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Pflugerville Community Development Corporation reports 45% of FY25 revenue at midyear
Summary
At a City Council work session, the Pflugerville Community Development Corporation presented its FY25 second-quarter financial report showing 45% of budgeted revenue and lower-than-expected expenditures tied to timing and vacancies; no council action was taken.
The Pflugerville Community Development Corporation reported total revenue at 45% of its FY25 budget at the six-month mark, Finance Director said during a City of Pflugerville work session.
The report, presented during the council work session, showed sales tax revenue at about 49% of budget and interest income running below projections. The director said lease payments, development incentives and debt payments will largely occur in the third and fourth quarters, explaining much of the low expenditure rate so far.
"Total revenue is 45% of the budget. We're 6 months in, so that's, pretty good," the Finance Director said.
City council members pressed staff on the operating-expenditure figures after a bond issuance cost was shown as a one-time line item. One councilmember calculated that, with that bond cost removed, actual expenditures were roughly 30% of budget at midyear and said that would normally be closer to 50% halfway through the fiscal year.
Staff attributed the lower spending to a mix of timing and vacancies. The presentation identified other professional services and business recruitment expenditures as below budget; a city staffer added workforce-development spending was also behind schedule.
Council members asked about staffing. The presentation noted current vacancies within the corporation; staff confirmed ongoing recruitment for the open positions and said the executive director is managing the transitions.
No formal action was taken. The financial report will remain as an informational update to be tracked through the rest of the fiscal year.
