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Type B board hears FY26 Q1 financial update showing sales-tax growth above budget
Summary
Finance staff told the Type B board the FY26 budget is $12.7 million in revenues and $12.3 million in expenses; staff reported $3.4 million in Type B 0.5¢ sales-tax receipts through Dec. 31, 2025, and said year-to-date collections are about 5% over budget despite a one-time audit adjustment in Dec. 2024.
Bridal Solis, finance department staff, presented the Type B quarterly financial update covering actuals through Dec. 31, 2025. She told the board the fiscal year 2026 revenue budget is $12,700,000, with an expense budget of $12,300,000, and said staff used a conservative 2% growth assumption for 2026 sales tax after stronger-than-expected 2025 collections.
"Our fiscal year 2026 budget is $12,700,000, mostly comprised of sales tax collections," Solis said. She reported that the Type B 0.5¢ sales tax had generated $3,400,000 through Dec. 31, 2025, which is 5.12% ahead of the year-to-date budget but about 1.12% lower than the same period in 2024 due to a one-time audit adjustment in December 2024.
Solis walked the board through the fund's longer-term performance, saying the Type B sales-tax fund has collected approximately $140,700,000 since the fund’s inception to support community development projects. On expenditures, she said staff support and board development were 97% spent (largely due to transfers), while transformational and community/mobility projects had been front-funded and were recorded as 100% spent for accounting and CIP timing reasons. She noted debt-service actuals had not yet appeared in the quarter because the first interest payment posted in February and will show in the next quarterly report.
Board members asked how underruns are handled. Solis said returned savings are tracked in quarterly updates and moved back into the appropriate fund (Type E) as projects complete, and that staff meet with project managers two to three times per year to review allocations. When asked whether paybacks related to NFM/TERS are reflected, she said they are included in the sales-tax charts.
The presentation closed with the board having the information needed for the upcoming budget process and with staff advising the board that greater detail would appear in subsequent quarterly updates.
