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Flower Mound CDC hears sales-tax dip and forecasts budget pressure after losing a large taxpayer
Summary
Finance staff told the CDC that sales-tax forecasts are down roughly 9% and that the town lost a top sales taxpayer to a Central Texas relocation, likely reducing revenue by roughly $500,000; staff said the CDC fund balance provides a cushion but capital pacing may be required.
At the April 28 Flower Mound CDC meeting, Finance staff presented a detailed update on the CDC (4B) special sales-tax fund and warned of revenue volatility after the loss of a major local sales taxpayer.
John Zagorski, who presented the financial update, said the CDC fund—sourced from a quarter-cent of state sales tax—has a strong balance (about $12 million) and can currently cover roughly 109% of the year's budgeted…
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