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Cedar Park finance official: sales-tax receipts topped budget; refunding would cost roughly $289,000
Summary
Finance presenter Erica Solis told the board that Type A sales-tax collections totaled $9,370,000 through Sept. 30, exceeding the $8.9 million budget, and that a current bond refunding would not save money and is estimated to cost about $289,000. Staff will continue to monitor opportunities.
Erica Solis, a finance department presenter, told the Economic Development Sales Tax Corporation of Cedar Park that year-to-date Type A sales-tax collections through Sept. 30 totaled $9,370,000, higher than the $8.9 million budgeted figure.
"This chart shows that we collected $9,370,000 of sales tax for Type A through the end of the fourth quarter," Solis said, adding that collections were about 8 percent higher than the same period the prior year. She told the board expenses for the fiscal year were budgeted at $7,600,000, with the majority of spending attributed to debt service and economic-development commitments.
Solis also presented a bond-refunding analysis and said the city’s outstanding 2015 debt totaled about $21,900,000. "If we were to refund any of this existing debt...we actually would not save money at this time and we would pay $289,000 approximately," she said, explaining the current market rates make immediate refunding unfavorable. She noted that the debt is slated to be paid off in 2033 and that staff will continue to review refunding opportunities with their financial advisor.
The figures Solis presented were described as unaudited; she told the board the audit work is scheduled in the coming months. The transcript contains no recorded motion or vote on the financial report or any follow-up action; staff presented the numbers and fielded questions from board members. The board’s next procedural steps on the report were not recorded in the transcript.
