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EDC reviews finances as sales tax dips; board approves payables and hears FY27 scenarios
Summary
EDC staff reported a year‑over‑year sales‑tax remittance decline of 8.77% for the period cited, the board approved payables of $18,682.34, and staff outlined FY27 budget projections showing scenarios with average CIP spending and a model with a $3 million upfront project.
Staff and finance staff briefed the Fulshear EDC on current revenues and budget planning during the March 9 meeting, reporting a dip in recent sales tax remittances and presenting two models for FY27 that show how major projects could affect fund balance.
Hayden (S7) reported the February remittances (December remittance) were down 8.77% from the same period the previous year, totaling $252,539.19, and told the board the corporation’s revenues total $613,716.97 (about 26.12% of the budget through the period). “While being down 8.77% may raise alarm bells, it is important to know that last year…we were up 31%,” Hayden said, adding staff views the change as a return toward normalcy.
The board approved payables of $18,682.34 after a motion by a board member and second. The vote carried.
On the FY27 budget, staff presented two projection models: one assuming average historical CIP spending (about $1,151,500 annually) and a second that includes an example $3,000,000 project to show fund‑balance impacts. Under staff assumptions with a reallocated sales‑tax share, sales tax receipts were modeled at roughly $1,265,000 at 25% share and rising before flattening in later years; the model that front‑loads a major project showed fund balance dipping but remaining above projected minimum thresholds under the assumptions used.
Board members pressed staff about how the EDC would fund very large projects (one example discussed in general terms: up to an additional $10 million to change a tollway configuration), and staff said financing options and partnerships would be explored rather than a single large check up front.
What happens next: public works will present a CIP menu and timelines at the next meeting; staff will continue refining revenue and expenditure assumptions for FY27.
