Community Development Corporation

COMMUNITY DEVELOPMENT CORPORATION FUND

Fiscal Year 2022 – 2023 Budget

The Little Elm Community Development Corporation (CDC) is a 4B Corporation established under the Development Corporation Act of 1979. The corporation is tasked with the promotion and development of new or expanded business enterprises, parks, and other community projects. The CDC derives funding from a one-quarter cent sales tax collected in the Town of Little Elm. The CDC was established in October 2007 and has an independent board appointed by Town Council to govern the corporation. The CDC’s focus is the planning and growth of the parks and recreation system by applying the one-quarter cent sales tax towards capital projects that benefit parks and other related projects.

COMMUNITY DEVELOPMENT CORPORATION FUND SUMMARY

Actual Amended Budget Estimated Budget Adopted Budget Planning Years

2020 - 2021 2021 - 2022 2021 - 2022 2022 - 2023 2023 - 2024 2024 - 2025 2025 - 2026 2026 - 2027

BEGINNING FUND BALANCE $1,053,800 $1,236,779 $1,236,779 $2,082,084 $823,394 $1,528,284 $2,247,673 $2,969,008

REVENUES

Sales and Use Taxes $1,411,233 $1,404,905 $1,595,796 $1,624,475 $1,647,284 $1,670,358 $1,667,904 $1,665,328 Interest Earnings 8,918 8,000 9,020 9,000 9,500 9,750 10,000 10,000

TOTAL REVENUES 1,420,152 1,412,905 1,604,816 1,633,475 1,656,784 1,680,108 1,677,904 1,675,328

TOTAL FUNDS AVAILABLE $2,473,952 $2,649,684 $2,841,595 $3,715,559 $2,480,178 $3,208,392 $3,925,577 $4,644,336

EXPENDITURES

Community Services $173 $99,800 $100,685 $827,165 $68,200 $71,700 $68,200 $71,900 Transfers Out 1,237,000 898,300 658,826 2,065,000 883,694 889,019 888,369 964,369

TOTAL EXPENDITURES $1,237,173 $998,100 $759,511 $2,892,165 $951,894 $960,719 $956,569 $1,036,269

ENDING FUND BALANCE $1,236,779 $1,651,584 $2,082,084 $823,394 $1,528,284 $2,247,673 $2,969,008 $3,608,067