Title
Consideration of and action on an ordinance approving the Fiscal Year 2020-2021 Deer Park Community Development Corporation Budget.
Body
Summary:
The bylaws of the Deer Park Community Development Corporation ("DPCDC" or "Corporation") 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 2020-2021 was presented for discussion at the May 26, 2020 DPCDC Board of Directors meeting. The Board approved the Fiscal Year 2020-2021 DPCDC Budget at the July 27, 2020 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 (note: financial statements are submitted and reviewed quarterly).
This Fiscal Year 2020-2021 budget for the DPCDC includes total revenues of $2,702,500 (tax revenue and investment revenue) and total expenditures of $1,909,430 (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 planned in 2021. These transfers also include pay-as-you-go funding for approved capital projects.
The City Council is scheduled to discuss the DPCDC budget at the August 18, 2020 workshop and is then scheduled to adopt the budget at the regular meeting to follow at 7:30 PM (note: the final Fiscal Year 2020-2021 City Budget, which incorporates all funds and component units of the City, is scheduled for adoption on September 15, 2020).
Fiscal/Budgetary Impact:
The proposed DPCDC budget includes all anticipated revenues to be derived in Fiscal Year 2020...
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