Title
Discussion and presentation regarding the Pflugerville Community Development (PCDC) Quarter 1 Financial Report.
Summary
Per PCDC bylaws, each quarter the Board shall present a financial update for the current fiscal year to the City Council at a regularly scheduled City Council meeting.
Sales Tax revenue is at 24% for the year and based on actual Sales Tax for October and estimated Sales Tax for November and December. Interest income is 52% of budget, twice as much as estimated for Q1 of FY24, but interest is subject to fluctuation as notably seen in FY22 and FY23. Total expenditures are at 15% which is historically normal as most expenses are expected in the 3rd and 4th quarters.
Prior City Council Action
Approved FY24 Budget on August 22, 2023
Deadline for City Council Action
N/A
Supporting documents attached:
Q1 Financial Update
Recommended Action
Discuss Only