Page 27 - CityofMansfieldFY24Budget

Transfers
Approximately $21,400 is budgeted for the MPFDC portion of auto, liability, and property insurance
coverage. There is also an overhead allocation to the General Fund budgeted at $224,617.

Equipment
$217,633 is budgeted in FY 2023-2024 to fund a vehicle, trailers, and field maintenance equipment.

Debt
The debt service payment in the Mansfield Park Facilities Development Corporation is $3,164,077.

Mansfield Economic Development Corporation (MEDC) Fund

Revenues
The sales tax revenue for the MEDC Fund is $10,082,572 in FY 2023-2024, inclusive of debt service.
$5,459,950 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
One new position is budgeted in FY 2023-2024 for a Management Analyst.

Operations and Maintenance
The operating budget increased approximately 15% in FY 2023-2024, primarily due to contractual
obligations for economic incentives, and an increased reserve as a result of higher sales tax anticipated.

Transfers
The budgeted transfer to the General Fund for the Shops at Broad development is $241,400. In addition,
$184,003 to the General Fund is budgeted for overhead allocation. Finally, $37,209 is budgeted for the
MEDC portion of liability and property insurance coverage.

Equipment
No equipment is budgeted for FY 2023-2024.

Debt
The debt service payment in the Mansfield Economic Development Fund is $2,660,028.

CAPITAL PROJECT FUNDS
Capital Projects Funds are used to account for acquisitions of capital assets financed from general
obligation proceeds, revenue bonds, certificates of obligation proceeds, or transfers from other funds.
The Capital Projects Funds include the Street Construction Fund, Utility Construction Fund,
Environmental Services (Drainage) Construction Fund, Building Construction Fund, MPFDC
(Parks) Construction Fund, MEDC (Economic Development) Construction Fund and the Equipment
Replacement Fund.

The Capital Improvement Program is developed to match costs against expenses occurring in
corresponding periods of time whenever possible. In other words, the development and timing of
infrastructure improvements is crucial to maintaining current and future developments while maintaining
or lowering debt ratios. Impact fees offset the amount of funding borrowed in the Construction funds.

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