Page 73 - CityofForestHillFY26Budget

CITY OF FOREST HILL

Summary Community Development Corporation Fund

The Community Development Corporation (CDC) is a component unit of the City of Forest Hill. The City
serves as a fiduciary for the CDC funds. This corporation provides opportunities for growth and
improving the quality of life within the city through the initiation of various economic development
programs.
The Community Development Corporation Fund is a special revenue fund that receives sales tax
revenues which are restricted by State Law for community and economic development. The
funds are administered by the Community Development Corporation Board appointed by the
City Council.

The Community Development Corporation Fund transfers funds to the Debit Service Fund to
provide 100% of the annual debt service payment requirements for the Series 2014 general
obligation refunding bonds. This bond issue will be fully paid in 2025.

2026 Adopted
FUND 49 COMMUNITY DEVELOPMENT CORP
Budget
SALES TAX REVENUE $(1,227,809.00)

INTEREST REVENUE $(115,000.00)
TOTAL COMMUNITY DEVELOPMENT REVENUE $(1,342,809.00)

SUPERVISORS SALARIES $145,140.00

OPERATIONAL SALARIES $61,960.00
STIPEND $-

LONGEVITY $65.00
FICA $4,830.00

TMRS $9,660.00

GROUP EMPLOYEE INSURANCE $17,900.00
BUILDINGS & BLDG IMPROVEMENTS $40,000.00

STIPEND $-
LEGAL SERVICES $5,000.00

PROFESSIONAL SERVICES $100,000.00

RENTAL - MACHINERY & EQUIP. $9,000.00
ECONOMIC DEVELOPMENT INCENTIVE $100,000.00

SEASONAL SUPPLIES $30,000.00
UTILITIES-TELEPHONE $972.00

MEMBERSHIP & SUBSCRIPTION $1,800.00

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