In a recent government meeting, officials outlined the proposed budget for Fiscal Year 2025, totaling approximately $25.8 million. The budget anticipates $24.5 million in sales tax revenue, alongside interest income and lease payments from Tufts, which are set to commence in January.

Personnel costs are projected to rise to $455,000, reflecting a 2% increase to accommodate the addition of a new staff position. Operational expenses are estimated at $769,000, while marketing and promotional efforts will see an increase to $623,280, aimed at enhancing outreach and support for events like the Byron Nelson Tournament.

A significant portion of the budget, approximately $20.3 million, is earmarked for grants, representing 79% of the total budget. This includes allocations for various community priorities: $5.5 million for Parks and Recreation, $4 million for Affordable Housing, and $3 million for Pipeline Projects. Additionally, funding for Economic Development and Roadway Infrastructure is set at $2 million and $1.7 million, respectively.

The budget also includes $1.7 million for debt service related to the Apex project and $500,000 for impact support. An operating contingency of $1.2 million has been retained to address unforeseen expenses.

Following the meeting, the proposed budget will be forwarded to the City Manager's Office and City Council for further review, with a budget workshop scheduled for August 9. Any amendments will be brought back to the Board for final approval in either August or September.

Officials emphasized that 79% of the budget is directed towards community priorities, highlighting the commitment to tangible improvements and services for residents. The discussion also noted that while project grants are budgeted at $20 million, historical trends suggest that actual expenditures may exceed this amount, often funded through the city’s fund balance for special requests.