Title
Consideration of and action on approving the Fiscal Year 2024-2025 Deer Park Community Development Corporation Budget and submission to City Council.
Body
Summary:
The 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 Board meeting.
The City Council is scheduled to adopt the DPCDC budget at the August 6, 2024 City Council 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).
This item is for the Board of Directors to consider and take action on approving the Fiscal Year 2024-2025 Deer Park Community Development Corporation Budget.
This final proposed budget includes several revisions from the preliminary budget presented and discussed at the April 22, 2024 Board meeting as noted below.
Revenue
Fiscal Year 2024-2025 Sales Tax Revenue was projected in April to total $3,900,000. After reviewing collections from April through July, collections have trended lower than expected. In response, the estimate was decreased to $3,700,000.
Expenditures
An expenditure of $271,645 was added to the Fiscal Year 2024-2025 budget under Grounds to fund the replacement of fencing, dugout benches and score tables at Varnell, Bowyer, Brown and P-Street baseball fields, and the adult softball field.
Capital Outlay
An expenditure of $2,214,000 was added to the Fiscal Year 2024-2025 budget under Improvements Other Than Buildings to fund the following projects:
Piping Rehabilitation at Dow Park, $1,500,000
Laser Grading to Varnell and Bowyer Baseball Fields, $214,000
Construction of Pickball Courts at San Jacinto Park, $500,000
Project Details
Piping Rehabilitation at Dow Park: This project will include the construction and renovation of the drainage pipes located at Dow Park. The current drainage line is collapsed and in need of rehabilitation to prevent flooding. In addition, these funds will be used to resurface the parking lot at the Pony field.
Laser Grading to Varnell and Bowyer Baseball Fields: The playing surface at these fields need to be regraded in order to create a safe playing surface. Currently the infields are higher than the outfields and do not drain properly.
Pickleball Courts: This project is to construct three (3) pickleball courts at San Jacinto Park on an existing slab. This project will include shade, benches, fencing and lights.
Total Revenue and Expenditures
Total expenditures have been increased by $2,485,645 from the initial proposed budget. Total prior year revenue needed to balance the budgeted expenditures has been increased by $2,685,645.
The final proposed 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 $4,628,391 of operating costs, primarily the operating transfer to pay for the debt service costs on the bonds funding the approved Type B capital projects, the $250,000 operating reserve for future maintenance and operating costs associated with the approved projects and the $1,500,000 pay-as-you-go contingency, and $4,064,000 of capital outlay.
Fiscal/Budgetary Impact:
The proposed budget includes all anticipated revenues to be derived in Fiscal Year 2024-2025 from the dedicated ½% Type B sales and use tax and all proposed expenditures for the fiscal year.
Recommended action
Approve the Fiscal Year 2024-2025 Budget and submit to City Council.