Page 125 - CityofColleyvilleFY23AdoptedBudget

Prior to FY21, the Corporation had one outstanding bond issue, which funded park improvements throughout the City.
Upon determining that this bond issue was callable, staff and Council exercised the call function of the bonds and paid
them off early. This resulted in approximately $4.8m in bond principal paid in FY21 and total interest payment savings
of $650,000 over the life of the bonds.

After further examination of the bond issue in question, it was discovered that the CEDC bonds paid for projects that
were eligible to be covered by the Colleyville Tax Increment Financing District (TIF). Therefore, the TIF transferred the
necessary funds to pay off the bonds to the CEDC as a reimbursement for those past project expenses. The CEDC had
budgeted to loan those funds back to the TIF in 2022 for cash ow purposes resulting in a large draw down in CEDC
fund balance, but that action was ultimately unnecessary.

Name FY2021 FY2022 Amended FY2022 FY2022 FY2023 FY2022 Amended
Ac tuals Budget Ac tuals Projec ted Budgeted Budget vs. FY2023
Budgeted (% Change)
Expenditures
Administration $5,043,358.21 $217,000.00 $217,000.00 $217,000.00 $228,625.00 5.4%
Leisure $1,084,818.68 $2,060,476.00 $1,825,187.00 $1,825,187.00 $2,522,325.52 22.4%
Services

Total
$6 ,128 ,176 . 89 $2 , 277,476 .00 $2 ,042 ,187.00 $2 ,042 ,187.00 $2 ,750,950.52 20. 8%
Expenditures:

Expenditures by Expense Type

Budgeted Expenditures by Expense Type

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The CEDC Fund houses major operating expenses for parks, the Library, Colleyville Center, and special events,
including 19 full-time equivalent positions. Those positions break down as follows:
13 part-time positions and 1 full time position in the Library
2 NEW full-time positions in Parks Maintenance, dedicated to the City's recent beauti cation efforts
1 full-time position in the Parks Senior Center
A portion of 2 full-time positions for the Colleyville Center
. Given the many parks and beauti cation projects the City is undertaking, the majority of the CEDC's expenses in FY23
consist of capital expenses. Of those expenses, the design and renovation at Heroes Park is expected to draw down the
fund's balance in future years.

City of Colleyville | Budget Book 2023 Page 125