Cedar Park reviews 2026 budget with $400,000 innovation grant and new assistant position

Cedar Park's Economic Development Corporation (Type A Board) has unveiled a promising preliminary budget for 2026, projecting revenues of $9.7 million against expenses of $8.5 million. This budget reflects a significant increase in the beginning fund balance, now estimated at $1.7 million, largely due to higher-than-expected sales tax revenues and conservative interest income projections.

The board highlighted a notable 8.6% increase in sales tax revenues for 2025, which has informed a conservative growth estimate of 2% for 2026. This growth is expected to contribute to a robust financial outlook, with a projected net revenue increase of $1.1 million for the upcoming fiscal year.

Key enhancements in the budget include a $400,000 innovation grant aimed at attracting fast-growing startups to Cedar Park, alongside the addition of an administrative assistant to manage increased stakeholder communications. This position is crucial for supporting the economic development team as they work to bring new businesses to the area.

The budget also allocates $3.2 million annually for debt service payments related to the HEB Center, which will continue until the debt is fully paid in 2033. Additionally, contributions for capital repairs and maintenance at the HEB Center have increased by 17%, reflecting the city's rising share of these costs.

Overall, the preliminary budget positions Cedar Park for continued economic growth and stability, with a projected available fund balance of $15.3 million after reserves. The board's focus on strategic investments and fiscal responsibility underscores its commitment to fostering a thriving business environment in the community.