Page 27 - CityofMansfieldFY23Budget

Debt
The debt service payment in the Mansfield Park Facilities Development Corporation is $3,157,847.

Mansfield Economic Development Corporation (MEDC) Fund

Revenues
The sales tax revenue for the MEDC Fund is $9,002,637 in FY 2022-2023, inclusive of debt service.
$4,384,130 of the total revenue is appropriated for approved economic development projects and
contractual obligations. Revenues result from a ½ cent sales tax approved by the voters in 1997. Since
inception, these revenues have steadily increased.

Staffing
No new positions are budgeted in FY 2022-2023.

Operations and Maintenance
The operating budget increased approximately 20.8% in FY 2022-2023, primarily due to enhanced
marketing and promotion efforts planned in the upcoming year.

Transfers
The budgeted transfer to the General Fund for the Shops at Broad development is $241,400. In addition,
$156,020 to the General Fund is budgeted for overhead allocation. Finally, $25,000 is budgeted for the
MEDC portion of liability and property insurance coverage.

Equipment
No equipment is budgeted in FY 2022-2023.

Debt
The debt service payment in the Mansfield Economic Development Fund is $2,653,848.

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