Title
Discussion of issues relating to the Fiscal Year 2024-2025 Deer Park Community Development Corporation Budget.
Body
Summary:
The Deer Park Community Development Corporation (DPCDC) bylaws provide that the Corporation's fiscal year shall be the same as the fiscal year of the City, which is October 1 - September 30. A preliminary budget for the DPCDC for Fiscal Year 2024-2025 was presented for discussion at the April 22, 2024 DPCDC Board Meeting. The Board of Directors approved the Fiscal Year 2024-2025 DPCDC Budget at the July 22, 2024 Board Meeting and recommended that the budget be submitted to the City Council for approval. Section 501.073 of the Local Government Code states that the Corporation's authorizing unit (City Council) will approve all programs and expenditures of the Corporation and annually review any financial statements of the Corporation.
This Fiscal Year 2024-2025 budget for the DPCDC includes current revenue of $3,850,000 (tax revenue and investment revenue) and prior year revenue of $4,842,391 for total revenue of $8,692,391. Total expenditures of $8,692,391 represent $2,846,246 of operating costs, primarily the operating transfer to pay for the debt service costs on the bonds funding the approved Type B capital projects and a $250,000 operating reserve for future maintenance and operating costs associated with the approved projects, $4,064,000 of capital outlay, and a $1,500,000 contingency for construction of the Community and Recreation Center.
After discussion of the DPCDC budget at the August 6, 2024 Workshop, the City Council is scheduled to adopt the DPCDC budget at the August 6, 2024 City Council Regular Meeting (note: the final Fiscal Year 2024-2025 City Budget, which incorporates all funds and component units of the City, is scheduled for adoption on September 17, 2024).
Fiscal/Budgetary Impact:
The proposed DPCDC budget includes all anticipated revenues to be derived in Fiscal Year 2024-2025 from the 1/2% Type B sa...
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