Page 118 - CityofColleyvilleFY23AdoptedBudget

The Colleyville Economic Development Corporation is an Authority voted into
existence by Colleyville citizens in 1996, provided by state statute as a 4B
corporation. Similar to the Crime Control and Prevention District, the Corporation
is funded through 0.5 percent sales and use tax intended for municipal park
improvements, the purchase of land and equipment for additional parks, and for
the construction of a community center and library. Consistent with state law,
some funds may be allocated by the board of directors for promotional efforts for
special events and marketing.

Expected revenue from the special purpose sales tax and related interest income
for the scal year 2023 is $2,635,000. The CEDC Board meets in August to approve
the budget. Funding provided by this special sales tax has been allocated to
community-enhancement initiatives consistent with the authorization of the
corporation. Total planned expenses amount to $2,750,951 in FY23, and they
include $1.19 million in non-recurring capital costs. A full, 5-year forecast for the
fund is as follows:

Colleyville
Economic

Development

City of Colleyville | Budget Book 2023 Page 118