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2024 03 28 MDD Minutes MDD Board Regular Meeting Minutes March 28,2024 Page 2 of 4 f. Consider approving the minutes of the City Council and Baytown Municipal Development District Joint Special Meeting held on February 8, 2024. A motion was made by Vice President Laura Alvarado, and seconded by Director Kenrick Griffith to approve the meeting minutes of the Municipal Development District Meetings, as submitted. The vote was as follows: Ayes: President Brandon Capetillo, Vice President Laura Alvarado, Director Sarah Graham, Director Kenrick Griffith, Director James Franco, Director Jacob Powell, Director Mike Lester Nays: None Other: None Approved 3. PROPOSED RESOLUTIONS a. Consider a resolution authorizing the Municipal Advisory Agreement with Hilltop Securities, Inc. Finance Director Teresa McKenzie presented this agreement stating in the event the City needs Hilltop to provide any advice regarding the MDD debt issuances or rating calls. A motion was made by Director Jacob Powell, and seconded by Director Mike Lester to approve Resolution No. 471, related to Item 3.a. The vote was as follows: Ayes: President Brandon Capetillo, Vice President Laura Alvarado, Director Sarah Graham, Director Kenrick Griffith, Director James Franco, Director Jacob Powell, Director Mike Lester Nays: None Other: None Approved RESOLUTION NO.471 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT AUTHORIZING THE GENERAL MANAGER TO EXECUTE A MUNICIPAL ADVISORY AGREEMENT WITH HILLTOP SECURITIES INC.; AUTHORIZING PAYMENT TO HILLTOP SECURITIES, INC., CONSISTENT WITH SUCH EXTENSION AGREEMENT; MAKING OTHER PROVISIONS RELATED THERETO; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF. MDD Board Regular Meeting Minutes March 28,2024 Page 3 of 4 4. REPORTS a. Receive the Baytown Municipal Development District's Quarterly Financial and Investment Reports for the Quarter Ending September 30,2023. Finance Director Teresa McKenzie presented the Baytown Municipal Development District's Fourth Quarterly Financial and Investment Report, for the Quarter Ending September 30, 2023.. (Exhibit A) b. Receive the Baytown Municipal Development District's Quarterly Financial and Investment Reports for the Quarter Ending December 31, 2023. Finance Director Teresa McKenzie presented the Baytown Municipal Development District's Fourth Quarterly Financial and Investment Report, for the Quarter Ending December 31, 2023. (Exhibit B) 5. MANAGER'S REPORT Mayor Capetillo stated the next Baytown Municipal Development District meeting will be scheduled when needed. 6. EXECUTIVE SESSION a. Recess into and conduct an executive session pursuant to Texas Government Code Sections 551.071 and 551.087 to seek the advice of the City's attorneys regarding economic development negotiations. City Attorney Scott Lemond entered the Executive Session at 4:40 P.M. At 4:40 P.M., President Brandon Capetillo recessed into and conducted an executive session pursuant to Section(s) 551.071 and 551.087 of the Texas Government Code to seek the advice of the City's attorneys and/or to discuss economic development negotiations. At 4:51 P.M., President Brandon Capetillo reconvened the Open Meeting of the MDD Board Regular Meeting and announced that in accordance with Section 551.102 of the Texas Government Code, no action was taken in the Executive Session. 7. PROPOSED RESOLUTIONS a. Consider a resolution approving the operating and asset management budget amendment for the Hotel and Convention Center. A motion was made by Vice President Laura Alvarado, and seconded by Director Mike Lester to approve Resolution No. 472, related to Item 7.a. The vote was as follows: Ayes: President Brandon Capetillo, Vice President Laura Alvarado, Director Sarah Graham, Director Kenrick Griffith, Director James Franco, Director Jacob Powell, Director Mike Lester MDD Board Regular Meeting Minutes March 28,2024 Page 4 of 4 Nays: None Other: None Approved RESOLUTION NO. 472 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT APPROVING THE OPERATING AND ASSET MANAGEMENT BUDGET FOR THE BAYTOWN HOTEL AND CONVENTION CENTER; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF. 8. ADJOURN With there being no further business to discuss, President Brandon Capetillo adjourned the March 28, 2024, MDD Board Regular Meeting at 4:53 P.M. , titnurgit f ...AAS 4 -0.- 111,1d.• :t",19/ S. Angela J3 son, Assistant - .- ii� s. City of : .ytown o,- Fourth Quarter Financial Report Q4 2023 31\„'tn-\P M: )',1 Dnv ' t District (MDD) - Period Ending September 30, 2023 MUNICIPAL DEVELOPMENT DISTRICT(MDD) Period Ending September 30, 2023 CY to PY Budget CY Actual Balance % PY Actual Change $ Revenues Sales Tax $ 8,290,844 $ 8,499,110 $ (208,266) 103% $ 8,161,723 $ 337,387 Miscellaneous 1,253 150,958 (149,705) 12049% 17,298 133,660 © MDD Budget Received Total Revenues 8,292,097 8,650,068 (357,971) 104% 8,179,021 471,047 $8,292,097 i$8,650,068 11111 Expenditures Administration 486,762 366,059 120,703 75% 300,000 66,059 Economic Development 4,178,221 4,287,012 (108,791) 103% 3,248,714 1,038,298 Parks 2,700,091 1,638,214 1,061,877 61% 1,514,901 123,313 MDD Budget Spent Streets 186,124 78,604 107,520 42% 389,778 (31 1,174) $10,373,252/$10,254,026 Sewer 500,000 - 500,000 0% - - 99% Debt Service&Transfers 2,322,054 3,884,138 (1,562,084) 167% 1,773,012 2,111,126 Total Expenditures 10,373,251 10,254,026 119,225 99% 7,226,404 3,027,623 Net Change (2,081,154) (1,603,959) 952,617 Beg. Fund Balance 2,081,154 1,974,090 1,021,473 Personnel, End. Fund Balance $ (0) $ 370,131 $ 1,974,090 $307.7 K Services, CIP, 107.1 K Sales Tax Receipts(Cash Basis) $1552.1 K 900 800 0 700 600 0 500 iiii- I- iilii Transfers_ 3884.7 K Service, • ~ 400 OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP Investments(Book Value) $1402., FY22 626.5 693.7 621.8 713.0 835.9 541.5 559.2 774.6 656.9 696.4 697.5 744.6 Texpool ■FY23 683.9 736.5 663.2 695.3 755.9 639.6 671.7 855.3 633.3 711.7 886.7 685.5 Balance $1,595,734.97 FY22 ■FY23 Earnings $150,958 Unaudited financials First Quarter Financial Report Q1 2024 Baytown Municipal Development District (MDD) - Period Ending December 31, 2023 MUNICIPAL DEVELOPMENT DISTRICT(MDD) Period Ending December 31, 2023 CY to PY Budget CY Actual Balance % PY Actual Change $ Revenues Sales Tax $ 8,456,660 $ 664,935 $ 7,791,725 8% $ 663,231 $ 1,703 Miscellaneous 367,644 114,383 253,261 31% 25,843 88,540 © MDD Budget Received Total Revenues 8,824,304 779,318 8,044,986 9% 689,074 90,244 $8,824,304/$779,318 111, Expenditures Administration 464,527 75,000 389,527 16% 75,000 - Economic Development 4,232,400 512,737 3,719,663 12% 953,632 (440,895) Parks 726,080 111,481 614,599 15% 986,859 (875,378) MDD Budget Spent Streets - - - 0% 104,588 (104,588) $8,371,852/$1,310,417 Sewer 2,118,718 - 2,118,718 0% - - 16% Debt Service&Transfers 830,127 611,199 218,928 74% 1,019,362 (408,163) Total Expenditures 8,371,852 1,310,417 7,061,435 16% 3,139,440 (1,829,023) Net Change 74,187 (531,100) (2,450,366) Beg. Fund Balance 452,452 771,384 2,820,498 Personnel, End. Fund Balance $ 526,639 $ 240,284 $ 370,131 $68.6 K CIP,$1 1 1 K Sales Tax Receipts(Cash Basis) 900 800 - Services, 0 700 $444.1 K N 600 -- - n Transfers, i 500 1-- $686.2 K 400 OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP 'ebt Investments(Book Value) FY23 683.9 736.5 663.2 695.3 755.9 639.6 671.7 855.3 633.3 711.7 886.7 685.5 Texpool Service, ■FY24 692.0 609.6 664.9 Balance $2,826,720 $0.0 K FY23 ■FY24 Earnings $114,383 Unaudited financials