Conservation Plan subject to staff's presentations on first reading and second reading. REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 5 of 12 Motion: Jones Second: Muller Ayes: Hill, Jones, Nays: None Approved: 6-0 Muller, Muzyka, Stansell, Terrell Agenda Item No. 6C. Ordinance No. 953, 2nd Reading, Adopt Illicit Discharge Ordinance. Director Price presented this item in conjunction with items 6A and 6B and answered Council's questions. In accordance with Section 4.21 of the City Charter, the caption for this item is listed as follows: AN ORDINANCE ADDING ARTICLE IX, "PROHIBITION OF ILLICIT CONNECTIONS AND DISCHARGES INTO THE MUNICIPAL SEPARATE STORM SEWER SYSTEM" TO CHAPTER 9.5 "ENVIRONMENT" OF THE CITY OF SOUTHLAKE CODE OF ORDINANCES TO PROVIDE FOR THE REGULATION OF ILLICIT DISCHARGES TO THE MUNICIPAL SEPARATE STORM SEWER SYSTEM WITHIN THE CITY OF SOUTHLAKE; PROVIDING THAT THIS ORDINANCE SHALL BE CUMULATIVE OF ALL ORDINANCES; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR A PENALTY FOR VIOLATIONS HEREOF; PROVIDING A SAVINGS CLAUSE; PROVIDING FOR PUBLICATION IN PAMPHLET FORM; PROVIDING FOR PUBLICATION IN THE MANNER AUTHORIZED BY LAW; AND PROVIDING AN EFFECTIVE DATE. No one spoke during the public hearing. Motion was made to approve Ordinance No. 953, 2"d Reading, Adopt Illicit Discharge Ordinance subject to staff's presentations on first reading and second reading. Motion: Jones Second: Muller Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 Aaenda Item No. 6D. Approve Ordinance No. 598-C, 2"d Readinq, and related exhibits revisina aspects of the Southlake Program for the Involvement of Neighborhoods (SPIN) and replacing Ordinance No. 598-B. Assistant to the City Manager Orlowski presented this item and answered Council's questions. In accordance with Section 4.21 of the City Charter, the caption for this item is listed as follows: AN ORDINANCE OF THE CITY OF SOUTHLAKE ESTABLISHING THE SOUTHLAKE PROGRAM FOR THE INVOLVEMENT OF NEIGHBORHOODS (SPIN) AND REPLACING ORDINANCE NO. 598-13, PROVIDING FOR APPOINTMENTS TO A SPIN STANDING COMMITTEE AND SPECIFYING FUNCTION; PROVIDING FOR REPEALER CLAUSE; FINDING AND DETERMINING THAT THE MEETING AT WHICH THIS ORDINANCE IS PASSED IS OPEN TO THE PUBLIC AS REQUIRED BY C LAW. REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 6 of 12 C No one spoke during the public hearing. Motion was made to approve Ordinance No. 598-C, 2nd Reading, and related exhibits, revising aspects of the Southlake Program for the Involvement of Neighborhoods (SPIN) and replacing Ordinance No. 598-B subject to staff's presentations on first reading and second reading. Motion: Jones Second: Muzyka Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 Agenda Item No. 6E. Resolution No. 09-021, Appoint members to the SPIN Standing Committee. Assistant to the City Manager Ortowski presented this item to Council. In accordance with Section 4.21 of the City Charter, the caption for this item is listed as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS, PROVIDING FOR THE APPOINTMENT OF REPRESENTATIVES TO THE STANDING COMMITTEE OF THE SOUTHLAKE PROGRAM FOR THE INVOLVEMENT OF NEIGHBORHOODS (SPIN); PROVIDING AN EFFECTIVE DATE. Council approved the members as presented: David Alexander - Neighborhood #2 - with a term ending May 31, 2010; Jan Francis - Neighborhood #3 - May 31, 2011; Lou Hillman - Neighborhood #4 - with a term ending May 31, 2010; Wendi Carlucci - Neighborhood #5 - with a term ending May 31, 2011; Mike Terry - Neighborhood #6 - with a term ending May 31, 2010; Vic Awtry - Neighborhood - with a term ending May 31, 2011; Pattie Minder - Neighborhood #8 - with a term ending May 31, 2010; Ray Tremain - Neighborhood #9 - with a term ending May 31, 2011; Ronald Evans - Neighborhood #10 - with a term ending May 31, 2010; and David Baltimore - Senior Representative - with a term ending May 31, 2011. Motion was made to approve Resolution No. 09-021, Appoint members to the SPIN Standing Committee with the members as proposed. Motion: Muzyka Second: Hill Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 Agenda Item No. 6F. Ordinance No. 955, Authorizing the issuance of "City of Southlake, Texas, tax and waterworks and sewer system (limited pledge) revenue certificates of obligation, Series 2009"; specifying the terms and features of said certificates; providing for the payment of said certificates of obligation by the levy of an ad valorem tax upon all taxable property within the City and a limited pledge of the net revenues from the REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 7 of 12 operation of the City's Waterworks and Sewer System; and resolving other matters incident and relating to the issuance, payment, security, sale and delivery of said Certificates including the approval and execution of a Paving Agent/Registrar Agreement and a Purchase Agreement and the approval and distribution of an Official Statement; and providing an effective date. Jim Sabonis with First Southwest Company presented this item and answered Council's questions. In accordance with Section 4.21 of the City Charter, the caption for this item is listed as follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF "CITY OF SOUTHLAKE, TEXAS, TAX AND WATERWORKS AND SEWER SYSTEM (LIMITED PLEDGE) REVENUE CERTIFICATES OF OBLIGATION, SERIES 2009"; SPECIFYING THE TERMS AND FEATURES OF SAID CERTIFICATES; PROVIDING FOR THE PAYMENT OF SAID CERTIFICATES OF OBLIGATION BY THE LEVY OF AN AD VALOREM TAX UPON ALL TAXABLE PROPERTY WITHIN THE CITY AND A LIMITED PLEDGE OF THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS AND SEWER SYSTEM; AND RESOLVING OTHER MATTERS INCIDENT AND RELATING TO THE ISSUANCE, PAYMENT, SECURITY, SALE AND DELIVERY OF SAID CERTIFICATES, INCLUDING THE APPROVAL AND EXECUTION OF A PAYING AGENT/REGISTRAR AGREEMENT AND A PURCHASE AGREEMENT AND THE APPROVAL AND DISTRIBUTION OF AN OFFICIAL STATEMENT; AND PROVIDING AN EFFECTIVE DATE. No one spoke during the public hearing. Motion was made to approve Ordinance No. 955, Authorizing the issuance of "City of Southlake, Texas, tax and waterworks and sewer system (limited pledge) revenue certificates of obligation, Series 2009"; specifying the terms and features of said certificates; providing for the payment of said certificates of obligation by the levy of an ad valorem tax upon all taxable property within the City and a limited pledge of the net revenues from the operation of the City's Waterworks and Sewer System; and resolving other matters incident and relating to the issuance, payment, security, sale and delivery of said Certificates, including the approval and execution of a Paying Agent/Registrar Agreement and a Purchase Agreement and the approval and distribution of an Official Statement; and providing an effective date. Motion: Stansell Second: Hill Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 Agenda Item No. 7A. This item was intentionally left blank. Agenda Item No. 7B. Ordinance No. 480-582, 1St Reading (ZA08-091), Zoning Change and Concept Plan for Glosser Addition on property being described as Tracts 313 and 3131, J. Childress Survey, Abstract No. 522 and beinq located at 1640 and 1680 North Peytonville Avenue. Current Zoning: AG - Agricultural District. Requested Zoning: SF- REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 8 of 12 1A - Single Family Residential District. SPIN Neighborhood #12. Director Baker presented this item to Council. Applicant Tom Matthews, 2875 Exchange Boulevard, Southlake, Texas made a presentation and answered Council's questions. Mayor Pro Tern Terrell read comment cards from those that wish to record their opposition but did not want to speak: Dan and Kelly Foster, 1305 Wakefield Court, Southlake, Texas; Dan Glazier, 1201 and 1203 Plantation Drive, Southlake, Texas; Robert Hudnall, 1402 Plantation Drive, Southlake, Texas; Nancy Jackson, 1240 Post Oak Trail, Southlake, Texas; Lynda Lam, 1280 Post Oak Trail, Southlake, Texas; Karen Murphy, 1303 Plantation Drive, Southlake, Texas; Malora Nimergood, 1305 Plantation Drive, Southlake, Texas; and, Neil Wheatley, 1301 Plantation Drive, Southlake, Texas. Mayor Pro Tern Terrell allowed the public to speak. Michael Bustamante, 1501 Plantation Drive, Southlake, Texas spoke in opposition. Mr. Bustamante also read a letter of opposition from neighbors, Dan and Sherrie Glazier, who live at 1201 and 1203 Plantation Drive. Ralph Nimergood, 1305 Plantation Drive, Southlake, Texas spoke in opposition. Kurt Fullmen, 1300 Post Oak Trail, Southlake, Texas did not spoke, but wanted to record his opposition. Conner Lam, 1280 Post Oak Trail, Southlake, Texas spoke in opposition. Thomas Murphy, 1303 Plantation Drive, Southlake, Texas spoke in opposition. Mr. Murphy also read a letter of opposition from Dan and Kellie Foster, 1305 Wakefield Court, Southlake, Texas. Council discussed this request and asked questions of staff and of Mr. Matthews. Mayor Pro Tern Terrell announced City Council would be going into Executive Session pursuant to the Texas Government Code Section 551.071 to seek advice from the city attorney. City Council adjourned for Executive Session at 10:11 p.m. The Executive Session began at 10:14 p.m. and ended at 10:17 p.m. Mayor Pro Tern Terrell reconvened the regular meeting at 10:19 p.m. Council continued discussion of this request. Due to the applicant presenting a new proposal and a new zoning category to Council, the Council remanded this item back to the Planning and Zoning Commission. REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 9 of 12 Motion was made to remand Ordinance No. 480-582, 1St Reading (ZA08-091), Zoning Change and Concept Plan for Glosser Addition back to the Planning and Zoning Commission. Motion: Jones Second: Hill Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 (to remand) Agenda Item No. 7C. Ordinance No. 480-583, 1St Reading (ZA08-105), Zoning Change and Concept Plan for proposed Lot 29, F. Throop No. 1511 Addition being described as Tracts 1G1, 1G. 1V1, J V, F. Throop Survey, Abstract No. 1511 and being located at 1900 North Kimball Avenue. Current Zoning: AG - Agricultural District. Requested Zoning: SF-1A - Single Family Residential District. SPIN Neighborhood #6. Director Baker presented this item to Council. Applicant Lester Strait, 1900 North Kimball Avenue, Southlake Texas made a presentation. Motion was made to approve Ordinance No. 480-583, 1St Reading (ZA08-105), Zoning Change and Concept Plan for proposed Lot 29, F. Throop No. 1511 Addition, as described subject to the applicant obtaining connection to an adequate water supply prior to a certificate of occupancy being issued and subject to Concept Plan Review Summary No. 2, dated February 25, 2009. Motion: Stansell Second: Jones Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 Aaenda Item No. 7D. Ordinance No. 480-522A, V t Reading (ZA09-011), Zonin Change and Site Plan for Countryside White Chapel Office Park Lots 1 R1-1 R4 (formerly known as White Chapel Office Park, Phase II) on property being described as Lot 1, Block B, Ravenaux Village Addition and being located at 201 Countryside Court. Current Zoning: S-P-1 - Detailed Site Plan District. Requested Zoninq: S-P-1 - Detailed Site Plan District. SPIN Neighborhood #11. Director Baker presented this item to Council. Applicant Wayne Lee, 1601 Regal Oaks, Southlake, Texas made a presentation and answered Council's questions. Director Baker, Director Price, and Assistant City Manager / Director Blagg answered Council's questions. Council continued discussion of this item. Motion was made to approve Ordinance No. 480-522A, 1St Reading (ZA09-011), Zoning Change and Site Plan for Countryside White Chapel Office Park as described specifically granting the changes as set forth in the staff report in Council's outline, REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 10 of 12 specifically granting the variances as outlined in the staff report, subject to Site Plan CW Review Summary No. 2, dated April 15, 2009 and subject to receipt on second reading of a detailed mitigation report that will outline all of the trees to be taken out in the drainage channel, specifically the pecan trees, and how those will be mitigated in replacement. Motion: Stansell Second: Jones Ayes: Jones, Muller, Muzyka, Stansell, Terrell Nays: Hill Approved: 5-1 C CW Mayor Pro Tern Terrell stated that items 7E and 7F will be tabled to the next meeting. Agenda Item No. 7E. Ordinance No. 480-WWW, 1St Reading, Amendment to the Comprehensive Zoning Ordinance No. 480, as amended, as it pertains to Solar Energy Systems. No presentation was made on this item. Since a comment card was submitted, Mayor Pro Tern Terrell allowed the public to speak. John Mann, 4108 Vista Creek Court, Arlington, Texas spoke about this item. Motion was made to table Ordinance No. 480-WWW, 1St Reading, Amendment to the Comprehensive Zoning Ordinance No. 480, as amended, as it pertains to Solar Energy Systems to the next Council meeting. Motion: Jones Second: Stansell Ayes: Hill, Jones, Muller, Muzyka, Stansell, Terrell Nays: None Approved: 6-0 (to table) Agenda Item No. 7F. Ordinance No. 480-YYY, 1St Reading, Amendment to the Comprehensive Zoning Ordinance No. 480, as amended, as it pertains to On-Site Sewage Facility Plans. No presentation was made on this item. Comprehensive Zoning Ordinance No. 480, as Sewage Facility Plans to the next Council meeting. Motion: Jones Second: Stansell Ayes: Hill, Muller, Muzyka, Stansell, Terrell Nays: Jones Approved: 5-1 (to table) Motion was made to table Ordinance No. 480-YYY, 1St Reading, Amendment to the amended, as it pertains to On-Site Agenda Item No. 11. Meeting adjourned. Mayor Pro Tern Terrell adjourned the meeting at 11:28 p.m. REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 11 of 12 C *An audio recording of this meeting will be permanently retained in the City Secretary's Office. John Terrell Mayor Pro Tern ATTE T: I a Lori Payne, TF City Secretary 0~ ;y C C REGULAR CITY COUNCIL MEETING MINUTES, APRIL 21, 2009 Page 12 of 12 AM-j c (1) E L Q^' W U C (B C a) C: 0 L 0 0 N co L U (a W v i U Q L C U D c d eo ~ n C I T SOUTHLAKE TEXAS Finance Department's Quarterly Review For the period ended March 31, 2009 City of Southlake April 2009 Integrity ♦ Innovation ♦ Accountability ♦ Commitment to Excellence ♦ Teatnivork To: Shana Yelverton, City Manager Jim Blagg, Assistant City Manager From: Sharen Jackson, Finance Director Re: Second Quarter FY 2009 Financial Report Date: April 21, 2009 The finance department is pleased to submit a financial report for the second quarter of FY 2009 for the period ended March 31, 2009. This report contains financial statements for the City's operating funds, status reports of the Capital Projects and a report of the City's Investment portfolio. GENERAL FUND REVENUES Property tax. In the General Fund, $15,507,937 of $15,847,240 or 97.9% of budgeted property tax has been collected. Since property tax bills are delinquent as of February 1, most tax collections are received in the first four months of the fiscal year. It is anticipated that collections will meet projections. Tarrant County has collected the City's taxes since 1982. Sales tax. Sales tax budgeted for Fiscal Year 2009 is $8,955,000. For FY 2009 second quarter (October through February) the City has collected $3,850,666 in sales tax. This is 4.7% or $173,001 above the projected amounts to date. The significant increase is due to budget collections are net Grand Avenue 380 agreement and actual collections include 100% of Grand Avenue collections sales tax. Franchise fees. Franchise fees include amounts received for use of public rights of way from utility companies. To date the City has received $1,280,762 of $2,699,848 budgeted. FY 2009 collections are comparable to prior year's collections. A large portion of the franchise fees are collected in the fourth quarter of the fiscal year. Tri- County pays their second semi-annual payment in July. Historically, Oncor made an annual payment in September but recently Oncor began making quarterly payments. Fines/Forfeitures. Revenues from Fines and Forfeitures are $429,501, which is 43.0% of the $1,000,000 budgeted. This revenue source depends on many variables, such as the number of citations issued, warrants issued and collected, plus the number of cases assigned to deferred adjudication. Citation volume is higher for second quarter FY 2009 compared to second quarter FY 2008. Citation volume is expected to remain consistent and revenues from fines are anticipated to meet budget. Charges for services. This category includes revenue from ambulance transport, recreation class fees, and amounts received from the Cities of Grapevine and Colleyville for participation in the Teen Court program. Revenues to date total $358,759, compared with $298,938 collected for the same period in the prior year. The majority of the revenue for this category is seasonal and collected during the summer months. It is anticipated that revenue from Charges for Services will be within budgeted amounts. Permits/fees. Revenues from permits and fees are $614,960 or 44.2% of the budgeted amount of $1,392,750. This is less than $888,466 collected as of March 31, 2008. 36 residential permits have been issued to date compared to 79 issued in the prior fiscal year. The largest decrease in permits/fees revenue is due to the reduced number of residential permits and decreased value in commercial permits issued during the second quarter FY 2009. 9 and 6 commercial permits were issued for the second quarter March 31, 2009 and March 31, 2008, respectively. Miscellaneous. This category includes amounts from tower leases, the 10% administrative fee retained from Municipal Court State taxes remitted quarterly to the Comptroller, and library fees/fines. The City has received $230,145 to date. Revenues from miscellaneous income will meet the $746,238 budgeted. Interest income. Interest earnings to date total $137,114. It is anticipated that interest income will be slightly below budgeted amounts, staff will continue to monitor revenues and make the necessary budget amendments this summer during the budget process. GENERAL FUND EXPENDITURES For the second quarter ended March 31, 2009 of the fiscal year, General Fund total expenditures are $14,765,933 or 46.6% of the $31,713,160 budget. A brief discussion of each department will follow, providing a summary explanation of major expenditures trends. General government department. Department expenditures for the City Secretary's Office, Human Resources, City Manager's Office and Support Services total $2,760,735 which is 46.2% of budget. Personnel and legal services expenditures are on target with budget. Therefore it is anticipated that expenditures in General Government will be within the amount budgeted. Finance department. For the Finance, Municipal Court, Teen Court Divisions, total expenditures to date are $908,504 or 46.4% of the $1,959,270 budgeted. Personnel, operations and capital expenditures are within budget. Public safety department. Total expenditures for Police Services, Fire Services, and Public Safety Support, are $6,431,944, which is 51.5% of the $12,486,768 budgeted. Currently, public safety expenditures are within budget and on target for the fiscal year. Public works department. Budgeted within this department are Streets/Drainage and Public Works Administration. Expenditures to date are $1,386,020 or 47.6% of the $2,910,285 budgeted. Personnel, operations and capital expenditures are within budget. Planning and development department. Total expenditures for Planning and building inspections are $946.978 or 45.5% of the $2,079,589 budgeted for the year. Expenditures in the Department are within budgeted. Economic development department. The department has expended $175,915, or 49.2% of the $357,302 budgeted for the year. Expenditures in the Department are within budget. Community services department. Total expenditures for Community Services, Parks and Recreation, and Library Services are $2,152,837 or 46.6% of the $5,938,877 budgeted. Personnel expenditures are on target with budget. There is $259,240 allocated for contract landscape/mowing for parks and municipal sites with the majority of the mowing during the summer months, consequently minimal expenditures have been made on this line item. Many of the recreation programs are planned for the summer months, therefore minimum expenditures for revenue-supported contract instructors have been spent through March. Expenditures in the Department are expected to be within budget projections. WATER AND SEWER ENTERPRISE FUND Revenues. As of March 31, 2009, the City has received $8,349,405 or 41.9% in revenues of the $19,948,000 estimated. This is higher when compared to $7,702,466 received through March of last year. The majority of revenue is received in the summer months. Total revenues for the year will most likely be within budget or slightly higher. Expenses. The City has expended $1,341,927 or 10.7% of the $19,823,956 budgeted for personnel, operations, capital, and debt services. Of the total expenses, $1,243,389 has been paid to the City of Fort Worth for treated water. STORM WATER FUND Revenues. On October 17, 2006, City Council approved Ordinance No. 900 and 901 establishing the Storm Water Drainage Utility System and establishing the fee respectively. As of March 31, 2009, the City has received $618,305 or 50.9% in revenue of the $1,215,000 estimated. Expenses. The City has expended $202,746 or 23.9% of the $847,989 budgeted for personnel and operations. $134,629 was expended for drainage materials. DEBT SERVICE FUND Revenues. The City has received $7,044,374 in current and delinquent property taxes through March 31, 2009. This fund pays the property tax supported debt requirements for the City. The first semi-annual payments were paid February 2009 totaling $6,764,245. SOUTHLAKE PARKS DEVELOPMENT CORPORATION (SPDC) Operating Fund. As of March 31, 2009, $1,896,597 in the 1/2 cent sales tax has been collected. SPDC sales tax receipts are 2.5% below estimates, or $50,078. CRIME CONTROL AND PREVENTION DISTRICT (CCPD) Operating Fund. As of March 31, 2009, $1,873,658 in the 1/z cent sales tax has been collected. Sales tax receipts are 3.1% below estimates, or $60,598. PARK DEDICATION FEE FUND Revenues. The City has collected $6,056 of the $60,000 budgeted for the year. This revenue source varies depending on the number of developments during a fiscal year, and the park dedication fee credits given, if any, for open space and amenities. Staff will continue to monitor revenues and make any necessary budget amendments this summer during the budget process. TAX INCREMENT FINANCIAL DISTRICT (TIF) Revenues. To date TIF has not received any revenues for the fiscal year. Historically, the TIF revenues are not collected until the third quarter of the fiscal year. STRATEGIC INITIATIVE FUND Expenditures. As of March 31, 2009, the expenditures were $868,501 for a fire engine to replace Engine 403, and software conversion. HOTEL OCCUPANCY FUND Revenues. The City has collected $282,350 or 43.7% in revenue of the $646,313 budgeted for the year. The Hotel Occupancy Tax is authorized under the Texas Tax Code, Chapter 351. The City of Southlake adopted Ordinance No. 769 in February 2000, levying a tax on room receipts. The Hilton Hotel in Town Square opened in June 2007. Expenditures. As of March 31, 2009, the expenditures were $55,339 for marketing and promotion. GENERAL FUND Statement of Revenues, Expenditures and Changes in Fund Balance for the period ended March 31, 2009 with comparative actual amounts for the period ended March 31, 2008 (fiscal month 6-50.0%) REVENUES Ad Valorem Taxes Sales Tax Franchise Fees Fines Charges for Services Permits/Fees Miscellaneous Interest Income Total Revenues EXPENDITURES City Secretary Human Resources City Manager Support Services General Government Total Finance Municipal Court Municipal Court-Teen Court Finance Total Fire Police Public Safety Support Public Safety Total Streets/Drainage Public Works Administration Public Works Total Building Inspections Planning Planning and Dev Total Economic Development Economic Development Total Community Services Parks and Recreation Library Services Community Services Total Total Expenditures Excess (deficiency) of Revenue over Expenditures OTHER FINANCING SOURCES AND (USES) Proceeds from lease/CO (net) Transfer In-Other Funds Transfer To-Other Funds Total Other Sources/(Uses) Excess (deficiency) of Revenues/other sources over Exp. FUND BALANCE OCT 1 Change in reserved fund balance ENDING FUND BALANCE fund balance percentage Year to Date 3/31/2009 $15,507,937 3,662,251 1,280,762 429,501 358,759 614,960 230,145 137,114 $22,221,429 $165,168 259,168 283,611 2.052.788 2,760,735 549,404 303,664 55,436 908,504 2,391,908 2,577,816 1.462.220 6,431,944 861,352 524,668 1,386,020 457,940 489.038 946,978 175,915 175,915 160,278 1,668,310 324,249 2,152,837 $14,762,933 $7,458,496 $0 0 0 $0 $7.458,496 2009 et Buda $15,847,240 8,955,000 2,699,848 1,000,000 912,686 1,392,750 746,238 500,000 $32,053,762 $398,346 566,154 562,308 4.454.261 5,981,069 1,162,978 670,163 126.129 1959 70 5,201,831 5,405,817 1.879.120 12,486,768 1,763,996 1,146.289 2,910.285 1,057,610 1.021.979 2,079,589 357.302 357302 568,472 4,728,851 641.554 5,938,877 $31,713,160 $340,602 $0 424,465 0 $424,465 $765,067 $7,347,683 $0 $8.112.750 25.58% Year to Date 3/31/2008 $14,311,890 3,531,257 988,608 394.265 298,938 888,466 '80,573 171.304 $20,965,301 $143,869 197,593 258,965 1.462.490 2,062,917 494,490 264.335 53.924 812,749 1,903,202 2,521,293 783.507 5,208,002 1,042,004 481.725 1.523,729 387,056 392.898 779,954 139.611 139,611 138,167 1,789,433 268.186 2,195,786 $12,722,748 $8,242,553 $0 0 0 $0 $8.242.553 C C WATER AND SEWER ENTERPRISE FUND Comparative Statement of Revenues and Expenses for the period ended March 31, 2009 and March 31, 2008 (fiscal month 6-50.0%) REVENUES Water Sales-residential Water Sales-commercial Sewer Sales Sanitation Sales Other utility charges Miscellaneous Interest Income Total Revenues EXPENSES Water Utility Billing Sewer Sanitation Debt Service Total Expenses Excess (deficiency) of Revenue over Expenses OTHER FINANCING SOURCES AND (USES) Transfer In-Other Funds Developer Contributions Transfer Out-Other Funds Total Other Sources/(Uses) Excess (deficiency) of Revenues and other sources over Expenses Year to Date 3/31/2009 $4,023,917 1.413,809 2,221,048 536,374 33,062 23,000 98.195 $8,349,405 $3,124,141 165,367 1,124,050 215,635 4.894.875 $9,524,068 ($1.174.663) $0 $50,000 0 $50,000 2009 Budeet $10,600,000 3,400,000 4,100,000 1,100,000 342,000 106,000 300.000 $19,948,000 $10,494,144 429,981 2,062,331 862,970 5.974.530 $19,823,956 $124.044 $50,000 38( 8.038) ($338,038) ($1.124.663) ($211994) Year to Date 3/31/08 $3,644,554 1,296,289 1,954,600 471,667 120,604 112,234 102.518 $7,702,466 $2,575,168 475,936 1,012,112 225,732 4.386.789 $8,675,737 $973.271 $0 $0 0 $0 $97( 3.271) C CITY OF SOUTHLAKE 1% SALES TAX REPORT 2009 Collected Budget Balance Budget to Date Balance Percent $ 8,755,000 $3,850.666 ($4.9D4.334) -56.02% MONTH FISCAL YEAR 2D07 % Inc -Dec FISCAL YEAR 2008 % Inc -Dec FISCAL YEAR 2009 % Inc -Dec October 674,934 -27.7% 686,499 1.7% 789,287 15.0% November 619,509 19.0% 802,417 29.5% 771,761 -3.8% December 1,106,026 34.4% 1,174,260 6.2% 1,060,018 -9.7% January 559,469 11.9% 760,276 35.9% 591,513 -22.2% February 611,242 28.1% 619,828 1.4% 638,087 2.9% March 804,752 9.7% 856,010 6.4% 0 -100.0% April 664,768 7.3% 749,508 12.7% 0 -100.0% May 744,258 17.6% 787,336 5.8% 0 -100.0% June 828,321 -7.9% 917,099 10.7% 0 -100.0% July 715,342 40.3% 751,045 5.0% 0 -100.0% August 672,614 4.7% 657,387 -2.3% 0 -100.0% September 810 258 4.8% 863.712 6.6% 0 -1D0.0% TOTAL $8,811,494 $9,625,378 $3,850,666 Three Year Revenue Comparison by Month 1,200,000 1,D00,000 8DO,DDO 600,000 400,DOO 2OD,000 0 ❑ FISCAL YEAR 2007 ■ FISCAL YEAR 2008 ■ FISCAL YEAR 2009 Actual Budget Actual Estimated (budget-est.) % Month 2008 2009 2009 2009 Difference Change October(*) $686,499 $624,422 $789,287 $ 789,287 $ 164,864 26.40% November(*) $802,417 $729,858 $771,761 $ 771,761 $ 41,903 5.74% December(*) $1,174,260 $1,068,077 $1,060,018 $ 1,060,018 $ (8,059) -0.75% January(*) $760,276 $691,528 $591,513 $ 591,513 $ (100,015) -14.46% February(*) $619,828 $563,780 $638,087 $ 638,087 $ 74,307 13.18% March(*) $856,010 $778,605 $0 $ 778,605 $ - 0.00% April $749,508 $681,734 $0 $ 681,734 $ - 0.00% May $787,336 $716,141 $0 $ 716,141 $ - 0.00% June $917,099 $834,170 $0 $ 834,170 $ - 0.00% July(*) $751,045 $683,132 $0 $ 683,132 $ - 0.00% August(*) $657,387 $597,943 $0 $ 597,943 $ - 0.00% September(*) $863.712 $785.611 $0 $ 785,611 $ - 0.00% TOTAL $ 9,625,378 $ 8,755,000 $ 3,850,666 $ 8,928,001 $ 173,001 * Beginning April 2006 includes Grand Avenue sales tax collections per 380 agreement 80% of collections will be distributed to Cooper & Stebbins O°~ ~ p ~ Few' ~`a P 1a, SP QJO 5e, SOUTHLAKE PARKS DEVELOPMENT CORPORATION C 1/2% SALES TAX REPORT 2009 Collected Budget Balance Budget to Date Balance Percent $ 4.634,228 $1.896.597 ($2.737.631) -59.07% FISCAL FISCAL FISCAL YEAR % Inc YEAR % Inc YEAR % Inc MONTH 2007 -Dec 2008 -Dec 2009 -Dec October $332,430 -27.7% $338,127 1.7% $388.753 15.0% November 305,131 19.0% 395,220 29.5% $380,121 -3.8% December 544,759 34.4% 578,367 6.2% $522,099 -93% January 275,560 11.8% 374,464 35.9% $291,342 -22.2% February 301,059 28.1% 305,289 14% $314,282 2.9% March 396,371 97% 421,617 6.4% $0 -100.0% April 327,423 73% 369,161 12.7% $0 -100.0% May 366,575 17.6% 387,792 5.8% $0 -100.0% June 407,979 -7.9% 451,705 107% $0 -100.0% July 352,333 40.3% 369,918 5.0% $0 -100.0% August 331,288 4.7% 323,788 -23% $0 -100.0% September 399,082 4.8% 425,411 6.6% $0 -100.0% TOTAL $4,339.989 $4,740.858 $1,896,597 Three Year R evenue Com parison by Month $6DO,DDO $5D0,DDO $400,000 $3DO,D00 ti $200,ODO $100,DDD o~ d~ 0 FISCAL YEAR 2007 ■ FISCAL YEAR 2008 S FISCAL YEAR 2009 Actual Budget Actual Estimated (budget-est.) % 2008 2009 2009 2009 Difference Change October $338,127 $330,522 $388,753 $ 388,753 $ 58,232 16.40% November $395,220 $386,331 $380,121 $ 380,121 $ (6,210 ) -1.91% December $578,367 $565,358 $522,099 $ 522,099 $ (43,260 ) -7.44% January $374,464 $366,042 $291,342 $ 291,342 $ (74,700 ) -25.39% February $305,289 $298,422 $314,282 $ 314,282 $ 15,860 4.93% March $421,617 $412,134 $0 $ 412,134 $ - 0.00% April $369,161 $360,858 $0 $ 360,858 $ - 0.00% May $387,792 $379,070 $0 $ 379,070 $ - 0.00% June $451,705 $441,546 $0 $ 441,545 $ - 0.00% July $369,918 $361,598 $0 $ 361,598 $ - 0.00% August $323,788 $316,505 $0 $ 316,505 $ - 0.00% September $425.411 $415,842 $0 $ 415,842 $ - 0.00% TOTALS $ 4.740.858 $ 4,634.228 $ 1,896,597 $ 4,584,150 $ (50,078) SOUTHLAKE CRIME CONTROL AND PREVENTION DISTRICT 112% SALES TAX REPORT 2009 Collected Budget Balance Budget to Date Balance Percent $ 4,601,783 $1,873,658 (2.728.125) -59.28% 0 Fiscal Year Percent Fiscal Year Percent Fiscal Year Percent 2007 Increase/ 2008 Increase/ 2009 Increase/ MONTH Actual (Decrease) Actual (Decrease) Actual (Decrease) October $304,276 -34.01% $334,143 9.82% $352,123 5.38% November 308,020 19.01% 376,231 22.14% 404,136 7.42% December 523,323 40.69% 536,434 2.51% 524,522 -2.22% January 290,761 18.11% 362,682 24.74% 291,077 -19.74% February 301,199 27.64% 299,335 -0.62% 301,800 0.82% March 382,088 13.60% 382,776 0.18% - -100.00% April 311,411 2.68% 363,054 16.58% - -100.00% May 359,218 14.26% 388,216 8.07% - -100.00% June 389,658 -7.73% 421,448 8.16% - -100.00% July 348,010 36.36% 362,334 4.12% - -100.00% August 329,686 5.96% 318,847 -3.29% - -100.00% September 374,527 10.05% 395,781 5.67% - -100.00% TOTAL $4222 177 $4,541,281 $1,873,658 _j Three Year Revenue Comparison i by Month $600,000 - $500,000 j $400,00D $300,000 $200,000 $1 Do'DD0 $0 0a' Og O~ O°' O~ O~ O~ O~ 00 O~ 00 O~ O°~ mac, pvG )a~^ Qe~ ~A~~ PQ~ ~J~ ~J\ PJ~ 5e~ N Fiscal Year 2007 Actual ❑ Fiscal Year 2008 Actual ■ Fiscal Year 2009 Actual Actual Budget Actual Estimated (budget-est.) % 2008 2009 2009 2009 Difference Change October $ 334,143 $ 338,595 $ 352,123 $ 352,123 $ 13,528 4.00% November $ 376,231 $ 381,243 $ 404,136 $ 404,136 $ 22,893 6.00% December $ 536,434 $ 543,581 $ 524,522 $ 524,522 $ (19,059) -3.51% January $ 362,682 $ 367,514 $ 291,077 $ 291,077 $ (76,437) -20.80% February $ 299,335 $ 303,323 $ 301,800 $ 301,800 $ (1,523) -0.50% March $ 382,776 $ 387,876 $ - $ 387,876 $ - 0.00% April $ 363,054 $ 367,891 $ - $ 367,891 $ - 0.00% May $ 388,216 $ 393,388 $ - $ 393,388 $ - 0.00% June $ 421,448 $ 427,063 $ - $ 427,063 $ - 0.00% July $ 362,334 $ 367,161 $ - $ 367,161 $ - 0.00% August $ 318,847 $ 323,095 $ - $ 323,095 $ - 0.00% September $ 395,781 $ 401,054 $ - $ 401,054 $ - 0.00% T OTAL $ 4.541.281 $ 4.601,783 $ 1,873,658 $ 4,541,185 $ (60,598 ) L401 X X C c LU Nol~ Y l O L% 0 c~ O a 7 C W C~ a it O w O~ 0 0 N M U it C~ L es d L C m c O Go Q 3 S r.+ O V! 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The City of Southlake's CIP Quarterly Status Report has been designed as a resource tool to be utilized by City staff, citizens of Southlake, and the community at large. The objective of this report is to provide timely and accurate information in a user friendly format regarding construction and other improvement projects in the City of Southlake. C Projects within the City's CIP are categorized as follows: Street and Drainage Improvements, Traffic Management Projects, Water System Improvements, Sewer System Improvements, Crime Control Projects and Southlake Parks Development Corp. Improvement Projects. 1400 Main Street Suite 440 • Southiake, 7X 76092 (617) 748-6042 • wwwA souffiake.bc.us G TABLE OF CONTENTS Page 0 Street and Drainage Improvements ..............................................................1 Traffic Management Projects ......................................................................5 Water System Improvements ......................................................................6 Sewer System Improvements .....................................................................9 Crime Control Projects ..........................................................................11 Southlake Parks Development Corp Improvements ....................................12 C C ~401 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Street & Drainage Improvement Projects Report Date: March 31, 2009 Title: Location: Project Description: FM 1938 Right-of-Way East side of Randol Mill from On December 31, 2001, the TCC approved a Minute FM 1709 north to the city limits Order giving the extension of FM 1938 (FM 1709 to SH 114) along the Randol Mill ROW Priority II funding status and Farm to Market designation. This means the FM 1938 extension project will likely be funded. Tarrant County will be acquiring 120' of ROW for the project. An additional 16'-20' will need to be acquired by the City of Southlake to provide a buffer, landscaping, a trail, and a 24" water line. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 580,000 $ 253,664 $ 326,336 Fundina Source(s): Status: G.O. Bonds, G.O Bond Interest Tarrant County, through an interlocal agreement with the City, is in the process of obtaining right-of-way on the City's behalf. This is part of Phase 2 of the project. Completion Date: Before Phase 1 is complete Title: N. White Chapel Ultimate Roadway Location: N. White Chapel from Emerald to State Hwy. 114 Project Description: This project is for the design of the ultimate roadway section (4 lane divided) as depicted by the Thoroughfare Plan. This project also includes necessary drainage improvements. Cost to Complete: $ 6,777,069 Status: Design is currently underway Construction is tentatively scheduled to begin first quarter 2010. Total Estimated Cost: LTD Actual Cost: $ 7,095,000 $ 317,931 Funding Source(s): G.O. Bonds, G.O Bond Interest, Roadway Impact funds Completion Date: Fall 2010 Title: Location: Proiect Description: Sidewalks throughout the city Various locations Construction of sidewalks in areas where staff has received requests for the installation of sidewalks, primarily around schools and areas where sidewalks would improve C pedestrian safety. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 717,168 $ 97,938 $ 619,231 Page 1 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Street & Drainage Improvement Projects %nd Report Date: March 31, 2009 Fundina Source(s): Status: G.O Bonds, Strategic Initiative Fund transfer In progress Completion Date: When funds are depleted Title: Location: Project Description: Roadway and drainage Shumaker Lane & Construct paving and drainage on Shumaker Lane. This improvements Sunshine street is a gravel street with storm water run-off that floods property to the west in Hunter's Ridge subdivision. On Sunshine the project will scarify, reclaim, and reshape the existing pavement and subgrade. Existing bar ditches will be regraded and reshaped to improve drainage. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 945,858 $ 515,234 $ 430,624 Fundina Source(s): Status: Strategic Initiative Fund transfer This project has been awarded and construction began in November 2008 Contract is approximately 56% complete. Completion Date: Summer 2009 Title: Location: Project Description: Roundabout construction White Chapel at Continental Reconstruct the intersection to improve traffic flow and drainage. The design will include a traffic analysis to determine the optimal intersection. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 750,000 $ 191,375 $ 558,625 Fundina Source(s): Status: Strategic Initiative Fund transfer, Roadway Impact fund Project design is complete and the right-of-way acquisition is underway. The project is scheduled to be awarded May 2009 with construction to begin Summer 2009. Completion Date: Fall 2009 Title: Location: Project Description: ARON Roundabout construction Dove at N. White Chapel Reconstruct the intersection to improve traffic flow and drainage. The design will include a traffic analysis to determine the optimal intersection. Page 2 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Street & Drainage Improvement Projects Report Date: March 31, 2009 Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 805,000 $ 62,743 $ 742,257 Funding Source(s): Strategic Initiative Fund transfer, Roadway Impact fund Status: The project design is complete, right of way and utility relocations are underway, and the project is scheduled to be awarded in April 2009 Completion Date: Winter 2009 Title: Location: Proiect Description: Roundabout construction Dove at N. Carroll Reconstruct the Dove St. and N. Carroll Ave intersection to improve traffic flow and drainage. The design will include a traffic analysis to determine the optimal intersection. Total Estimated Cost: LTD Actual Cost: $ 1,052,500 $ 260,305 ® Funding Source(s): Strategic Initiative Fund transfer, Roadway Impact fund Storm Water Drainage funds Cost to Complete: $ 792,195 Status: The project design is complete, right of way and utility relocations are underway, and the project is scheduled to be awarded in April 2009 Construction will begin May 2009. Completion Date: Fall 2009 Title: Location: Project Description: Trail improvements East Dove Road from White Chapel Trail system implementation in key, high-use areas to to Estes Park entrance to Carroll compliment existing trails, make critical connections, or Middle School. construction as part of other capital projects. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 347,000 $ 57,042 $ 289,958 Funding Source(s): Status: G.O. Bonds, Strategic Initiative Fund transfer Design is complete and project will be bid this summer Completion Date: Fall 2009 Title: Location: Proiect Description: ® N. Kimball Avenue N. Kimball Ave from SH 114 to Reconstruct ultimate section (4 lanes divided) of N. Kimball Dove Rd. Ave from SH 114 to Dove Rd. Ultimate section would add traffic lanes to encourage re-development of the Mesco site and alleviate traffic congestion. Page 3 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Street & Drainage Improvement Projects C Report Date: March 31, 2009 Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,100,000 $ 521,161 $ 578,839 Funding Source(s): Status: Roadway Impact fees, G.O. Bonds Design and engineering currently underway Completion Date: FY 2010-11 c C Page 4 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPR OVEMENTS PLAN - Traffic Management Projects Report Date: March 31, 2009 Title: Location: Project Descriotion: Agreement with TXDOT for Jellico Court East and West Construction of intersection improvements with construction of deceleration Brock Dr., Meadowlark Ln., deceleration lanes along FM 1709 from Jellico Circle lanes at various locations Southridge Lakes Pkwy & West to Bank Street. along FM 1709. Waterford Dr., Ginger Ct., Stone Lakes PI., Timber Lake PI., Lake Crest Dr., Bicentennial Park, Diamond Blvd./Byron Nelson Pkwy., Foxborough Ln., Miron Dr., Westwood Dr., Commerce St., Bank St. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 500,000 $ 5,976 $ 494,025 Fundina Source(s): Status: G.O. Bonds, G.0 Bond Interest The design is complete, TXDOT has approved the plans and construction is scheduled to begin Summer 2009. Completion Date: Spring 2010 10 Title: Location: Proiect Description: Design of right turn deceleration Various locations on Southlake Professional services agreement with TranSystems lanes Blvd. Corporation. Services will include design, right-of-way surveying with digital aerial photogrammetry, preparation of construction plans and specifications, and preparation of construction documents. The project will also address drainage and culvert issues that are necessary to accommodate the widening. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 343,123 $ 287,690 $ 55,433 Funding Source(s): Status: G.O. Bonds, G.O Bond Interest Utility relocation plans are complete and right of way acquisition is underway. Utility construction will begin in April 2009. The design of the deceleration lanes is complete and plans have been approved by TXDOT Construction is anticipated to begin Fall 2009. Completion Date: Spring 2009 C Page 5 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Water System Improvement Projects Apok Report Date: March 31, 2009 Title: Location: Project Description: 12" water line Along E. Continental Blvd. from Replace existing 8" water main with approximately 1,200 Byron Nelson Pkwy. to LF of 12" water main. Tie in existing 8" at Wyndsor Champion's Way Creek, tie in existing 8" at Sarah Park Trail, and tie in existing 6" at W. Perry & E. Perry Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 276,650 $ 276,370 $ 280 Funding Source(s): Status: Tax & Revenue Certificates of Obligation 99% complete (issued in 2006) Completion Date: Spring 2009 Title: Florence 1.5 MG elevated ® water tank Location: Brewer Dr just south of Florence Rd. Proiect Description: Total Estimated Cost: LTD Actual Cost: $ 2,860,000 $ 2,645,783 Funding Source(s): Tax & Revenue Certificates of Obligation Completion Date: Spring 2009 Construction of a 1.5 million gallon water tower to replace the existing 0.5 million gallon tank on Florence Dr The capacity of the existing tank is inadequate and has to be refilled many times per day, resulting in cost of pumping, electricity and shortage of supply to the customers. Cost to Complete: $ 214,217 Status: Construction 97% complete. The new tank is operational. Final paving and landscaping are nearing completion. Title: Location: Project Description: 30" water supply line to TW King TW King Pump Station #2 Construct approximately 32,000 linear feet of 24" water Pump Station #2 transmission line in order to fully utilize pump station #2 and the ground storage tanks. Currently, this pump station is not connected to the Fort Worth supply line. It has to be back fed from pump station #1 This process is inefficient and reduces the City's ability to pump water throughout the system. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 5,476,000 $ 244,361 $ 5,231,639 Page 6 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Water System Improvement Projects Awft, kw~ Report Date: March 31, 2009 Funding Source(s): Status: Tax & Revenue Certificates of Obligation This part of the project is for 7,500 LF for Segments A and F. The design phase is complete, the contract has been awarded and construction is anticipated to begin May 2009. Completion Date: FY 2009/10 Title: Location: Proiect Description: 12" water line along Randol Mill from Randol Mill Bend This project involves replacing 8300 linear feet of existing 6" Randol Mill to FM 1709 water line along this portion of Randol Mill. The design was completed during FY 01-02 from FM 1709 to Florence. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 430,000 $ 95,000 $ 335,000 Funding Source(s): Status: Tax & Revenue Certificates of Obligation Construction of the water line is on hold until the right-of-way has been acquired. This will be done in conjunction with Phase II of the FM 1938 improvement project. Completion Date: September 2010 Title: Location: 12" water line along Highland from Shady Oaks Highland to SH114 Total Estimated Cost: LTD Actual Cost: $ 500,000 $ 44,808 Funding Source(s): Tax & Revenue Certificates of Obligation C Completion Date: Fall 2009 Project Description: This project involves upgrading 5500 LF of 6" pipe with 12" water line. Cost to Complete: $ 455,192 Status: Engineering is complete and project has been awarded. Construction is scheduled to begin April 2009. Page 7 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Water System Improvement Projects - Report Date: March 31, 2009 Title: Location: Proiect Descriotion: City of Fort Worth North Beach, Caylor, Southlake Meter station improvements required for Fort Worth to meter modifications Pearson and Keller pump stations assume meter reading responsibility and to bill the City of Keller and the City of Southlake separately Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 818,501 $ 100,311 $ 718,191 Funding Source(s): Status: Contract has been awarded and is approximately Tax & Revenue Certificates of Obligation 14% complete Completion Date: FY2009-10 L_I C Page 8 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Sewer System Improvement Projects Report Date: March 31, 2009 Title: Location: Project Description: Neighborhood sanitary sewer Quail Creek Estates, Woodland Install 8" sanitary sewer lines to convert neighborhoods installation, convert from septic Heights, and Shumaker Lane from septic to sewer 7,000 LF in Quail Creek and Woodland Heights, 930 LF on Shumaker Lane from Hunters Creek to Sunshine Ln. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,254,735 $ 890,724 $ 1,364,011 Fundin4 Source(s): Status: Tax & Revenue Certificates of Obligation Project is under construction, 37% complete (issued in 2006) Completion Date: Fall 2009 Title: N-1 sewer analysis and meter ® station improvements for TRA improvements Total Estimated Cost: $ 200,000 Fundina Source(s): Residual funds from other projects Completion Date: Location: Project Description: N-1 sewer line from Southlake and Sewer system capacity and structural integrity evaluation Westlake border to north of and miscellaneous meter station improvements necessary Kirkwood Blvd. to satisfy TRA requirements for turnover of ownership and maintenance of the N-1 line north of the Southlake city limit. Completion of the turnover will shift Westlake billing responsibility to TRA. LTD Actual Cost: Cost to Complete: $ 37,191 $ 162,809 Status: Professional services contract has been awarded to RJN Group, Inc. for the evaluation of the condition and capacity of the N-1 sewer line. Contract with RJN is complete c Page 9 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Sewer System Improvement Projects Report Date: March 31, 2009 Title: Location: Proiect Description: 8" sewer line Heatherwood Estates This project involves providing sanitary sewer service to the Royal Oaks Estates indicated neighborhoods which are experiencing problems Twin Creek Estates with septic systems; also to improve groundwater quality within the city. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,000,000 $ 97,497 $ 902,503 Funding Source(s): Status: Tax & Revenue Certificates of Obligation Design is 85% complete and right-of-way is (issued in 2008) being obtained. Completion Date: Spring 2010 0 C Page 10 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Crime Control Fund Projects - Report Date: March 31, 2009 Title: Location: Proiect Description: DPS East facility Central DPS facility to be located Design and construction of a centrally located DPS facility. at 667 N. Carroll Ave. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 28,227,104 $ 14,497,775 $ 13,729,329 Funding Source(s): Status: Crime Control sales tax Construction is approximately 46% complete Completion Date: Fall 2009 Title: Location: Proiect Description: Town Square video surveillance Town Square To strategically place fixed and moveable video cameras at Town Square and Grand Ave. Cameras will be monitored and recorded. Will help provide a sense of safety and security in Town Square, as well as provide a valuable tool in the prevention and investigation of crime. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 650,000 $ 292,868 $ 357,132 Funding Source(s): Status: Crime Control sales tax 31 cameras are installed at the East and West parking garages, Hilton Hotel, Harkins Theatre and Town Hall. Completion Date: Summer 2009 C Page 11 C 0 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Southlake Parks Development Corp. Improvement Projects Report Date: March 31, 2009 Title: Location: Royal & Annie Smith Park 3001 Johnson Rd. developments Proiect Description: Design, engineering and construction of an asphalt drive and parking area off Johnson Road , 24' pavilion, irrigation, amenities such as benches, etc. farm implement display, fine grading, landscaping, trail additions and playground. Total Estimated Cost: LTD Actual Cost: $ 451,652 $ 280,697 Funding Source(s): Sales Tax Revenue Bonds Cost to Complete: $ 170,955 Status: Construction is approximately 60% complete Completion Date: Fall 2009 Title: Location: Project Description: Liberty Park at Sheltonwood Dove at Ridgecrest Design, engineering and construction of crushed granite drive and parking, 2 - 24' pavilions, irrigation, amenities, landscape improvements, utility upgrades, basic remodeling of existing pavilion, trails (2,300 1.f.), playground, sand volleyball and horseshoes. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 837,348 $ 571,607 $ 265,741 Funding Source(s): Status: Sales Tax Revenue Bonds Construction is approximately 63% complete Completion Date: Fall 2009 Title: Location: Project Description: Land acquisition for multi-use Various Purchase of approximately 40-acres for lighted sports facility complex. A new Community Park would be ideal to house a large number of the fields and minimize the alternative of decentralizing lighted facilities. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,238,000 $ 1,095,586 $ 1,142,414 Page 12 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Southlake Parks Development Corp. Improvement Projects Report Date: March 31, 2009 Funding Source(s): Status: Sales Tax Revenue Bonds Expenditures to date have been for Miles property at Bob Jones Park. Completion Date: When funds are depleted Title: Location: Proiect Description: Texas Parks and Wildlife trail Walnut Grove trail system Improvements to the Walnut Grove trail system. restoration grant, matching fund Bob Jones Trailhead - 4 covered picnic tables and corral participation fencing. Walnut Grove Trailhead - 2 covered picnic tables. Erosion control and improvements to trail surfaces and natural water crossings. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 44,950 $ 6,736 $ 38,214 Funding Source(s): Status: Avft~ Sales Tax Revenue Bonds, On hold Matching Funds from Southlake Mounted Patrol Completion Date: Title: Location: Proiect Description: Bicentennial Park design and Bicentennial Park Phase I improvements as part of the Bicentennial Park development schematic design include: Shady Oaks entrance/road/round-a-bout; west baseball four-plex and parking; drainage improvements with pond enhancements; FM 1709 entrance improvements; Evan's house modifications; Tennis Courts (from Phase III) Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,200,000 $ 966,646 $ 233,354 Funding Source(s): Status: SPDC Operating Fund Design is complete and project is ready to be bid Completion Date: Summer 2009 G Page 13 a 0 0 NWM m 0 3 O 3 N C 3 3 d FIRST SOUTHWEST ASSET MANAGEMENT STRENGTH STABILITY OPPORTUNITY Major Events When 2009 began, there was a cautious sense of optimism The Fed had slashed overnight rates to zero in December. The new president promised a massive stimulus package and immediate help for struggling homeowners. A drop in mortgage lending rates from the third quarter average of 6.31% to 5.03% at the end of December opened a refinancing window for many homeowners. Gasoline prices had fallen more than 60% from an average of $4.17 per gallon in Jul), to $1.67. And the recession was officially entering its 13th month, already beyond the ,ostwar average of 11. But the economy didn't get better in January. It got progressively worse. The two most common indications of economic trouble are a sustained and significant drop in the stock market and a rise in the unemployment rate. Although the DOW had lost nearly 20% in the final quarter of 2008, the first trading day of 2009 ended with a healthy 256 point gain, pushing the index back above 9.000 for the first time in eight weeks. Unfortunately, this would prove to be the high point of the quarter as the parade of discouraging news began. The minutes from the December FOMC meeting were particularly grim ti•ith Fed officials suggesting that large stock market and housing value declines, along with the global nature of the downturn could result in a longer and deeper recession than previously thought. There was plenty of December data to support the Fed's belief. The ISM factory index slumped to a 28-year low, retail sales were negative for the sixth straight month and December nonfarm payroll losses totaled 681k, a 60-year low. This record would be broken in January as another 741k jobs disappeared and unemployment climbed above 8%. Few businesses were spared the pain of the downturn. Insurance giant AIG, now 80% owned by the U.S. government, reported a stunning $61.7 billion fourth quarter loss, received another $30 billion in emergency funds and became the latest poster child for risk-taking and corporate excess. Government-run Fannie Mae and Freddie Mac posted fourth quarter losses of $25 billion and $24 billion respectively as mortgage defaults reached new highs. Bank of America received $118 billion in guarantees and an additional $20 billion in TARP funds during the first quarter while Citigroup received $300 billion in government guarantees and a $20 billion dollar direct Treasury investment. U.S. automakers GM and Chrysler began and ended the irst quarter teetering on the brink of bankruptcy. f In the minutes from the January FOMC meeting, Fed officials severely downgraded their GDP forecast for 2009 to show an overall contraction of between 0.50% and 1.3%. Three months earlier, they were expecting 1.1 % positive growth for the upcoming year. But, somewhere along the line, as weak data became exhausting and commonplace, the financial markets stopped reacting to the bad news and weak numbers and began focusing on the government's efforts to repair the damage. On February 17th, new President Obama signed the 1,100 page, $787 billion economic stimulus plan into law. Titled the `American Recovery and Reinvestment Act of 2009'; the plan included an extension of unemployment benefits, targeted tax cuts and spending plans for infrastructure projects, education, health care and alternative energy development. On the same day, the President announced the "Homeowners Affordability and Stability Act"; which offered up to $275 billion to help stem foreclosures through the modification of troubled loans. In March, the Fed finally launched the Term Asset-Backed Securities Loan Facility (TALF), a $1 trillion program announced in November, intended to jumpstart the securitization markets by encouraging big investors, with the help of low--cost collateralized government loans, to purchase newly issued pools of auto, student and business loans. At the March 18th FOMC meeting, Fed officials, with no room to cut rates below zero, announced a pledge to purchase up to $300 billion in Treasuries in the open market along with another $750 billion in agency mortgage-backed securities and another $100 billion in agency debt, thereby injecting huge amounts of cash into the financial system. Interest rates responded quickly and definitively with mortgage rates falling by as much as 25 bps within days. A week later, Treasury Secretary Geithner announced details on the Public-Private Investment Program (PPIP), a complex plan to combine public and private investment funds along with government guarantees in the latest effort to extract toxic assets from the balance sheets of troubled financial companies. This unusual plan drew praise from investors even as some doubted its probable success. Housing 1,450 1.250 a ~ 1,osD 5 650 N = 650 Z 2 Existing Home Sales New Home Sales 450 250 D Z T K D Z KcD Z a F ➢ Zc.n ; D Z'. o ~ ~ o ~ o o ~ o 6 N ~ rn rn a m 6 6 6 6 6 ° °N °m m m 6 New and Existing Home Sales Annualized by Month a 3 An eventual turnaround in the housing sector would be a critical component for economic recovery but so far the housing data has shown few positive signs. Although new and existing home sales both rose in February, experts have written off much of the unexpected jump on a particularly warm month. From the peak of housing activity in mid-2005 through February 2009, new home sales have tumbled 76%, while existing home sales dropped 35%. The lack of buyers has pushed home prices down 27% from Jul), 2006 according to the S&P Case Shiner index. The nventory of existing homes for sale held steady at 9.7 months in February, down from a record 11.3 month supply ten months earlier, while new home inventories fell from a record 12.9 month supply in January to 12.2 in February. The massive inventory overhang has put a damper on new construction. Housing starts fell 17% in January to the lowest level since record-keeping began, but unexpectedly rebounded by 22% in February, again due in part to favorable weather. But there is reason to be hopeful. Government intervention has pushed mortgage lending rates to record lows - in late March, according to the MBA 30-year mortgage surrey, the average weekly rate dropped from 4.89°/D to 4.63%, the lowest in surrey history. The historically low lending rate, paired with a 27% price discount, translates into the most affordable housing environment on record. The National Association of Realtor's affordability index rose to 173 in February. This means that a family earning the median U.S. income would have 173% of the income required to qualify for a conventional loan on a median-priced existing single-family home. This number -mill be even higher in March. Employment 11e labor market is a lagging indicator and a reliable proxy for economic growth, so abysmal employment numbers in the midst of a recession should hard]y come as a surprise. However, the non-farm payroll numbers that were released during the quarter were severe enough to hammer home the reality of the recession and probably contributed to a frantic scramble by the Fed, Congress and the new Administration to come up with solutions to fix the problem. In December, 681k payroll jobs were lost, the most in almost 60 years. The January job loss (revised) was much worse as businesses slashed 741k positions. From January 2008 to March 2009, employers laid-off more than 5 million workers. During this same period, the unemployment rate rose from 4.9% to 8.5%. Unfortunately, the situation isn't improving. Job loss is expected to continue throughout 2009 with the unemployment rate expected to easily exceed 9% before the end of the year despite massive government stimulus designed to save and create jobs. The employment report will be a key indicator of economic recovery. Signs of an economic upturn will become apparent as job loss slows and eventually turns positive. Unemployment Rate (Left Hand Scale) Change in Nonfarm Payrolls (Right Hand Scale) m 3 ? > m O c n ? i m ~ q 5 m a - c m m ~ ~ m m m m °m m ~ ,°c 3 Change in Nonfarm Payrolls uremployment Rate Employment Unemployment Rate and Change in Non-Farm Payrolls Consumer Spending 200 1 DO -100 -200 -300 -400 -500 -600 -700 -B00 By the end of the fourth quarter, U.S. households had lost as much as $13 trillion in net worth. By some estimates, this number had risen to $20 trillion by the end of the first quarter. Predictably, consumer confidence has plunged with the Conference Board's measure reaching 25 in February, the lowest level since record-keeping began 42 years earlier. Interestingly, retail sales actually rose 1.8% in January after falling for a record six straight months, although the fuel for the buying spree was apparently the redemption of holiday gift cards. For all of 2008, retail sales fell 0.1 the first year-over-year decline in history. Auto sales have taken a severe beating, falling to a 27-year low of 9.1 million annual units in February, a 42% drop from the 15.3 million sales pace recorded for the prior 12-month period. Time Magazine reported that the average car on U.S. roads is now 9.4 years old, a new record. With an estimated 12 million cars being thrown on the scrap heap annually and 2 million new drivers entering the market everyyear, the sales pace is bound to pick up. Inflation Inflation concerns evaporated last quarter as the global slowdown intensified and speculators exited the commodities markets. Energy prices led the retreat -with crude oil falling from a record high of $147 per barrel to below $40 by year end, while gasoline prices dropped from an all-time high of $4.17 to $1.67. In the first quarter of 2009, commodity prices remained in a fairly narrow, range, with oil and gas prices creeping gradually higher. However, the overall consumer price index (CPI) was unchanged on a year-over-year basis in January, sparking deflationary concerns. When a slight February increase boosted the annual consumer price index to 0.2%, it actually came as a relief to the financial markets. g amm accustomed to in the past. The housing market„ essential to aea err has wet to find a hottorn, despite huge]y favorable conditions for new buyers and neally created lifelines for s=iggling home owners. The labor market has pk1ed tip -a tremendous amount of negative momentum i6 tth 3.3 milhion jobs lost in the past five months. The ailing factory sector could be dealt a severe blow later this-year if GM or Chry-ter were to shirt down operations. Consumer Price Index: Core and All Items, Year over Year Stock Markets Any hope for a strong start to 2009 faded away as the DOW sunk 8.8% in the first month of 2009. Seventy-five percent of the time, January stock market performance predicts the ultimate direction for the remainder of the year. The January 2009 percentage loss was the worst since 1894. After reaching a new 12-year low in early March, the DOW climbed 16% to end the quarter on a less negative note. Despite the late rally, the DOW shed another 1,167 points or 13%, the worst first quarter performance in )ercentage terms since 1939. DOW S&P 500 NASID•t 12/31/08 8,776 898 1,577 3/31/09 7,609 795 1,529 % Change for Q1-2009 -13% -11% -3% Interest Rates Last 12/31/08 0.25% 0.08% 0.26% 0.77% 1.55% i 2.21% High 0.32% 0.50% 1.09% 2.08% 3.01% Low 0.06% 0.26% 0.71% 1.35% 2.20% End 3/31/09 0.25% 0.21% 0.42% 0.80% 1.66% 2.67% Economic And Interest Rate Outlook The U.S. is hardly alone in its economic struggles. The Centre for Economic Policy Research, an organization _<mular to our own National Center for Economic Research declared that the European recession began in January 2008, fallowing an unparalleled expansion period dating back to the third quarter of 1993_ The International Monetary Fund (iMF) recently predicted that japans GDP would shrink by 5.8% in 2009, while the euro zone would fall 32% and the U -S- 2.15%. The Organization for Economic Cooperation and Development predicted that the global economy vvil] shrink by 750% and that global output will fall for the first time since World '#'v'ar lI_ The answer to the worldm ide recession seems to be unified government .stimulus The news is daunting and has hamstrung individual investors. Business lk'eek reported that an estimated $4 trillion is currently being held idle in U .S. money market funds earning an average rate of just (t_33%. The investors are able, but not -iA-Ming. Too much has been lost already. Economist Hernando de Soto pointed out on March 25th in a Wall Street journal editorial that the global economy had experienced over $>0 trillion in combined paper losses on :stocks, real estate, commodities and operational earnings over ehe past 15 months, with subprime mortgages, largely thought to be the cause of the meltdown, accounting for no more than $1 trillion of those losses. Subprime may have been the spark, but the fuel seems to be the corresponding lack: of trust in paper of all kinds The U -S. government is trying to restore this twist by standing behind deposits, investments and even new car warranties. In the offida] statement issued following the March FOMC meeting, Fed officials stated that the overnight funds rate was expected to remain within its current 0% to 0 2 3% range "for an ei.-tended period" Although the Fed's time frame is purposefully vague, economists polled in the March Bloomberg Nevus survey suggest that this extended period likely extends into the third quarter of 2010. But Fed officials, for whatever reason, adopted a cheerier tone as the quarter drew to a close - Minneapolis Fed President Stern said that he was _guardedly optimistic that many pieces are now in place to contribute to improvement in financial market conditions and business activity , while Dallas Fed President Fisher said that "the combination of monetary policy and initiatives to achieve financial stability; and fiscal policy will work to revive the economy" Even Chairman Bernanke chimed in during a CBS 60-Minutes interview saying °I have every confidence that this economy -will recover, and recover in a strong and sustained way." Although even modest recovery is probably still months away, the stimulus seeds have been planted and optimism, an essential element to economic recovery, may be creeping back into the picture. The U .S. economy is entering its 17th month of contracting GDP, surpassing both the `73-75 and `81-82 downturns to become the longest postwar Scott McIntyre, CFA recession on record. Unfortunately, the end appears to be at least another six Senior Portfolio Manager months away. And the road to sustainable growth may be longer than weve April 9, 2009 in t3 CPI ® Core