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Parks Foundation reports operating fund recovery, flags impact-fee changes
Summary
Parks Foundation told the Greenwood parks board that a property-tax draw put the parks-and-rec operating fund back in positive territory, flagged a roughly $2.3 million capital-driven deficit in the tax fund, and warned recent legislative changes may alter how impact fees can be used.
The Parks Foundation provided a financial update to the Greenwood parks board on July 7, reporting that a recent property-tax draw had returned the parks-and-rec operating fund to positive balance and that the tax fund remained in deficit primarily because of capital spending.
"You'll see that... the property tax 1st draw is hit. So we are back in black on that one," the Parks Foundation representative said during the presentation. The representative gave a spoken figure that the operating fund balance was "just about 6,475" (transcript phrasing) and said the tax fund remained roughly $2,289,000 in the red, attributing that to capital expenses and lease obligations rather than recurring costs.
The parking back-fee fund was reported to have increased by about $600,000 year-to-date and to be approaching $2.5 million, but staff cautioned that upcoming projects will likely draw on that balance.
Staff also told the board to expect effects from recent legislative changes that limit where and how impact fees may be spent, noting the need to develop tracking mechanisms tied to the permitted geographic radius for spending impact fees. The foundation flagged several housing developments near High Creek and Governor Wythe Road as sources of future impact-fee revenue and noted the need for policy adjustments to conform to new rules.
Board members asked about potential impacts to park-impact fees and were told staff would prepare mechanisms and further recommendations to account for the legislative changes and planned capital needs.
The update closed with staff noting balances and likely future capital draws and with an acknowledgment that more detail would follow as project budgets and timelines solidify.
