Title
Consideration of and action on approving the Fiscal Year 2018-2019 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 2018-2019 was presented for discussion at the April 23, 2018 Board meeting.
The City Council is scheduled to adopt the DPCDC budget at the August 21, 2018 City Council meeting (note: the final Fiscal Year 2018-2019 City Budget, which incorporates all funds and component units of the City, is scheduled for adoption on September 25, 2018).
This item is for the Board of Directors to consider and take action on approving the Fiscal Year 2018-2019 Deer Park Community Development Corporation Budget. The final proposed budget did change from the preliminary budget presented and discussed at the April 23, 2018 Board meeting. The $5,850,000 debt issuance for the Community Center and Gym Renovation/Expansion originally planned for October 2018 has been postponed to February 2019. This change resulted in a $1,290,138 reduction in the annual debt service for the Fiscal Year 2018-2019. The final proposed Fiscal Year 2018-2019 budget for the DPCDC includes total revenues of $ $2,801,100 (tax revenue and investment revenue) and total expenditures of $1,531,926 (services, supplies, and operating transfers to the City). The operating transfers are primarily to pay for the debt service costs on the bonds funding the approved Type B capital projects, including estimated issuance and debt service costs for the final debt issuance of $5,850,000 in 2019. These transfers also include pay-as-you-go funding for approved capital projects.
Fiscal/Budgetary Impact:
The proposed budget includes all anticipated revenues to be derived in Fiscal Year 2018-2019 from the 1/2% Type B sales and use tax and all proposed expend...
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