During a recent council meeting, officials provided an update on the Parks Capital Fund, revealing a current balance of approximately $7.1 million at the end of the fiscal year 2023. The council plans to allocate $1.4 million in revenue for the upcoming year, primarily sourced from impact fees and donations, while also anticipating an additional $1.3 million in unexpected revenues due to increased housing developments.

The council has earmarked $4.1 million for ongoing projects, including the completion of Phase 1 and the initiation of Phase 2 of park developments. This funding is strictly designated for park-related expenses, as stipulated by the impact fees collected from new residential constructions.

Looking ahead, the council estimates that the fund balance will decrease to about $5.7 million by the end of the current fiscal year. For the next fiscal year, they project a budget that includes $1.2 million in revenue, with planned expenditures of $900,000 for various park-related projects and $2 million allocated for amenities in Phase 2, such as sports fields and trail enhancements.

By the end of the next fiscal year, the fund balance is expected to stabilize at around $4 million. The council also noted that after accounting for $2 million in bond payments due in fiscal year 2026, they will retain an additional $2 million in the fund for future park projects.

Officials emphasized the importance of transparency and accuracy in these financial projections, ensuring that the funds are indeed available for the planned park developments. The council is poised to consider additional amenities, with approximately $1.2 million still available for projects not yet approved or budgeted.