Cedar Park Community Development Type B Corporation on Jan. 14 reviewed unaudited fiscal year 2024 results and project updates that leave the fund with an unaudited ending balance of roughly $10.4 million and several project funds held pending outside grant decisions.

Erica Solis with the finance department presented the quarter 4 financial report, saying, “Just to keep in mind, these are unaudited numbers.” Solis told the board the Type B half-cent sales tax for the year totaled $11.6 million, about 0.4% over the year-to-date budget projection and slightly higher than the June 30 variance the board saw earlier (about 0.10% over). The corporation’s FY2024 revenue budget was $11,550,000; the FY2024 amended expense budget was $11,400,000 after $1.4 million in midyear amendments. Solis said the city’s unaudited ending fund balance is about $10.4 million versus a prior projection of $8.8 million.

The report itemized Q4 expense activity. Solis said board and staff support costs were fully spent and that transformational-project spending included a $3.5 million payment for the Bell Boulevard master development contribution earlier in the year. A $39,000 reimbursement tied to a portion of the Park West Drive extension placed on a Type B lot produced a small overage on that line item. Debt-service obligations were met for the year, she said.

On capital projects, staff explained an engineering fee for the Lakeline Boulevard shared-use path shows $1,050,000 in expenditures against an authorized $2.5 million request. Solis said the $2.5 million authorization included both design and an anticipated 20% local match for construction that presumed securing federal funding through CAMPO. “We did recently submit that application to CAMPO, so we'll know later this winter if this project gets selected for funding,” she said, and recommended holding the remaining authorized funds until the CAMPO decision.

Solis also summarized two older projects that returned savings to Type B. The board originally authorized $285,000 for a wayfinding program in 2015; project savings of $83,000 were returned. The Brushy Creek Regional Trail Connection had a 2015 authorization of $450,000; CAMPO reimbursed $291,000 that staff had fronted, and those reimbursements were returned to the Type B fund.

Board members asked about near-term sales-tax outlook and the potential effect of large retail projects outside the city. Solis said FY2025 sales-tax revenue was budgeted at $11.5 million (kept flat from planning assumptions). She noted Costco is the corporation’s top sales taxpayer and that openings elsewhere, such as in neighboring Georgetown, have affected receipts; she also said a planned NFM opening in 2027–2028 could offset some loss but that staff would need to clarify how specific revenues flow into Type B funds.

The board approved minutes for the Sept. 10 and Oct. 8, 2024 meetings by unanimous voice vote. The corporation adjourned with its next regular meeting set for Feb. 11 at 6:30 p.m.

The presentation described numbers as unaudited; Solis said auditors were expected to complete the formal audit process in mid-March.