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4A EDC board approves $3.98 million Type A sales tax fund budget for FY2025
Summary
The 4A Economic Development Corporation Board unanimously approved the Type A sales tax fund budget for fiscal year 2025, approving $3,975,000 in projected revenue and a $2.8 million expenditure plan that raises the projected ending fund balance to $15.3 million.
The 4A Economic Development Corporation Board unanimously approved its fiscal year 2025 Type A sales tax fund budget after a brief presentation by finance staff.
Finance staff gave the board an overview of the FY2025 plan, saying projected total revenue is $3,975,000, an increase of $125,000 from the prior year, including $100,000 in expected interest earnings. "We are, including, dollars 3,975,000 in total revenue for the 4 a budget," the finance representative said. The presentation showed proposed expenditures of $2,800,000, a decrease of about $208,000 from the previous year, with $2,450,000 budgeted for annual debt service and $252,000 for maintenance and repair. The presenter also noted miscellaneous items totaling about $134,830 and a $25,000 required transfer to the maintenance and repair reserve for the depot.
The budget summary the presenter provided said an infield turf replacement project of roughly $250,000 that appeared in FY2024 is not included in the FY2025 requests, contributing to the net decrease in expenditures. The presentation projected an ending fund balance of $15,300,000 for FY2025, an increase of about $3,300,000 from the prior budgeted balance.
After the presentation, Blake Jones moved to approve item number 6, the Type A sales tax fund budget for FY2025, and Oliver Cosby seconded. The board voted in favor and the motion carried.
Board members did not request additional changes during the meeting; the board approved the budget as presented and adjourned the 4A meeting to move to the city council session.
