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Discussion of issues relating to the preliminary FY 2024-2025 Deer Park Community Development Corporation (DPCDC) Budget.
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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. Attached is the overall FY 2024-2025 budget schedule for the City, which includes meeting dates for the City Council, CCPD, FCPEMSD and the DPCDC. The dates specific to the DPCDC budget are in purple font.
Key dates for the FY 2024-2025 DPCDC budget process are as follows:
* Mon, 04/22/2024 @ 5:30 PM - DPCDC Board of Directors reviews preliminary FY 2024-2025 DPCDC Budget.
* Mon, 07/22/2024 @ 5:30 PM - DPCDC Board of Directors approves FY 2024-2025 Budget and submits to City Council for adoption.
The City Council is scheduled to adopt the FY 2024-2025 DPCDC budget on Tuesday, August 6, 2024 at the regular City Council meeting at 7:30 PM. The final FY 2024-2025 City Budget, which incorporates all funds and component units, is scheduled for adoption at the regular meeting of City Council on Tuesday, September 17, 2024.
On May 1, 2021 voters approved a continuation of the dedicated 0.50% sales tax for the additional purchase of land, buildings, equipment, facilities, and improvements (including the operating and maintenance costs thereof) for the purpose of amateur sports, children's sports, athletic, entertainment and public park purposes and events, as well as any related infrastructure and improvements that enhance the same.
Fiscal/Budgetary Impact:
This preliminary FY 2024-2025 budget for the DPCDC includes total revenues of $6,206,746, representing estimated sales tax revenue, investment earnings, and prior year revenue. Sales tax revenues have remained flat in FY 2023-2024 thus far; however, the impact inflation will have on sales tax revenue in the upcoming fiscal year remains uncertain. In regards to investment revenue, interest rates are expected to remain ...
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