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San Angelo Development Corporation forwards FY2027 proposed budget to City Council
Summary
The Development Corporation approved a recommended FY2027 budget to send to City Council after a presentation showing sales-tax gains and a healthy fund balance; the board voted unanimously to forward the proposal.
The City of San Angelo Development Corporation voted July 8 to forward a proposed FY2027 budget recommendation to City Council.
Jonathan Flores, corporate treasurer, presented the budget and financial update, reporting that June sales tax was up 7.11% from the same month last year and year-to-date sales tax is up 3.15%. Flores said the corporation's unassigned fund balance is roughly $17.1 million and that interest on investments has increased as cash on hand rose.
Flores described an indirect cost plan that increased total indirect costs by about $19,000 and explained a 25% allocation of indirect costs to the ballot fund. He also noted several line-item changes, including a $12,000 increase to the advertising line to reflect the board's action on the marketing campaign and a carryover capital allowance tied to a $1.4 million land purchase that will be partly offset by roughly $1,000,000 expected to return to revenue, making the net impact about $400,000 when realized.
"June sales tax is up 7.11% from the same month in the prior year," Flores said, noting sales tax reflects activity two months earlier. He recommended the board approve the proposed budget so staff could present the board's recommendation to City Council at an August workshop; City Council's formal approval is expected in September.
Board members asked questions about fund balance, the status of the land purchase and the treatment of carryover capital; Flores said the land purchase transaction has been negotiated with the seller's railroad operator and that any unspent items could be adjusted before the Council presentation.
The board moved to approve the proposed budget and the motion passed unanimously (6-0). By approving this recommendation the board authorized staff to present the budget to City Council for final approval in September.
