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BK Development Corporation adopts FY2025–26 budget; board reviews revenue assumptions, shared staff costs and major project placeholders
Summary
The BK Development Corporation unanimously adopted the FY2025–26 budget, with staff presenting audited FY2024 figures, a projected $11.3 million beginning fund balance, conservative sales tax assumptions, and line items for advertising, professional services and capital project placeholders.
The BK Development Corporation voted unanimously to adopt Resolution 2025‑09, approving the fiscal year 2025–26 budget.
Staff summarized audited fiscal year 2024 results and said the corporation expects to end FY2025 with about $11,300,000 in fund balance to begin FY2026. Sales tax revenue for the budget is projected at $2,625,000; staff said current collections are running about 4–5% above last year but kept the FY2026 budget conservative. Interest income was budgeted at $425,000.
Staff described how several city positions and services are shared between the corporation and the city, and that salary allocations…
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