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2009-08-04
CITY OF SOUTHLAKE TEXAS REGULAR CITY COUNCIL MEETING MINUTES: AUGUST 4, 2009 LOCATION: 1400 Main Street, Southlake, Texas City Council Chambers Special note: In addition to the regular meeting, a joint work session was held with the Planning and Zoning Commission to receive a joint presentation from staff on case ZA09-034. CITY COUNCIL PRESENT: Mayor John Terrell, Mayor Pro Tern Virginia M. Muzyka, Deputy Mayor Pro Tern Laura K. Hill, and Councilmembers Brandon Bledsoe, Gregory Jones, Carolyn Morris, and Pamela A. Muller. CITY COUNCIL ABSENT: None. 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 Ortowski, Community Relations Officer Pilar Schank, Director of Community Services Chris Tribble, Construction Manager Peter Kao, Director of Economic Development Greg Last, Director of Finance Sharen Jackson, Director of Human Resources Kevin Hugman, Director of Information Technology Dale Dean, Information Technology Technician Eric Lusk, Director of Planning and Development Services Ken Baker, Chief Building Official Paul Ward, Planner I Daniel Cortez, Administrative Secretary Stephanie Breitbarth, Chief of Police Services Robert Finn, Deputy Chief of Fire Services Bryan Thomas, Director of Public Works Robert Price, Deputy Director of Public Works Gordon Mayer, City Attorney E. Allen Taylor, and City Secretary Lori Payne. WORK SESSION: PLANNING AND ZONING COMMISSION MEMBERS PRESENT: Chairman Al Morin, Vice-Chairman Darrell Faglie, and Commissioners Robert Hudson, Joe Lancor, Brigham McCown, and Jeff C. Wang. PLANNING AND ZONING COMMISSION MEMBERS ABSENT: Commissioner Michael Springer. Agenda Item No. 1. Call to order. The joint work session was called to order by Mayor Terrell at 5:32 p.m. REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 1 of 8 Agenda Item No. 2. Invocation. Chaplain of the Month, David Whitington, gave the invocation. Mayor Terrell led the pledge of allegiance. Harry Bowden, 401 North Carroll Avenue, Southlake, Texas addressed the group regarding the Ridgeview at Southlake project which is no longer going forward. He thanked the elected and appointed officials and city staff for their assistance and direction throughout the initial phase of the project. Item 3A Joint meeting with the Planning and Zoning Commission to consider the following item: Resolution No 09-047 (ZA09-034) Site Plan for Southlake Town Square, Building GA- 2 for Storefront Modification on property described as Lot 4R Block 3R2R, Southlake Town Square Addition and being located at 252 Grand Avenue. Current Zoning: DT Downtown District. SPIN Neighborhood #8. Director Baker presented this item to Council and the Commission. Applicant Jason Kasal of Southlake Town Square was present to answer any questions. Mayor Terrell closed the joint work session at 5:42 p.m. REGULAR SESSION: Agenda Item No. 1. Call to order. The regular session of the City Council was called to order by Mayor Terrell at 5:42 p.m. Agenda Item No. 2A. Executive Session. Mayor Terrell announced City Council would be going into Executive Session pursuant to the Texas Government Code Section 551.071, consultation with city attorney; Section 551.072, deliberation regarding real property; and Section 551.087, deliberation regarding economic development negotiations. City Council adjourned for Executive Session at 5:42 p.m. Executive Session began at 6:03 p.m. and ended at 6:27 p.m. Aqenda Item No. 2B. Reconvene. Mayor Terrell reconvened the regular meeting at 6:52 p.m. and asked if any action was necessary from Executive Session. Motion was made to direct staff to proceed with the termination of the Robinson Landscape and Construction contract as discussed in the Executive Session. Motion: Muzyka Second: Jones Ayes: Bledsoe, Hill, Jones, Morris, Muller, Muzyka, Terrell Nays: None Approved: 7-0 Agenda Item No 3A1 Mayor's Report - Update of upcoming meetings and events. Mayor Terrell announced upcoming meetings and events. REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 2 of 8 Mayor Terrell said that item 3A2 would be presented later in the meeting. Agenda Item No. 3B. City Manager's Report. City Manager Yelverton announced the kickoff meeting of the 2030 Plan on August 13, 2009. Agenda Item No. 3131. City Manager's Report - Financial Report. City Manager Yelverton gave a Financial Report to Council. Agenda Item 3C. Parks and Recreation Board Report. A written report was provided to Council. CONSENT AGENDA: Consent agenda items are considered to be routine by the City Council and are enacted with one motion. Council also added items 8A, 813, and 8C to the consent agenda. Agenda Item No. 4A. Approve minutes from the July 21, 2009 regular City Council meeting. The minutes were approved as presented. Agenda Item No. 4B. Award a construction contract for waterline relocation on F.M. 1938 to Pipeworks Construction LLC in the amount of $112,701 and authorize construction phase contingencies. A presentation was not made on this item. Agenda Item No. 4C. Approve Amendment No. 3 to the interlocal agreement with Tarrant County for allocation of Tarrant County bond funds being provided in conjunction with the F.M. 1938 protect. A presentation was not made on this item. Agenda Item No. 4D. Resolution No. 09-045, Amend the City of Southlake Insurance Trust Agreement. 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 OF SOUTHLAKE, TEXAS, AMENDING THE CITY OF SOUTHLAKE INSURANCE TRUST. Agenda Item No. 4E. Approve SPDC Matching Funds request from Bob Jones Nature Center organization for $550 ($1,100 total cost) to purchase four benches for the nature center patio. A presentation was not made on this item. Agenda Item No. 4F. Approve professional services agreement with Dean Construction for Construction Manager at Risk services for Bicentennial Park, Phase I improvements. A presentation was not made on this item. Agenda Item No. 4G. Ordinance No. 961, 1St Reading, Amend Chapter 5, Article IV "Contractor Registration Ordinance" of the Southlake City Code. A presentation was not made on this item. REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 3 of 8 Agenda Item No 4H Resolution No. 09-028 Approve the terms and conditions of a program to promote economic development and stimulate business and commercial activity in the City authorize the Mayor to execute an amended agreement with Southlake Land Holdings L.P., a Texas limited partnership by Southlake Land Holdings GP L L C a Texas limited liability company, its general partner for such purposes and provide an effective date. 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 OF SOUTHLAKE, TEXAS, APPROVING THE TERMS AND CONDITIONS OF A PROGRAM TO PROMOTE ECONOMIC DEVELOPMENT AND STIMULATE BUSINESS AND COMMERCIAL ACTIVITY IN THE CITY; AUTHORIZING THE MAYOR TO EXECUTE AN AMENDED AGREEMENT WITH SOUTHLAKE LAND HOLDINGS, L.P., A TEXAS LIMITED PARTNERSHIP, BY SOUTHLAKE LAND HOLDINGS GP, L.L.C. A TEXAS LIMITED LIABILITY COMPANY, ITS GENERAL PARTNER FOR SUCH PURPOSES, AND PROVIDING AN EFFECTIVE DATE. Agenda Item No 8A Resolution No. 09-048 Authorize the city attorney to bring condemnation action for the purpose of obtaining a right-of-way easement for the purpose of constructing an 8 foot wide multi-purpose trail located on Tract 1A01, J.L. Chivers Survey Abstract No. 348, located at 600 East Dove Road. 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 OF SOUTHLAKE, TEXAS AUTHORIZING THE CITY ATTORNEY TO BRING A CONDEMNATION ACTION FOR THE PURPOSE OF OBTAINING A RIGHT-OF-WAY EASEMENT FOR THE PURPOSE OF CONSTRUCTION OF A MULTIPURPOSE TRAIL OR FOR OTHER PUBLIC PURPOSES PERMITTED BY LAW. Mayor Terrell allowed the public to speak on this item. John Koldus, 600 East Dove Road, Southlake, Texas spoke in opposition to this item. Patricia Gilliland, 680 East Dove Road, Southlake, Texas asked about the purpose of the trail. Jerry Gilliland, 680 East Dove Road, Southlake, Texas spoke regarding the sewer service in this area. REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 4 of 8 Agenda Item No 8B Resolution No. 09-049 Authorize the city attorney to bring condemnation action for the purpose of obtaining a right-of-way easement for the purpose of constructing an 8 foot wide multi-purpose trail located on Tract 2131A J.L. Chivers Survey Abstract No. 348, located at 680 East Dove Road. 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 OF SOUTHLAKE, TEXAS AUTHORIZING THE CITY ATTORNEY TO BRING A CONDEMNATION ACTION FOR THE PURPOSE OF OBTAINING A RIGHT-OF-WAY EASEMENT FOR THE PURPOSE OF CONSTRUCTION OF A MULTIPURPOSE TRAIL OR FOR OTHER PUBLIC PURPOSES PERMITTED BY LAW. Agenda Item No 8C Resolution No. 09-050 Authorize the city attorney to bring condemnation action for the purpose of obtaining a right-of-way easement for the purpose of constructing an 8 foot wide multi-purpose trail located on Tract 2B J.L. Chivers Survey Abstract No. 348, located at 670 East Dove Road. 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 OF SOUTHLAKE, TEXAS AUTHORIZING THE CITY ATTORNEY TO BRING A CONDEMNATION ACTION FOR THE PURPOSE OF OBTAINING A RIGHT-OF-WAY EASEMENT FOR THE PURPOSE OF CONSTRUCTION OF A MULTIPURPOSE TRAIL OR FOR OTHER PUBLIC PURPOSES PERMITTED BY LAW. Motion was made to approve consent agenda items 4A; 4B; 4C; 4D; 4E; 4F; 4G; 41-1; 8A; 813; and 8C. Motion: Muzyka Second: Hill Ayes: Bledsoe, Hill, Jones, Morris, Muller, Muzyka, Terrell Nays: None Approved: 7-0 REGULAR AGENDA: Agenda Item No. 5. Public Forum. No one spoke during the public forum. Agenda Item No. 3A2. Special recognition of Eric Wang. Mayor Terrell presented a proclamation to Eric Wang for his many years of service to the City. REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 5 of 8 Agenda Item No. 6A. Ordinance No. 959, 2nd Reading, Approve a negotiated resolution between the Atmos Cities Steering Committee ("ACSC" or "Steering Committee") and Atmos Energy Corp. Mid-Tex Division ("Atmos Mid-Tex" or "Company") regarding the company's rate review mechanism filing in all cities exercising original jurisdiction; declare existing rates to be unreasonable; requiring the company to reimburse cities' reasonable rate-making expenses adopt tariffs that reflect rate adjustments consistent with the negotiated settlement and finding the rates to be set by the attached tariffs to be just and reasonable approve Atmos' proof of revenues; adopt a savings clause; determine that this ordinance was passed in accordance with the requirements of the Texas Open Meetings Act: declare an effective date; and require delivery of this ordinance to the company and the steering committee's legal counsel. 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.. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS, ("CITY") APPROVING A NEGOTIATED RESOLUTION BETWEEN THE ATMOS CITIES STEERING COMMITTEE ("ACSC" OR "STEERING COMMITTEE") AND ATMOS ENERGY CORP., MID-TEX DIVISION ("ATMOS MID-TEX" OR "COMPANY") REGARDING THE COMPANY'S RATE REVIEW MECHANISM FILING IN ALL CITIES EXERCISING ORIGINAL JURISDICTION; DECLARING EXISTING RATES TO BE UNREASONABLE; REQUIRING THE COMPANY TO REIMBURSE CITIES' REASONABLE RATEMAKING EXPENSES; ADOPTING TARIFFS THAT REFLECT RATE ADJUSTMENTS CONSISTENT WITH THE NEGOTIATED SETTLEMENT AND FINDING THE RATES TO BE SET BY THE ATTACHED TARIFFS TO BE JUST AND REASONABLE; APPROVING ATMOS' PROOF OF REVENUES; ADOPTING A SAVINGS CLAUSE; DETERMINING THAT THIS ORDINANCE WAS PASSED IN ACCORDANCE WITH THE REQUIREMENTS OF THE TEXAS OPEN MEETINGS ACT; DECLARING AN EFFECTIVE DATE; AND REQUIRING DELIVERY OF THIS ORDINANCE TO THE COMPANY AND THE STEERING COMMITTEE'S LEGAL COUNSEL. No one spoke during the public hearing. Motion was made to approve Ordinance No. 959, 2"d Reading, Approve a negotiated resolution between the Atmos Cities Steering Committee ("ACSC" or "Steering Committee") and Atmos Energy Corp., Mid-Tex Division ("Atmos Mid-Tex" or "Company") regarding the company's rate review mechanism filing in all cities exercising original jurisdiction; declare existing rates to be unreasonable; requiring the company to reimburse cities' reasonable rate-making expenses; adopt tariffs that reflect rate adjustments consistent with the negotiated settlement and finding the rates to be set by the attached tariffs to be just and reasonable; approve Atmos' proof of revenues; adopt a savings clause; determine that this ordinance was passed in accordance with the requirements of the Texas Open Meetings Act; declare an effective date; and REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 6 of 8 require delivery of this ordinance to the company and the steering committee's legal counsel. Motion: Hill Second: Muzyka Ayes: Bledsoe, Hill, Jones, Morris, Muller, Muzyka, Terrell Nays: None Approved: 7-0 Agenda Item No 6B Resolution No 09-046 (ZA09-024) Specific Use Permit for a Solar Energy System for the Martin Residence on property being legally described as Lot 2, Block 5 Chapel Downs Addition and being located at 104 East Chapel Downs Drive. Current Zoning: SF-30 Single-Family Residential District. SPIN Neighborhood #7. Planner Cortez presented this item to Council. Applicant Tony Martin, 104 East Chapel Downs Drive, Southlake, Texas 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 AMENDING ORDINANCE NO. 480, AS AMENDED, THE COMPREHENSIVE ZONING ORDINANCE OF THE CITY OF SOUTHLAKE, TEXAS; AS IT PERTAINS TO SOLAR ENERGY SYSTEMS; 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 OFFICIAL NEWSPAPER; AND PROVIDING AN EFFECTIVE DATE. No one spoke during the public hearing. Motion was made to approve Resolution No. 09-046 (ZA09-024) Specific Use Permit for a Solar Energy System for the Martin Residence subject to Review Summary No. 1, dated June 25, 2009. Motion: Hill Second: Muzyka Ayes: Bledsoe, Hill, Jones, Morris, Muller, Muzyka, Terrell Nays: None Approved: 7-0 Agenda Item 6C Resolution No 09-047 (ZA09-034) Site Plan for Southlake Town Square Building GA-2 for Storefront Modification on property described as Lot 4R, Block 3R2R Southlake Town Square Addition and being located at 252 Grand Avenue. Current Zoning: DT Downtown District. SPIN Neighborhood #8. Director Baker presented this item during the joint work session with the Planning and Zoning Commission earlier in the evening. REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 7 of 8 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, GRANTING A SITE PLAN APPROVAL REVISING THE STOREFRONT ELEVATIONS FOR A PORTION OF BUILDING GA-2, SOUTHLAKE TOWN SQUARE GRAND AVENUE DISTRICT, BEING WITHIN THE CITY OF SOUTHLAKE, TEXAS, LOCATED AT 252 GRAND AVENUE, BEING DESCRIBED AS LOT 4R, BLOCK 3R2R, SOUTHLAKE TOWN SQUARE ADDITION, AS DEPICTED ON THE APPROVED SITE PLAN ATTACHED HERETO AND INCORPORATED HEREIN AS EXHIBIT "A" AND PROVIDING AN EFFECTIVE DATE. No one spoke during the public hearing. Motion was made to approve Resolution No. 09-047 (ZA09-034), Site Plan for Southlake Town Square, Building GA-2, for Storefront Modification. Motion: Hill Second: Muzyka Ayes: Bledsoe, Hill, Jones, Morris, Muller, Muzyka, Terrell Nays: None Approved: 7-0 Agenda Item No. 11. Meeting adjourned. Mayor Terrell adjourned the meeting at 7:44 p.m. *An audio recording of this meeting will be permanently retained in the City Secretary's Office. John Terrell Mayor ATTEST: Lori Payne " yea o e'" s s City Secretary O N f y ® '0 V Nr O ®a 'rr •sanu® y',,'''ea~ i +sa,REGULAR CITY COUNCIL MEETING MINUTES, AUGUST 4, 2009 Page 8 of 8 jfll Y{ ;Y iii 2~PSi ? it~~§ YF~ 3YS { =Yt ~ ~ Sys as s i i #s r Y "Ji 2, WIMP ,P z ` 1911 4, All x ~~s ~ tit t~ `~s [9 33 4 , IP E - Elk tie ~ lit LAW a t lift u Ln T' SOUTHLAI<.... TEXAS Finance Department's i~ i Quarterly Review For the period ended June 30, 2009 City of Southlake Jul. 2009 11 I ' a Int+egr•in- * Innovation ♦ Accountability ♦ Commitment to Excellence ♦ Teamwork ~ i i i ~ To: Shana Yelverton, City Manager Jim Blagg, Assistant City Manager From: Sharen Jackson, Finance Director Re: Third Quarter FY 2009 Financial Report Date: July 30, 2009 The finance department is pleased to submit a financial report for the third quarter of FY 2009 for the period ended June 30, 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. I GENERAL FUND REVENUES Property tax. In the General Fund, $15,627,132 of $15,688,588 or 99.6% 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 $7,848,000 after administrative adjustment. For FY 2009 third quarter (October through May) the City has collected $5,363,273 in sales tax. This is 68.3% of the revised budgeted amount. City staff will continue to monitor the economic environment make any necessary budget amendments during the budget process this summer. Franchise fees. Franchise fees include amounts received for use of public rights of way from utility companies. To date the City has received $2,129,485 of $2,699,848 budgeted. FY 2009 collections are comparable to prior year's collections. Tri-County pays their second semi-annual payment in July therefore revenues are anticipated to meet budget. Fines/Forfeitures. Revenues from Fines and Forfeitures are $692,917, which is 69.3% 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 third quarter FY 2009 ! compared to third 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 $726,549, compared with $715,305 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 $1,031,724 or 79.8% of the budgeted amount of $1,292,750. This is less than $1,264,213 collected as of June 30, 2008. 55 residential permits have been issued to date compared to 115 issued in the prior fiscal year. The largest decrease in permits/fees revenue is due to the reduced number of permits and decreased value in commercial permits issued during the third quarter FY 2009. 11 and 7 commercial permits were issued for the third quarter June 30, 2009 and June 30, 2008, respectively. C ` i 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 $420,575 to date. Revenues from miscellaneous income will meet the $863,283 budgeted. I i Interest income. Interest earnings to date total $166,485. It is anticipated that interest income will be below budgeted amounts due to the declining economy, staff will continue to monitor revenues and make the necessary budget amendments this summer j during the budget process. GENERAL FUND EXPENDITURES I For the third quarter ended June 30, 2009 of the fiscal year, General Fund total ~i expenditures are $20,824,168 or 68.1% of the $30,589,793 budget after administrative ,I adjustments at mid-year. 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 ! II Office, Human Resources, City Manager's Office and Support Services/Information I~ Technology total $3,647,964 which is 62.3% 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 j expenditures to date are $1,299,740 or 68.0% of the $1,911,963 budgeted. Personnel and it operations expenditures are within budget. j Public safety department. Total expenditures for Police Services, Fire Services, and Public Safety Support, are $8,976,910, which is 74.1% of the $12,115,052 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 $1,995,904 or 71.5% of the $2,793,234 budgeted. Personnel, operations and capital expenditures are within budget. Planning and development department. Total expenditures for Planning and building inspections are $1,373,891 or 68.9% of the $1,994,128 budgeted for the year. Expenditures in the Department are within budgeted. Economic development department. The department has expended $234,722, or 71.7% of the $327,455 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 $3,295,037 or 58.9% of the $5,591,868 budgeted. Personnel expenditures are on target with budget. Expenditures in the Department are expected to be within budget projections. WATER AND SEWER ENTERPRISE FUND Revenues. As of June 30, 2009, the City has received $12,596,204 or 63.1% in revenues of the $19,948,000 estimated. This is slightly lower when compared to $12,926,223 received through June 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 $12,663,433 or 63.9% of the $19,823,956 budgeted for personnel, operations, capital, and debt services. Of the total expenses, $3,624,636 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 June 30, 2009, the City has received $931,190 or 76.6% in revenue of the $1,215,000 estimated. Expenses. The City has expended $290,701 or 27.3% of the $847,989 budgeted for personnel and operations. $167,511 was expended for drainage materials. i DEBT SERVICE FUND Revenues. The City has received $7,047,252 in current and delinquent property taxes through June 30, 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) I Operating Fund. As of June 30, 2009, $2,968,700 in the 1/2 cent sales tax has been it collected. SPDC sales tax receipts are 4.2% below estimates, or $130,037. City staff will continue to monitor the economic environment make any necessary budget amendments during the budget process this summer. CRIME CONTROL AND PREVENTION DISTRICT (CCPD) ~l Operating Fund. As of June 30, 2009, $2,914,810 in the I/2 cent sales tax has been collected. Sales tax receipts are 5.4% below estimates, or $168,600. City staff will continue to monitor the economic environment make any necessary budget amendments during the budget process this summer. i PARK DEDICATION FEE FUND fl i Revenues. The City has collected $26,816 of the $60,000 budgeted for the year. This Ij 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 it continue to monitor revenues and make any necessary budget amendments this summer II during the budget process. I~ TAX INCREMENT FINANCIAL DISTRICT (TIF) Revenues. To date TIF received $7,784,162 in revenues for the fiscal year. Historically, the TIF revenues are not collected until the third and fourth quarter of the fiscal year. II STRATEGIC INITIATIVE FUND Expenditures. As of June 30, 2009, the expenditures were $1,090,557 for a fire engine to replace Engine 403, and software conversion. ~I I HOTEL OCCUPANCY FUND Revenues. The City has collected $438,392 or 67.8% 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 7% tax on room receipts. The Hilton Hotel in Town Square opened in June 2007. Expenditures. As of June 30, 2009, the expenditures were $204,851 for marketing and promotion. i GENERAL FUND Statement of Revenues, Expenditures and Changes in Fund Balance for the period ended June 30, 2009 with comparative actual amounts for the period ended June 30, 2008 (fiscal month 9-75.00%) Percen Year to Date 2009 Collecte Year to Date REVENUES 6/30/2009 Bud et * Ex ended 6/30/08 Ad Valorem Taxes $15,627,132 $15,688,588 99.60 $14,593,384 Sales Tax 5,363,273 7,848,000 68.3% 5,817,656 Franchise Fees 2,129,485 2,699,848 78.90 1,978,029 Fines 692,917 1,000,000 69.30 622,670 Charges for Services 726,549 912,686 79.60 715,305 Permits/Fees 1,031,724 1,292,750 79.80 1,264,213 Miscellaneous 420,575 863,283 48.7% 585,612 Interest Income 166,485 450,000 37.00 299,418 Total Revenues $26,158,140 $30,755,155 85.10 $25,876,287 EXPENDITURES City Secretary $259,733 $390,021 66.60 $233,332 Human Resources 378,454 538,678 70.30 289,741 City Manager 412,292 551,413 74.80 390,297 Support Services/Information Technology 2,597,485 4,375.981 59.40 2,376,796 General Government Total 3,647,964 5,856,093 62.3% 3,290,166 Finance 761,457 1,128,671 67.50 704,560 Municipal Court 452,807 657,163 68.90 410,061 Municipal Court-Teen Court 85,476 126,129 67.8% 83,949 Finance Total 1,299,740 1,911,963 68.0% 1,198,570 Fire 3,521,887 5,081,853 69.3% 3,114,823 Police 3,827,870 5,243,294 73.0% 3,649,441 Public Safety Support 1,627,153 1,789,905 90.9% 969,564 Public Safety Total 8,976,910 12,115,052 74.1% 7,733,828 Streets/Drainage 1,204,048 1,670,233 72.1% 1,295,344 Public Works Administration 791,856 1,123,001 70.5% 741,584 Public Works Total 1,995,904 2,793,234 71.5% 2,036,928 Building Inspections 662,662 981,819 67.5% 599,363 Planning 711,229 1,012,309 70.3% 611,745 Planning and Dev Total 1,373,891 1,994,128 68.9% 1,211,108 Economic Development 234,722 327,455 71.7% 208,958 Economic Development Total 234,722 327,455 71.7% 208,958 Community Services 232,897 537,703 43.304-261,332 Parks and Recreation 2,591,258 4,418,911 58.60 0 2,754,255 Library Services 470,882 635,254 74.1% 398,481 Community Services Total 3,295.037 5,591,868 58.9% 3,414,068 Total Expenditures $20,824,168 $30,589,793 68.1% $19,093,626 Excess (deficiency) of Revenue over Expenditures $5,333,972 $165,362 $6,782,661 OTHER FINANCING SOURCES AND (USES) Proceeds from lease/CO (net) $0 $0 $0 Transfer In-Other Funds 0 424,465 0 Transfer To-Other Funds 0 0 0 Total Other Sources/(Uses) $0 $424,465 $0 Excess (deficiency) of Revenues/other sources over Exp. $5.333,972 $589,827 $6.782,661 FUND BALANCE OCT 1 $7,347,683 Change in reserved fund balance $0 ENDING FUND BALANCE $7,937.510 fund balance percentage 25.95% includes administrative budget adjustments WATER AND SEWER ENTERPRISE FUND Comparative Statement of Revenues and Expenses for the period ended June 30, 2009 and June 30, 2008 (fiscal month 9-75.00%) Percen Year to Date 2009 Collected Year to Date REVENUES 6/30/09 Budizet Expended 6/30/08 Water Sales-residential $6,210,746 $10,600,000 58.6% $6,737,974 Water Sales-commercial 1,961,288 3,400,000 57.7% 1,630,938 Sewer Sales 3,332,359 4,100,000 81.3% 3,255,410 Sanitation Sales 861,414 1,100,000 78.3% 788,944 Other utility charges 52,000 342,000 15.2% 234,457 Miscellaneous 33,710 106,000 31.8% 93,515 Interest Income 144,687 300,000 48.2% 184,985 Total Revenues $12,596,204 $19,948,000 63.1% $12,926,223 EXPENSES Water $5,491,801 $10,494,144 52.3% $4,697,160 Utility Billing 248,035 429,981 57.7% 553,627 Sewer 1,590,583 2,062,331 77.1% 1,632,163 Sanitation 438,139 862,970 50.8% 402,648 Debt Service 4,894,875 5,974,530 81.9% 4,386,789 Total Expenses $12,663,433 $19,823,956 63.9% $11,672,387 Excess (deficiency) of Revenue over Expenses $6( 7,229) $124,044 $1,253,836 OTHER FINANCING SOURCES AND (USES) Transfer In-Other Funds $0 $0 Developer Contributions $50,000 $50,000 $0 Transfer Out-Other Funds 0 38( 8,038) 0 Total Other Sources/(Uses) $50,000 ($338,038) $0 Excess (deficiency) of Revenues and other sources over Expenses $1( 7,229) $21( 3,994) $1,253,836 O CITY OF SOUTHLAKE 1% SALES TAX REPORT 2009 Collected Budget Balance Budget to Date Balance Percent $ 8,755,000 $6,027,362 ($2,727,638) -31.16% FISCAL FISCAL FISCAL YEAR % Inc YEAR % Inc YEAR % Inc MONTH 2007 -Dec 2008 -Dec 2009 -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% 799,515 -6.6% April 664,768 7.3% 749,508 12.7% 760,920 1.5% May 744,258 17.6% 787,336 5.8% 616,261 -21.7% 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 -100.0% TOTAL $8,811,494 $9,625,378 16,027,362 Three Year Revenue Comparison by Month 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 O°~ OeG )ac Few lac 4 ~a~ ~~c ~O~ PJA 5e~ ❑ FISCAL YEAR 2007 M FISCAL YEAR 2008 E 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 $799,515 $ 799,515 $ 20,910 2.69% April(*) $749,508 $681,734 $760,920 $ 760,920 $ 79,186 11.62% May $787,336 $716,141 $616,261 $ 616,261 $ (99,880) -13.95% 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 $00 $ 785,611 $ - 0.00% TOTAL $ 9,625,378 $ 8,755,000 $ 6,027,362 $ 8,928,217 $ 173,217 * Beginning April 2006 includes Grand Avenue sales tax collections per 380 agreement 80% of collections will be distributed to Cooper & Stebbins SOUTHLAKE PARKS DEVELOPMENT CORPORATION 1/2% SALES TAX REPORT 2009 Collected Budget Balance Budget to Date Balance Percent $ 4,634,228 $2,968,700 ($1,665,528) -35.94% 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 -9.7% January 275,560 11.8% 374,464 35.9% $291,342 -22.2% February 301,059 28.1% 305,289 1.4% $314,282 2.9% March 396,371 9.7% 421,617 6.4% $393,791 -6.6% April 327,423 7.3% 369,161 12.7% $374,781 1.5% May 366,575 17.6% 387,792 5.8% $303,531 -21.7% June 407,979 -7.9% 451,705 10.7% $0 -100.0% July 352,333 40.3% 369,918 5.0% $0 -100.0% August 331,288 4.7% 323,788 -2.3% $0 -100.0% September 399,082 4.8% 425,411 6.6% so -100.0% TOTAL $4,339,989 $4,740,858 $2,968,700 Three Year Revenue Comparison by Month $500,000 $400,000 $300,000 $200,000 $100,000 $0 00 00 0o O°' O°' o°' o°' O°' peG PO, SeCY ❑ FISCAL YEAR 2007 ■ FISCAL YEAR 2008 N 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) -2539% February $305,289 $298,422 $314,282 $ 314,282 $ 15,860 4.93% March $421,617 $412,134 $393,791 $ 393,791 $ (18,343) -4.33% April $369,161 $360,858 $374,781 $ 374,781 $ 13,924 3.98% May $387,792 $379,070 $303,531 $ 303,531 $ (75,539) -19.30% June $451,705 $441,546 $0 $ 441,546 $ - 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 LO $ 415,842 $ - 0.00% TOTALS $ 4,740,858 $ 4,634,228 $ 2,968,700 $ 4,504,191 $ 130, 037 -4% SOUTHLAKE CRIME CONTROL AND PREVENTION DISTRICT 1/2% SALES TAX REPORT 2009 Collected Budget Balance Budget to Date Balance Percent $ 4,601,783 $2,914,810 (1,686,973) -36.66% 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% 369,206 -3.55% April 311,411 2.68% 363,054 16.58% 369,637 1.81% May 359,218 14.26% 388,216 8.07% 302,309 -22.13% 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 $4 222 22,177 $4,541,281 $2,914,810 Three Year Revenue Comparison by Month $600,000 - _ - $500,000 $400,000 $300,000 $200,000 $100,000 $0 d, d, d) Oc,~°, p~G )ac mac PQc ~a~ Q~c' g~Q N Fiscal Year 2007 Actual 0 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 $ 369,206 $ 369,206 $ (18,670) -4.81% April $ 363,054 $ 367,891 $ 369,637 $ 369,637 $ 1,746 0.47% May $ 388,216 $ 393,388 $ 302,309 $ 302,309 $ (91,079) -23.15% 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% TOTAL $ 4,541,281 $ 4,601,783 $ 2,914,810 $ 4,433,183 $ (168,600) • c CF) c W o ~ ~ o a1 as W-j CO) I^ ~ 00 ll~~ .o N N b0 fl, T CIS W Y y O y Y a~ d cz o O o w CY.) -0 O fS Q y C, 3-i Y Y v O _N > O O U n Y a0i 0 O R, T3 O '0 to C ~ O s.. 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Ll w F d w w w w F X111 O O V N n O O ae d N N ~ N O to M b F v~Di " n e ~ ~ ~ r O p o 0 0 0 o v~ F M w M b ~ CC O CL O O z 0 0 0 0 ~ o S rni m vr~i 0 N N O a O CL. N N " O O to C1 a 0 ca °o w w ~ N 3 0 o w x Q o ~~a o N O O A N C ~ O O V 7 R FBI O O l°° ti O Z z o0 W t` N Uwe M M o W F v U p o W M ti O S a a W n 0 a N O O " ~n ~n N M M h 0 o n rn a o .M. N N O O o0 d' ~ N G r+ y Q Q ~ c F F o _ n m UU Q G ~A m°n wpQ Q WQ Q a rn t I F L; Fm m zz s Qtrz. F Ua`~ a.`~ F FU F C7 ll~~ CITY OF SOUTHLAKE FINANCE DEPARTMENT CITY OF SOUTHLAKE CAPITAL IMPROVEMENTS PROGRAM QUARTERLY STATUS REPORT June 30, 2009 The Capital Improvements Plan (CIP) establishes a five (5) year funding schedule for the purchase, construction or replacement of physical assets of the City. Capital improvements typically have a useful life of over ten (10) years and a value greater than $10,000. Most CIP projects typically involve major infrastructure development and improvement. CIP projects are primarily funded through General Obligation (GO) bonds and Revenue Certificates of Obligation. 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. 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 • Southlake, TX 76092 (817) 748-8042 9 www.ci.southlake.tx.us TABLE OF CONTENTS Page Street and Drainage Improvements Traffic Management Projects Water System Improvements Sewer System Improvements Crime Control Projects 10 Southlake Parks Development Corp Improvements .....................................11 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Street & Drainage Improvement Projects Report Date: June 30, 2009 Title: Location: Proiect 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: $ 980,000 $ 253,664 $ 726,336 Funding 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: Pending completion of Phase I Title: Location: Project Description: N. White Chapel Ultimate N. White Chapel from Emerald This project is for the design of the ultimate roadway Roadway to State Hwy. 114 section (4 lane divided) as depicted by the Thoroughfare Plan. This project also includes necessary drainage improvements. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 7,695,000 $ 376,483 $ 7,318,517 Funding Source(s): Status: G.O. Bonds, G.O. Bond Interest, Roadway Impact funds Design is currently underway. Construction is tentatively scheduled to begin first quarter 2010. 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 pedestrian safety. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,117,168 $ 101,538 $ 1,015,631 Page 1 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Street & Drainage Improvement Projects Report Date: June 30, 2009 Funding 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 $ 690,391 $ 255,467 Funding Source(s): Status: Strategic Initiative Fund transfer This project has been awarded and construction began in November 2008. Project is substantially 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: $ 830,000 $ 178,230 $ 651,770 Funding Source(s): Status: Strategic Initiative Fund transfer, Roadway Impact fund Project design is complete and the right-of-way acquisition is underway. The project was awarded May 2009 with construction to begin June 2009. Completion Date: Fall 2009 Title: Location: Project Description: 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: June 30, 2009 Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 805,000 $ 94,534 $ 710,466 Funding Source(s): Status: Strategic Initiative Fund transfer, Roadway Impact fund 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: Project 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: Cost to Complete: $ 2,948,676 $ 393,404 $ 2,555,272 Funding Source(s): Status: Strategic Initiative Fund transfer, Roadway Impact fund The project design is complete, right of way and utility Storm Water Drainage funds 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: $ 417,000 $ 57,042 $ 359,958 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 Page 3 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Street & Drainage Improvement Projects Report Date: June 30, 2009 Title: Location: Project 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. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,880,000 $ 583,945 $ 1,296,055 Funding Source(s): Status: Roadway Impact fees, G.O. Bonds The project design is currently 90% complete and construction is estimated to begin in 2010. Completion Date: FY 2010-11 Title: Location: Project Description: Roadway repair due to 12" water Highland from Shady Oaks This project involves upgrading 5500 LF of 6" pipe with 12" line construction along Highland to SH114 water line under Highland Street. The pavement will be reconstructed and will also add left turn lanes for the proposed hospital development from White Chapel to SH 114. Also included is the overlay of Westwood Drive and Eastwood Drive. Total Estimated Cost: LTD Actual Cost: Cost to complete: $ 630,500 $ 29,032 $ 601,468 Funding Source(s): Status: G.O. Bonds Engineering is complete and project has been awarded. Construction is currently underway. Completion Date: Fall 2009 Page 4 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Traffic Management Projects Report Date: June 30, 2009 Title: Location: Project Description: 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 Funding Source(s): Status: G.O. Bonds, G.O. Bond Interest The design is complete, TXDOT has approved the plans and construction is scheduled to begin Fall 2009. Completion Date: Summer 2010 Title: Location: Project 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 $ 294,176 $ 48,947 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 June 2009. The design of the deceleration lanes is complete and plans have been approved by TXDOT. Construction is anticipated to begin Fall 2009. Comoletion Date: Summer 2010 Page 5 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Water System Improvement Projects Report Date: June 30, 2009 Title: Location: Project Description: Florence 1.5 MG elevated Brewer Dr. just south of Construction of a 1.5 million gallon water tower to replace water tank Florence Rd. 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. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,860,000 $ 2,691,533 $ 168,467 Fundina Source(s): Status: Tax & Revenue Certificates of Obligation Construction 98% complete. The new tank is operational. Final paving and landscaping are nearing completion. Completion Date: Summer 2009 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: $ 10,066,000 $ 408,968 $ 9,657,032 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 and construction began June 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: $ 930,000 $ 95,000 $ 835,000 Page 6 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Water System Improvement Projects Report Date: June 30, 2009 Fundinq 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: Project Description: 12" water line along Highland from Shady Oaks This project involves upgrading 5500 LF of 6" pipe with 12" Highland to SH114 water line. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 433,208 $ 334,750 $ 98,458 Funding Source(s): Status: Tax & Revenue Certificates of Obligation Engineering is complete and project has been awarded. Construction is currently underway. Completion Date: Fall 2009 Title: Location: Project Description: 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 $ 228,107 $ 590,394 Funding Source(s): Status: Contract has been awarded and construction began in Tax & Revenue Certificates of Obligation January 2009. Completion Date: Winter 2009-10 Page 7 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Sewer System Improvement Projects Report Date: June 30, 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 Hunter's Creek to Sunshine Ln. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 2,254,735 $ 976,981 $ 1,277,754 Funding Source(s): Status: Tax & Revenue Certificates of Obligation The Woodland Heights and Shumaker Lane projects are (issued in 2006) complete. Construction on Quail Creek Estates is anticipated to begin Fall 2009. Completion Date: Spring 2010 Title: Location: Project Description: N-1 sewer analysis and meter N-1 sewer line from Southlake and Sewer system capacity and structural integrity evaluation station improvements for TRA Westlake border to north of and miscellaneous meter station improvements necessary improvements 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. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 200,000 $ 37,191 $ 162,809 Funding Source(s): Status: Residual funds from other projects Professional services contract has been awarded to RJN Group, Inc. for the evaluation of the condition and capacity of the N-1 sewer line. Completion Date: Contract with RJN is complete Page 8 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Sewer System Improvement Projects Report Date: June 30, 2009 Title: Location: Project Descriotion: 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: $ 2,700,000 $ 107,509 $ 2,592,491 Funding Source(s): Status: Tax & Revenue Certificates of Obligation The project design is currently 90% complete and (issued in 2008) construction is estimated to begin in 2010. Completion Date: Summer 2010 Page 9 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Crime Control Fund Projects Report Date: June 30, 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 $ 18,799,335 $ 9,427,769 Funding Source(s): Status: Crime Control sales tax Construction is approximately 68% complete Completion Date: Winter 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: FY 2009-10 Title: Location: Proiect Description: North DPS Facility Dove Road and Fire station to support fire and EMS services for north White Chapel part of the city. The facility will also double as a Police and Fire Services training facility. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 968,300 $ 104,856 $ 863,444 Funding Source(s): Status: Crime Control sales tax The project is currently in the design stage. Completion Date: FY 2011-12 Page 10 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Southlake Parks Development Corp. Improvement Projects Report Date: June 30, 2009 Title: Location: Project Description: Royal & Annie Smith Park 3001 Johnson Rd. Design, engineering and construction of an asphalt drive developments 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: Cost to Complete: $ 451,652 $ 332,408 $ 119,244 Funding Source(s): Status: Sales Tax Revenue Bonds Construction is approximately 70% 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 I.f.), playground, sand volleyball and horseshoes. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 977,348 $ 629,370 $ 347,978 Funding Source(s): Status: Sales Tax Revenue Bonds Construction is approximately 78% 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 11 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Southlake Parks Development Corp. Improvement Projects Report Date: June 30, 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: Project 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 $ 22,049 $ 22,901 Funding Source(s): Status: Sales Tax Revenue Bonds, Project is approximately 50% complete Matching Funds from Southlake Mounted Patrol Completion Date: Fall 2009 Title: Location: Project 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: $ 7,250,000 $ 968,046 $ 6,281,954 Funding Source(s): Status: SPDC Operating Fund Design is complete and project is ready to be bid. Completion Date: FY 2010-11 Page 12 CITY OF SOUTHLAKE, TEXAS FY 2008-09 CAPITAL IMPROVEMENTS PLAN Southlake Parks Development Corp. Improvement Projects Report Date: June 30, 2009 Title: Location: Project Description: North Park Development Phase I Dove Road and Development of park area for lacrosse fields with potential White Chapel shared use for youth football and flag football. Improvements include lighted athletic fields, trails, open space, playground, parking, concession/restroom building, exercise equipment, landscaping, irrigation, etc. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 1,227,000 $ - $ 1,227,000 Funding Source(s): Status: SPDC Operating Fund Design contract has been awarded. Completion Date: FY 2009/10 Title: Location: Project Description: Lonesome Dove Park Lonesome Dove park Replacement of park playground including shade structure playground improvements and rubberized surfacing; park amenities such as benches, tables, water fountain and trash receptacles. Total Estimated Cost: LTD Actual Cost: Cost to Complete: $ 175,000 $ - $ 175,000 Funding Source(s): Status: SPDC Operating Fund Park design is complete and bid has been awarded for construction and the play structure. Completion Date: Fall 2009 Page 13 FIRST SOUTHWEST ASSET MANAGEMENT S T R E N G T H S TA 8 1 E I T Y E X P E R T I S E . 1 ECONOMIC QUARTER 2009 Major Events Revenue is down to 1999 levels and is still declining. Other states are facing similar crisis on smaller scales. Michigan was already reeling but their By the beginning of the second quarter of 2009, the US. economy had problems appeared to worsen when Chrysler was forced into bankruptcy been in recession for 16 months, equalling the length of the 1981-82 and at the end of April followed by General Motors on June 1st. Days later, 1971-73 downturns. The Fed had already cut the overnight funds rate the Obama administration announced that it would not grant auto parts to zero in December. A desperate $700 billion financial system rescue in manufacturers the $10 billion they had requested to save themselves from October and nearly $800 billion in stimulus money granted in February financial ruin. All in all, the market may have jumped the gun as the bad had yet to show verifiable results. Even the myriad of creative Fed programs news overwhelmed the good during the second quarter while the 2007- designed to restore market liquidity had done little to halt the slide. But with 2009 recession became the longest in the post depression era. all the stimulus in place, recovery seemed almost certain to be on the way and by spring investors were watching for `green shoots', the latest media phrase to describe signs of economic recovery during a recession. Housing enough the economic data improved during the spring months, it could hardly be categorized as good. Both the manufacturing and service sector sc ISM reports rose from record lows, while continuing to show contraction. New and existing home sales finally established what appeared to be a bottom and began chipping away at the massive inventory of homes for sale. - The labor market, although still shedding huge numbers of jobs, decelerated o5e x a bit from the alarming layoff pace of the first quarter. Meanwhile, the stock ° markets produced double digit quarterly gains which gave a nice boost to d eso y consumer confidence. Unfortunately, the anticipation of near-term recovery sparked fears of inflation, which in turn drove interest rates higher, which = F Existing Home Sales 3 ironically could damage any recovery that might have occurred. And in fact, _ New Home Sales amid few green shoots, there were already plenty of dead limbs. „ The charge-off rate for U .S. credit cards topped 10% for the first time in zSu the history of the Moody's Credit Card Index and Moody's predicted a ' o m K o K ' Z n Z T m~~ m o 0 0 o p g° 12% charge off rate by the second quarter of 2010. The U .S. Postal Service ° ° announced that it would consider ending Saturday mail delivery. USA New and Existing Home Sales Today reported that Federal tax revenue had dropped by 34% in April Annualized by Month versus a year ago, translating into revenue lost of $138 billion. The paper went on to point out that income tax collections had fallen by 44% from The housing market began the quarter with a vastly improved outlook. the prior year. With an estimated $3.5 trillion in US. Treasury debt likely In late March, the long anticipated Term Asset-Backed Loan Facility to be issued in 2009, there was growing concern about the Country's ability (TALF) was launched, the Public Private Investment program (PPIP) was to -v its future obligations. After S&P lowered its outlook on the United unveiled and the Fed announced that it would buy up to $300 billion in I om' AAA debt rating to negative in May, concerns arose about the Treasury securities. All of these programs helped drive 30-year mortgage debt rating of the United States, but Moody's quickly reaffirmed the U .S. rates down to a record low of 4.61 % the last week in March. Historically AAA rating. California, which according to the IMF would be ranked low lending rates, combined with more than a 30% decline in home prices 7th in terms of GDP if it were an independent country, is facing a budget nationwide, brought the affordability index to record levels. But even this deficit that could approach $42 billion by the end of the next fiscal year. wasn't enough to jump start the battered housing market. New home sales rose slightly in April before falling again in May. New and existing Consumer Spending home sales are down 75% and 34% respectively from the peak in summer 2005. Housing starts fell 13% in April, establishing a new record low and It's become common knowledge that the U.S. economy is driven by falling below the rate new households were being created. Although starts spending. In fact, a good case can be made that much of the economic r 7ided in May, mortgage rates have since jumped nearly a full point prosperity enjoyed during the past 25 years can be attributed to a shift fr:,,, March lows while swollen home inventory levels, supplemented by from a nation of savers to a nation of spenders. For better or for worse, a steady stream of foreclosures, suggest that a healthy rebound could take this trend has now reversed itself. Business Week reported that since the much longer than many had hoped when the quarter began. third quarter of 2008, households have reduced their debt by more than $420 billion and for the first time ever, households paid off more debt than they took on for two straight quarters. Nine months ago, in August Employment 2008, the savings rate was 0.8%. Four months earlier, it was zero. By May 2009, it had risen to 6.9%, the highest since 1993. Some speculate that 0 Unemployment Rate (Left Hand Scale) Change in Non-Farm Payrolls (Right Hand Scale) 0 the savings rate could soon top 10%. Although savings is a necessary s -100 part of the deleveraging process and a prudent measure in response to a the most severe recession in 60 years, overly thrifty shoppers could delay 7 -zoo or eventually derail any fragile economic rebound. Another damper 6 .300 on consumer spending has been gasoline prices, which continued to 5 climb. By late June, pump prices had risen over $1 per gallon since the -aoo a beginning of the year. Nevertheless, there were signs of life as retail sales 4 -500 managed to post a slight 0.5% gain in May, while consumer sentiment 3 -600 according to the University of Michigan survey, rose for the fifth straight 700 month to the highest level since February 2008. 1 Li 0 o K D O Z O T -800 p1 ,c ? is ~o a 2 ° o. 3 -ate c © m m m m Inflation 0 Change in Nonfarm Payrolls Unemployment Rate Employment 6.0 Unemployment Rate and Change in Non-Farm Payrolls 5.5- 5.0- 4.5- The labor market, typically considered a lagging economic indicator, 4.0 surprised market participants in early June with a better-than-expected, or 3.0- more precisely, a not-as-bad-as-forecast May employment report. Experts 2.5 had predicted that another 520k jobs would be lost, but when only 345k actually disappeared, the bond market guessed recovery and launched 1. p a huge selloff; this despite May unemployment rocketing upward from 0.5 8.9% to 9.4%, the highest since 1983. The June report (released on July 0.0 -0.5 3rd) told a much different story. The Bloomberg median forecast was for -1.011. loss of 365k jobs, but the actual non-farm payroll decline was a much -1.5 larger 467k while unemployment rose to 9.5%. Total payroll losses since 2.0 n D m o Z o 6 6 6 the beginning of the recession 19 months ago now stand at 6.5 million. W m m m m 6 o According to the L.A. Times, the total jobs lost during this recession have oCPI ®Core already wiped out the entire employment gains from the prior nine years combined. In fact, there are less people working now than nine years earlier Consumer Price Index: Core and All Items, Year over Year despite another 12.5 million joining the workforce. Some of the lesser June numbers were also quite weak - average hourly earnings rose by only $0.03 2009 Treasury debt issuance is up over 21/2 times from the same six- between April and June, the smallest percentage since the series began month period in 2008 and the Fed balance sheet has more than doubled 35 years ago; while the average workweek fell to 33 hours, the lowest ever to $2 trillion since the recession began. To many investors, both foreign recorded. The Bureau of Labor Statistics reported that almost half of all and domestic, this sounds like a long term recipe for inflation. But Fed businesses are freezing wages, furloughing workers or cutting hours this officials and many experts are more concerned with global deflation. The year. The significance of these alternate labor reductions is that companies official statement from the June FOMC meeting revealed that Fed officials will likely increase hours of existing employees before hiring additional believe "substantial resource slack' is expected to dampen inflatiod' San w s. In fact, before hiring permanent workers, employers usually Francisco Fed president Janet Yellen noted that the connection between start oy increasing the use of temporary help. Unfortunately, temp worker runaway fiscal deficits and high inflation only exists in developing layoffs accelerated in June from 8k to 38k. Significant labor market slack countries, not countries with advanced financial systems. Others, is expected to hinder economic growth for years to come. In fact, the San including economist Lacy Hunt, have pointed out that although the M2 Francisco Fed pointed out in a newsletter in June that the recovery (when money supply is expanding at record levels, what's missing from the it happens) could be a jobless one. equation is the accustomed turnover, or velocity, of money. In past years, financial innovation and massive amounts of leverage have combined to program. Nearly one in 10 Americans were out of work by quarter ramp up velocity and thereby exponentially increase dollars in the system. end, and one in six was either unemployed or underemployed. The tragedy (or perhaps triumph) of the recent financial collapse is that the U.S. has entered a period of great deleveraging. Banks aren't lending. Second quarter GDP growth estimates don't appear to be as bad as Con qumers are buying fewer products and services and this reduced the first, but early forecasts still suggest another 2% to 3% negative d d has dramatically lowered prices. Deflation is a concern already number. So, the recession is now unofficially 19 months old. The evident in the economic data. Overall CPI was down 1.3% year-over-year financial markets may have gotten ahead of themselves in the in May, the biggest drop in 60 years, while overall PPI fell 5% in May, the second quarter, as sustainable recovery could still be many months most in 50 years. These deflationary numbers should allow the Fed to away and the GDP outlook, though improved, is likely to fall short keep rates low for a prolonged period of time while gradually reducing its of the typical recovery. Large monthly losses in nonfarm payrolls balance sheet. are expected to turn into very small gains late this year, but the unemployment rate is still forecasted to rise above 10% as newly encouraged workers resume postponed job hunts. Unprecedented Stock Markets labor market slack could keep unemployment at uncomfortably high levels for years and since the cost of labor constitutes roughly Consumer confidence rose sharply in the second quarter in spite of the 2/3rds of the total cost of production, price pressure should remain crumbling labor market. Instead, the driving force for the increase seemed low for the foreseeable future. Although housing prices may have to be the equity markets, which gained back most of the losses experienced finally found a bottom, the high rate of sustained unemployment during the first quarter. From April through June the DOW rose 11%, the is likely to hinder home sales and push back construction hires. A S&P 500 climbed 15%, and the NASDAQ was up 20%. The stock markets jump in mortgage lending rates from a low of 4.61 % in late March apparently reacted to both expectations for future economic growth as well to a quarter ending 5.34% won't help. as the announcement of better-than-expected first quarter corporate profits. According to the Bureau of Economic Analysis, corporate profits rose by $48 But if the experts are right, the recession may have technically billion in the initial quarter of 2009 after plunging by $250 billion in the final ended already. The most recent Bloomberg economist survey quarter of 2008. With the direction of the economy expected to turn later in taken in early June showed a median GDP projected increase of the year, there is cause for some degree of optimism. 0.50% for the third quarter and a 2.0% rise in the final quarter of the year. The rest of the world isn't expected to fare quite as well. On June 22, the World Bank predicted that the global economy S&P • Soo DA• would drop by 2.9%, a sharp decrease from its earlier prediction 3i~ i/00 7,609 795 1,529 for a lesser 1.7% decline. 6/30/09 8,447 916 1,835 As GDP moves into positive territory later this year, investors will % Change for Q2-2009 +11% +15% +20% anticipate when the Fed will begin raising overnight rates. Although this will be a much debated point until Fed officials actually start, there's plenty of support for expectations that the starting point is a long way away. At the June FOMC meeting, Fed officials said that a 1. `economic conditions are likely to warrant exceptionally low levels of Last 3/31/09 0.25% 0.21% 0.42% 0.80% 1.66% 2.67% the federal funds rate for an extended period' The latest Bloomberg High 0.21% 0.41% 1.40% 2.92% 3.95% economist survey showed that the median forecast of more than 60 Low 0.09% 0.25% 0.81% 1.64% 2.66% top economists was for no change in the funds rate for at least the next four quarters. Nearly a third of these surveyed economists don't End 6/30/09 0.25%10.19%10.35% 1.11% 12.56%13.54% expect to see an increase before 2011. The bright side to an extended period of low interest rates in the midst of controlled inflation is that the economy will be given a prolonged chance to grow. Companies and consumers will likely continue to deleverage and repair balance sheets for much of 2009. Economic and Interest Rate Outlook If the Fed were to abruptly begin tightening credit before businesses and consumers actually wanted to borrow, they'd increase the real First quarter growth was calculated and reported as a 5.5% annualized risk of a "double dip recession': It's becoming increasingly clear that GDP loss. Despite all the talk of "green shoots" during the quarter, the damage inflicted on both the US. and global economy over weaker economic news eventually dominated - the Mortgage Bankers many years was severe; and the time and money spent on repairing A., ation (MBA) reported in May that 9.1 % of all mortgages were this damage could dwarf all initial forecasts. dei.._,aent and that the percentage of loans entering foreclosure had risen to nearly 1.4%, both new records. The MBA also reported that Scott McIntyre, CFA one in eight Americans was either late on a payment or already in Senior Portfolio Manager foreclosure. Reuters reported that one in nine Americans were using July 3, 2009 food stamps to buy groceries with more than 33 million enrolled in the