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PCDC Q1 report: sales tax tracking above budget while accounts receivable linked to water park shows large balance
Summary
The Pflugerville Community Development Corporation reported first-quarter FY25 revenue and expenditures, with sales tax tracking above budget and a sizable receivable tied to the water park; council members asked for detail on an October sales-tax spike and the nature of the receivable.
Tracy Waldron, the city’s finance director, presented the Pflugerville Community Development Corporation’s (PCDC) fiscal year 2025 first-quarter financial report during the Feb. 25 work session.
Waldron said revenue was “tracking very nicely, 22% of budget,” and that a large portion — “912,000” as stated in the presentation — will not be received until the fourth quarter. She reported sales tax is “tracking at 24%” and that interest income is slightly below expectations, arriving at 22% of the annual budgeted level versus the expected 25% at quarter point.
On expenses, Waldron said the corporation was at roughly 8% of budget in expenditures and warned spending on development incentives, capital projects and debt payments will accelerate in the third and fourth quarters, with debt payments and incentives particularly heavy in Q4.
Council members pressed staff for specifics. One member asked about a large accounts-receivable balance, and Waldron said it “pertains to the water park” and that there is a related liability associated with it. The transcript does not include more detail on payment terms, timing or collection status.
Members also asked about an October 2024 sales-tax “spike” that added roughly a half‑million dollars to that quarter’s receipts. Waldron said nothing in the regular reports “stood out” as a confirmed cause and offered to investigate further. Council discussion during the presentation included references to new retail activity, with one member noting activity at H‑E‑B and the potential for prepared-food sales to contribute to higher sales-tax receipts.
Waldron said capital and project highlights for transportation and utilities will affect spending later in the fiscal year; she advised the council the finance team will continue to monitor revenues and interest income.
No action was taken during the presentation; it was delivered for council information and follow-up questions were requested by council members.
