Board adopts Cottonwood Development Corporation budget that trims attorney spending to $5,000 for FY2027

The Commonwealth Development Corporation approved a proposed Cottonwood Development Corporation budget on July 16 that reduces planned attorney-services spending to $5,000 for fiscal year 2027.

Christina Bishop, assistant finance director, told the board the Cottonwood fund’s only activity is attorney services and said, "For fiscal year 20 26, we budgeted 65,000 in attorney services and a corresponding transfer from the general fund for that amount." She added that this year the corporation is "projecting only a $109 of attorney services this year with a $109 transfer out of the general fund," and that the FY2027 proposal includes "$5,000 budgeted for attorney services and transfers in a 5,000 from the general fund."

A board member asked whether there is any fund balance; Bishop confirmed there is none. When asked whether the entity will be dissolved, a staff member said, "It's not automatically sunset. And you have to take some affirmative legal actions," indicating dissolution would require additional formal steps.

After the presentation and brief discussion, a board member moved "to accept the Cottonwood Development Corporation proposed budget fiscal year 2627 as presented" and the board adopted the budget on a roll call vote that recorded two ayes; the motion passed 2-0.

The board recorded no additional conditions or follow-up tasks in the transcript; staff noted attorney-services needs are winding down and the fund relies on transfers from the general fund.