Page 14 - Euless ORD 2360 Adopted FY 23-24 Budget

Half -Cent Sales Tax Fund — Euless Development Corporation ( EDC)

Euless citizens approved an additional '/ 20 sales tax in 1993 that is restricted for parks,
library, and economic development activities. Sales tax revenue projections assumes a
3% increase over FY2022- 23 original budget estimates. Recommended capital
programs, as detailed in Tab 2, include RFID equipment for the Library, greenhouse
roof replacement, a new parks master plan, and a multi -purpose hard court. Other
capital projects include additional funding for miscellaneous parks improvements and
Parks at Texas Star Lighting upgrades. These two items are detailed in the Capital
Improvement Plan document. This budget maintains the required reserves equal to 60
days of working capital.

Car Rental Tax Fund

In November 1999, Euless citizens approved a 5% tax to be collected on all short- term
motor vehicle rentals within the City limits. In the spring of 2000, the Dallas -Fort Worth
International ( DFW) Airport opened a consolidated car rental facility within Euless city
limits. These funds are divided equally among Euless, Dallas, and Fort Worth per the
requirements of a revenue sharing agreement established by the parties in FY1997- 98.

Revenue from car rentals continue to be strong. We expect total revenues of
18, 070, 301 in FY2023- 24.

Expenditures from this fund include a transfer to the General Fund equal to one- third of
the City's share of the revenue. This transfer helps offset the amount needed from
property taxes to support general government operations. Additionally, funding is
included for the airport revenue sharing obligations and equipment replacement funding
as mentioned previously. Funding has also been provided for redevelopment and a
renovation and expansion of the animal shelter. These two items are detailed in the
Capital Improvement Plan document.

The reserve level for this fund has been $ 2, 000,000 for over 20 years. This proposed
budget includes an increase to $ 4, 000, 000 due to increased reliance on this funding for
general government operations.

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A separate Capital Improvements Program ( CIP) has been updated and will be
distributed under separate cover. This comprehensive document provides a summary
of all funded projects detailing project scope, justification, funding sources, future
maintenance and operating costs, and expenses to -date.

Unfunded projects are categorized as Priority A, B, or C. Priority A items are
recommended in the upcoming budget year and funding sources have been identified.
Priority B items are expected to be presented for funding consideration within a two to

201 N. Ector Drive, Euless, Texas 76039- 3595
817/ 685- 1400 Metro 817/ 267- 4403 Fax 817/ 685- 1416
www. eulesstx. gov
Ordinance No. 2360, Page 14 of 326 6