06.24.2026 EDC Agenda Packet-CANCELED-lACK OF QUORUM
TOWN OF TROPHY CLUB ECONOMIC DEVELOPMENT CORPORATION
MEETING AGENDA
June 24, 2026
6:00 PM
Council Chambers
1 Trophy Wood Drive, Trophy Club, Texas 76262
CALL TO ORDER AND ANNOUNCE A QUORUM
PUBLIC COMMENT(S)
This is an opportunity for citizens to address the Board/Commission on any matter pursuant to Texas
Government Code Sec. 551.007. The Board/Commission is not permitted to discuss or take action on any
presentations made concerning matters that are not listed on the agenda. Presentations are limited to
matters over which the Board/Commission has authority. Speakers have up to three (3) minutes or the
time limit determined by the Presiding Officer. Each speaker must have submitted their request to speak
by completing the Speaker’s Form or may email tdixon@trophyclub.org
REGULAR ITEMS
1. Consider approval of the May 20, 2026 Economic Development Corporation Meeting Minutes. (Maggie
McCormick-Krukowski, Records Coordinator/Asst. Town Secretary)
2. Discuss the Thrive Business Grant Program. (Tamara Smith, Assistant Town Manager)
3. Provide an update on the Grove at TC development project. (Tamara Smith, Assistant Town Manager)
4. Discuss a program funded through the Economic Development Corporation as a business retention and
local spending initiative. (Tamara Smith, Assistant Town Manager)
5. Consider approval of the Economic Development Corporation FY 2026-2027 Budget. (Tamara Smith,
Assistant Town Manager)
ADJOURN
*The Board/Commission may convene into executive session to discuss posted items as allowed by Texas Government Code Sections 551.071 through 551.076
and Section 551.087.
*Notice is hereby given that a quorum of the Town of Trophy Club Town Council may be in attendance at this meeting. The Town Council will not deliberate or take
any action.
*BUDGET STATEMENT: Pursuant to Section 551.043, Government Code, the following taxpayer impact statement must be on the meeting agenda at which the
governing body will discuss or adopt a budget: For an average-valued homestead property ($714,324.00), the Town of Trophy Club’s portion of the property tax bill
in dollars for the current fiscal year (FY2025) is $2,967.79, the Town’s portion of the property tax bill for the upcoming fiscal year (FY2026) for the same property if
the proposed budget is adopted is estimated to be $2,949.19.
CERTIFICATION: I do hereby certify that the Notice of Meeting was posted on the official bulletin board at the Town Hall for the Town of Trophy Club, Texas, in a
place convenient and readily accessible to the general public at all times on the following date and time: June 11, 2026, at 9:35 a.m., and said Notice of Meeting
was also posted concurrently on the Town’s website in accordance with Texas Government Code Ch. 551 of the Texas Government Code.
/s/ Tammy Dixon , Town Secretary
If you plan to attend this public meeting and have a disability that requires special needs, please contact the Town Secretary’s Office at 682-237-2900, 48 hours in
advance, and reasonable accommodations will be made to assist you.
Page 1 of 18
ECONOMIC DEVELOPMENT CORPORATION
COMMUNICATION
MEETING DATE: June 24, 2026
FROM: Maggie McCormick-Krukowski, Records Analyst
AGENDA ITEM: Consider approval of the May 20, 2026 Economic Development Corporation
Meeting Minutes. (Maggie McCormick-Krukowski, Records Coordinator/Asst.
Town Secretary)
BACKGROUND/SUMMARY: The Economic Development Corporation Board held a meeting on
May 20, 2026.
BOARD REVIEW/CITIZEN FEEDBACK: N/A
FISCAL IMPACT: N/A
LEGAL REVIEW: N/A
ATTACHMENTS:
1. Minutes
ACTIONS/OPTIONS:
Staff recommends that the Economic Development Corporation Board move to approve the
May 20, 2026 Economic Development Corporation meeting minutes.
Page 2 of 18
Town of Trophy Club Economic Development Corporation Meeting Minutes
May 20, 2026, 6:00 p.m., Regular Meeting
1 Trophy Wood Drive, Trophy Club, Texas 76262
CALL TO ORDER
President Addington called the meeting to order at 6:00 p.m. and announced a quorum.
EDC BOARD MEMBERS PRESENT
Teri Addington, President
James Calaway, Secretary
Joseph Longo
Greg Fox
Scott Hinshaw
EDC BOARD MEMBERS ABSENT
Allan Pedersen, Vice President
Garrett Wallace
STAFF PRESENT
Tamara Smith, Assistant Town Manager
Maggie McCorkmick-Krucowski, Records Coordinator/Asst. Town Secretary
April Duvall, Director of Finance
PUBLIC COMMENTS
There were none.
REGULAR ITEMS
1. Consider approval of the April 22, 2026, Economic Development Corporation meeting
minutes.
Director Longo moved to approve the April 22, 2026, Economic Development Corporation
meeting minutes. Secretary Calaway seconded the motion.
VOTE ON THE MOTION
AYES: Addington, Fox, Longo, Hinshaw, Calaway
NAYES: None
ABSENT: Pedersen, Wallace
VOTE: 5-0-2
2. Discuss the Thrive Business Grant Program.
Assistant Town Manager Smith provided an update on the Thrive Business Grant Program.
Ms. Smith stated that EDC members paired up to visit local businesses and do outreach about
the Thrive Program. This did result in some inquiry into the program and 1 application.
Page 3 of 18
EDC Meeting Minutes – May 20, 2026 Page 2
Ms. Smith reviewed participation in the two cycles, stating that cycle one received 12
applications, 6 were approved, and $76,000 was spent. Cycle two received 7 applications: 2
incomplete and 2 business-approved, with $25,000+ reimbursed. There is approximately
$198,000 of funds.
The Board discussed extending the current application cycle timeline, which is the second
week of June. Board consensus was to keep the original timeline for cycle two and then open an
additional third cycle.
3. Discuss the Economic Development Corporation FY 2026-2027 Budget.
Ms. Smith presented the proposed budget for FY 2026-2027, noting that the only change in
revenue is the interest income due to inflation. The transfer to the general fund is the only
change in expenditure, due to direct payroll and a $10,000 admin fee. The proposed budget
includes $150,000 for incentive programs and $150,000 for the Thrive Program.
4. Discuss the creation of a grant program in partnership with the Metroport Chamber to
assist businesses with membership dues.
Ms. Smith presented the board with an opportunity to partner with the Metroport
Chamber to create a grant program to assist Trophy Club businesses with Metroport dues and
membership.
Ms. Smith stated that, according to the local government code, type B corporations may spend
no more than 10% on corporate revenues for promotional purposes. This would mean about
$77,000 based on the current budget.
The Board discussed several options, and the consensus was to put the Metroport
Chamber program on hold to pursue other incentive ideas.
ADJOURN
President Addington adjourned the meeting at 6:26 p.m.
_____________________________
Teri Addington, President
ATTEST:
____________________________
Maggie McCormick-Krukowski,
Records Coordinator/Assistant Town Secretary
Page 4 of 18
ECONOMIC DEVELOPMENT CORPORATION
COMMUNICATION
MEETING DATE: June 24, 2026
FROM: Tamara Smith, MSL, Assistant Town Manager
AGENDA ITEM: Discuss the Thrive Business Grant Program. (Tamara Smith, Assistant Town
Manager)
BACKGROUND/SUMMARY: On July 11, 2023, the Economic Development Corporation (EDC)
discussed and considered a grant program tailored to benefit businesses within the Trophy
Club community. The EDC deliberated and expressed the desire to support projects
encompassing exterior and interior enhancements, equipment, and signage upgrades. The
Board has also advocated for a nominal contribution from businesses in the form of matching
funds, which will foster a sense of mutual accountability.
The Board allocated $300,000 to the grant program for FY 2023-2024. The program is an
annual application with an evaluation and presentation to the EDC. Formal agreements are
developed for each award recipient with progress reporting, final inspections, and performance
requirements.
The Thrive Business Grant program offers reimbursable matching grants (75%) of up to $20,000
to support facade enhancements, sign improvements, interior renovations, equipment
upgrades, and other critical investments. Under the terms of the grant, work must begin within
six months from the date of the award. Grantees are required to submit regular progress
reports, including financial statements, photos, and updates on project milestones. Failure to
meet specified performance requirements as set forth in each agreement requires 100%
repayment of the grant dollars received.
On October 11, 2023, staff presented a draft of the grant program to the EDC for review. The
proposal was then discussed and approved by the EDC Board during its meeting on February
27, 2024. Following this, the Thrive Business Grant received Town Council approval on May 28,
2024. The grant program was officially opened to the public on July 8, 2024.
During the first round of Thrive Business Grant application, the Economic Development
Corporation and Town Council approved six businesses and seven projects for a total grant
amount of $104,380.67, leaving a remaining balance of $195,619.33 for the second cycle of
grants.
The EDC met on February 27, 2025, to discuss continuing the Thrive Business Grant for another
year. During the meeting, the EDC Board made recommendations for amendments to the
program. The EDC met on April 3, 2025, to approve amendments to the second cycle of the
Page 5 of 18
Thrive Business Grant program. These proposed changes were approved by the Town Council
at its April 14, 2025 meeting. The amendments address several areas, including grant
requirements, monitoring and accountability, and the addition of a new timeline section.
Key revisions included:
• Any equipment purchased with grant funds must remain in Trophy Club for the duration
of the business’s operational life.
• Grant awards may be adjusted by up to 10%, with a maximum grant amount of
$20,000.
• Businesses must demonstrate efforts to obtain local quotes when available and submit
three quotes in total, including at least one from a local vendor.
• International shipping and customs fees are not reimbursable, and all shipping costs
must be itemized.
• Town approval is required for any exterior modifications to the business premises.
Cycle 2 opened on April 15, 2025, and two businesses were awarded funding totaling
$25,775.05.
In February 2026, the EDC approved moving forward with the third cycle of the Thrive Business
Grant. The timeline for this cycle is outlined below.
Thrive Business Grant Timeline – Fiscal Year 2026-2027
• Grant Launch: April 13, 2026
• Grant Application Deadline: June 15, 2026
• EDC Review: July 2026
• EDC Approval: July 2026
• Town Council Approval: August 2026
• Performance Agreements Signed by Business: September 2026
• Performance Agreements Signed by EDC: October 2026
• Project Start: October 2026
• Project Completion Deadline: October 2027
To date, the third grant cycle has received one complete application and three incomplete
applications. The deadline for the first round of applications is June 15, 2026.
During the last EDC meeting, the Board discussed opening a second application round. The
proposed application period would run from June 22 through August 17, 2026. Implementing a
second round would require adjustments to the Fiscal Year 2026–2027 timeline.
This agenda item is intended to discuss the proposed timeline for the second application round
Page 6 of 18
and identify any additional outreach efforts the EDC Board would like to undertake to
encourage participation.
BOARD REVIEW/CITIZEN FEEDBACK: N/A
FISCAL IMPACT: The Board allocated $300,000 from the EDC 4B Fund for the Fiscal Year 2023-
2024 grant program. In FY 2025, a total of $104,380.67 in grant funds was awarded, with one
$20,000 grant subsequently rescinded. Cycle 1 reimbursement totaled $76,521.21. Cycle 2
awarded a total of $25,775.05. The total available grant amount remaining is $197,703.75.
LEGAL REVIEW: N/A
ATTACHMENTS:
None
ACTIONS/OPTIONS:
This agenda item is being presented for discussion and feedback purposes only. No action will
be taken by the Economic Development Corporation Board regarding this agenda item.
Page 7 of 18
ECONOMIC DEVELOPMENT CORPORATION
COMMUNICATION
MEETING DATE: June 24, 2026
FROM: Tamara Smith, MSL, Assistant Town Manager
AGENDA ITEM: Provide an update on the Grove at TC development project. (Tamara Smith,
Assistant Town Manager)
BACKGROUND/SUMMARY:
The Town Council’s Business Goal #5 calls for creating and implementing incentive strategies
that support development of projects identified in the final Small Area Plan, known as the
Grove at TC, and for promoting these opportunities through targeted outreach to prospective
developers. To advance this goal, the Town engaged Catalyst Commercial, Inc., which
collaborated with McAdams during development of the Small Area Plan and is well positioned
to provide the services necessary to fulfill this objective.
Catalyst supports the Town of Trophy Club Economic Development Corporation (TCEDC)
through two primary service categories: Advisory Services and Brokerage Services. Advisory
Services include developing economic activation strategies, analyzing commercial development
opportunities, recommending development partners and incentive packages, and providing
other related economic development support. Brokerage Services include marketing TCEDC-
owned properties, identifying marketable assets within the Small Area Plan area, and
negotiating sale prices, excluding closing services.
The EDC approved the professional service agreement with Catalyst Commercial, Inc. on
December 9, 2025, and Town Council approved the final Resolution on January 12, 2026.
Consistent with their engagement agreement, Catalyst provided an update on marketing
activities and a summary of project progress for Town staff to present to the EDC tonight.
BOARD REVIEW/CITIZEN FEEDBACK: N/A
FISCAL IMPACT: The total cost for Advisory Services is anticipated to not exceed $77,000,
based on a maximum of $5,500 per month over a 14-month period. In addition, should the
Town of Trophy Club sell or otherwise dispose of property, Catalyst will receive a four percent
(4%) fee for Brokerage Services, excluding closing services provided by the Town Attorney.
Funding for this contract is available in the FY 2026 Budget in the Economic Development
Corporation Fund.
Page 8 of 18
LEGAL REVIEW: N/A
ATTACHMENTS:
None
ACTIONS/OPTIONS:
This agenda item is being presented for discussion and feedback purposes only. No action will
be taken by the Economic Development Corporation Board regarding this agenda item.
Page 9 of 18
ECONOMIC DEVELOPMENT CORPORATION
COMMUNICATION
MEETING DATE: June 24, 2026
FROM: Tamara Smith, MSL, Assistant Town Manager
AGENDA ITEM: Discuss a program funded through the Economic Development Corporation as
a business retention and local spending initiative. (Tamara Smith, Assistant
Town Manager)
BACKGROUND/SUMMARY: During the May 20, 2026, regular Economic Development
Corporation (EDC) meeting, the Board requested research on additional incentive programs to
be brought back for further discussion. The proposed incentive program would create an
initiative encouraging residents to spend locally at Trophy Club businesses in an effort to
support business retention and strengthen the local economy.
Staff researched this topic and below are the current models working around Texas.
Municipality Program
type What they do Success signal
Page 10 of 18
Below are new program ideas.
Seguin
/ SEDC
Receipt
+ cash-
back app
5% back through Open Rewards; users
upload receipts or link a card; rewards
are spent at another participating local
business.
Strong model: 129
restaurant/retail businesses
enrolled, free to
businesses/consumers, EDC-
funded.
Cibolo
EDC
Receipt
+ cash-
back app
Open Rewards holiday program;
shoppers earn 5% at participating local
businesses, upload receipt/link card,
redeem at another business.
Repeat/returning holiday
program suggests it was worth
continuing.
Keller Cash-
back app
Open Rewards; citywide restaurant/retail
rewards, with 10% cash back in one 2025
campaign.
More aggressive reward rate
than most; likely better short-
term adoption, higher cost.
Watauga
EDC
Cash-
back
app
Open Rewards; shop/dine local, upload
receipts or link credit card.
Newer program; good nearby
benchmark for Trophy Club.
East
Aldine
District
Cash-
back
app
5% cash back, up to $50 per transaction. Has returned/relaunched,
suggesting continued value.
Colleyville Gift
card +
Business
Bingo
Residents shop local and turn in
receipts. Five-in-a-row earns one $35
Colleyville Christmas Gift Card; full card
earns two. The city also distributes $35
household gift cards redeemable at
local restaurants/retailers, with
businesses reimbursed by the city.
Very tangible and easy to
understand; likely high
household visibility.
Texas
City
Shop
Local
Bingo
Bingo card, receipts, social media row,
grand prize basket with Whataburger for
a year and multiple local gift cards/prizes.
Strong marketing/engagement
model; success is more
“buzz/participation” than
measurable ROI.
Buda
Main
Street +
EDC +
Chamber
Bingo /
passport
4×4 bingo card with stickers from
businesses; purchase required; line =
prize entry, blackout = more entries.
Low-cost, high-engagement
format; less direct spending
data.
New
program
ideas
Program type What it will do Success signal
Dine
around
Trophy
Club
Earn
Points/Prizes
Residents earn points or prizes for
visiting multiple local restaurants
over a period of time. Example:
Visiting 5 restaurants = branded
prize, Visit 10 = entry into a larger
drawing, check-ins verified by QR
code or receipt upload.
The EDC funds
marketing, business
promotion, customer
activation, and
commercial traffic
generation.
Restaurants will get
repeat traffic, it will
produce sales tax, and
benefit from cross-
promotion.
• Patio Passport
• Family Dining
Challenge
• Date Night
Trophy Club
Business
Bingo +
Hidden
Golden
Ticket
Campaign
Weekly prizes,
grand prize,
Bingo
Instead of standard bingo,
participating businesses randomly
distribute "golden tickets",
residents scan QR codes or upload
tickets, and weekly prizes are
awarded.
This will be effective
because it creates
urgency, repeat visits,
and social media
engagement. A very
low-cost structure, it
can easily run a
summer campaign,
holiday season,
restaurant week, small
business month.
Spend
local,
support
local
Nonprofit
Match
Program
Reward points,
donations
Residents shop locally and
designate a participating
nonprofit/school/PTA to receive
points or donations. The EDC funds
the business activation campaign,
not the nonprofit itself. There will
be a sponsor pool that will fund the
donations. Points = donation
amount
This will create
connections between
businesses, schools,
youth sports, charities,
and residents. Creates
emotional buy-in
instead of just
discounts.
Page 11 of 18
New
program
ideas
Program type What it will do Success signal
Dine
around
Trophy
Club
Earn
Points/Prizes
Residents earn points or prizes for
visiting multiple local restaurants
over a period of time. Example:
Visiting 5 restaurants = branded
prize, Visit 10 = entry into a larger
drawing, check-ins verified by QR
code or receipt upload.
The EDC funds
marketing, business
promotion, customer
activation, and
commercial traffic
generation.
Restaurants will get
repeat traffic, it will
produce sales tax, and
benefit from cross-
promotion.
• Patio Passport
• Family Dining
Challenge
• Date Night
Trophy Club
Business
Bingo +
Hidden
Golden
Ticket
Campaign
Weekly prizes,
grand prize,
Bingo
Instead of standard bingo,
participating businesses randomly
distribute "golden tickets",
residents scan QR codes or upload
tickets, and weekly prizes are
awarded.
This will be effective
because it creates
urgency, repeat visits,
and social media
engagement. A very
low-cost structure, it
can easily run a
summer campaign,
holiday season,
restaurant week, small
business month.
Spend
local,
support
local
Nonprofit
Match
Program
Reward points,
donations
Residents shop locally and
designate a participating
nonprofit/school/PTA to receive
points or donations. The EDC funds
the business activation campaign,
not the nonprofit itself. There will
be a sponsor pool that will fund the
donations. Points = donation
amount
This will create
connections between
businesses, schools,
youth sports, charities,
and residents. Creates
emotional buy-in
instead of just
discounts.
Page 12 of 18
The safest structure is always:
• Open to public participation,
• Measurable economic benefit,
• No guaranteed payments to businesses,
• Documented public purpose, and
Trophy
Club
Nights
Event-based
economic
activation
The EDC sponsors themed
community nights where
participating businesses offer
specials, entertainment, live music,
kids activities, or extended hours.
Examples: Thursday Patio Nights,
Family Fun Fridays, Shot & Stroll,
Holiday Market Nights
Texas EDC's commonly
support promotional
events, tourism,
downtown activation,
and commercial district
traffic generation. This
is often easier to
defend legally than
direct incentives.
Local
Loyalty
Currency
Trophy Bucks Instead of gift cards, residents earn
"Trophy Bucks" digitally through
spending. Rules: Can only be
redeemed locally, expire after a set
period, bonus redemption during
slow periods.
You keep money
circulating inside the
community. This
program mimics what
Seguin is doing but
with stronger branding
and more flexibility.
Restaurant
Week +
Local
Experience
Packages
Tourism/business
hybrid
Participating restaurants bundle
with salons, fitness studios, golf,
entertainment, boutiques. Example,
"Weekend in Trophy Club," dinner,
dessert, golf simulator, shopping
credit.
This will increase
average spending,
cross-business traffic,
and longer customer
dwell time.
Seasonal
Receipt
Lottery
Local receipt
becomes an
entry
Every local receipt becomes an
entry into monthly drawings,
holiday giveaways, local experience
baskets, or large grand prizes.
A very low
administrative burden,
easy marketing,
encourages repeat
spending.
Slow-Day
Activation
Campaigns
Reward spending
during slow
traffic times
Instead of rewarding all spending,
reward spending during, designated
slow days, lunch hours, off-season
periods, summer slowdowns.
It smooths traffic
during weak periods,
and can tie directly
into business
stabilization, retention,
and revenue support.
Page 13 of 18
• Formal EDC authorization
Program structure:
• A program policy,
• Board approval,
• Budget caps,
• Participation agreements, and
• Ways to measure success
o receipts submitted
o participating businesses
o estimated sales generated
o redemption activity
o repeat customer activity
This approach would help ensure the program remains compliant with governmental EDC
requirements.
If the EDC identifies a program it would like to pursue, the Board should consider that very
limited staff resources are currently available to administer it. Therefore, any program selected
should be designed to be self-sustaining and operable within third-party model.
This evening’s agenda item will review the programs identified and discuss next steps for
developing an EDC program for Trophy Club.
BOARD REVIEW/CITIZEN FEEDBACK: N/A
FISCAL IMPACT: The Economic Development Corporation (EDC) has budgeted $150,000 for
incentive programs during the FY 2026 budget year. The Board also discussed maintaining the
$150,000 allocation in the proposed FY 2027 budget to continue supporting future incentive
initiatives.
LEGAL REVIEW: N/A
ATTACHMENTS:
None
ACTIONS/OPTIONS:
This agenda item is being presented for discussion and feedback purposes only. No action will
be taken by the Economic Development Corporation Board regarding this agenda item.
Page 14 of 18
Page 15 of 18
ECONOMIC DEVELOPMENT CORPORATION
COMMUNICATION
MEETING DATE: June 24, 2026
FROM: Tamara Smith, MSL, Assistant Town Manager
AGENDA ITEM: Consider approval of the Economic Development Corporation FY 2026-2027
Budget. (Tamara Smith, Assistant Town Manager)
BACKGROUND/SUMMARY: The Economic Development Corporation (EDC) is required to
approve its FY 2027 Budget prior to consideration by the Town Council. Per EDC bylaws, Article
IV Functional Corporate Duties and Requirements, Section 2, Annual Corporate Budget, the
Board shall adopt a proposed budget of expected revenues and proposed expenditures for the
ensuing fiscal year.
The attached document outlines the EDC budget, detailing how the 0.5% sales tax dedicated to
economic development is projected to be used in the upcoming fiscal year. In FY 2027, the
total proposed revenue amount for the EDC Fund is $780,000. The increase in revenues is
$3,750 or 0.48%. Proposed expenditures are anticipated to increase by $13,681 or 1.96% in FY
2027 to $710,444.
Total actual sales tax revenue collected in FY 2025 was $959,415. Year-to-date revenue stands
at $683,691.
The total expenditure of $710,444 includes $150,000 anticipated for the Thrive business
program. The Board allocated $300,000 from the EDC Fund for the FY 2024 grant program. For
FY 2025, the budget included $150,000 for the Thrive Grant Program. The total grant dollars
awarded in FY 2025 was $104,380.67, with one $20,000 grant subsequently rescinded. Cycle 1
reimbursement totaled $76,521.21. Total grant dollars awarded in FY 2026 was $25,775.05.
Cycle 2 reimbursements totaled $25,072.65. The total available grant amount remaining is
$198,406.14. The EDC Board opened Cycle 3 on April 13, 2025.
The increase in FY 2027 expenditures is attributable to a transfer to the General Fund. This line
item represents direct payroll costs charged to the EDC Fund. Beginning with the FY 2025
Budget, the line item was revised to allocate 15% of the Town Manager’s and Assistant Town
Manager’s personnel costs, along with $10,000 for other administrative functions, as a transfer
between funds. This transfer reimburses the General Fund for staff support provided for
economic development activities. The professional outside services line increased by $4,500 to
account for video recorded board meeting costs.
All remaining expenditure line items are anticipated to remain flat for FY 2027.
Page 16 of 18
Town staff recommends approval of the FY 2026-2027 EDC Budget.
BOARD REVIEW/CITIZEN FEEDBACK: The EDC met on May 20, 2026 to review and discuss the
proposed FY 2026–2027 budget. Following discussion, the EDC Board did not recommend any
changes to the proposed budget.
FISCAL IMPACT: In FY 2027, the total proposed revenue amount for the EDC Fund is $780,000
and the proposed expenditure is $710,444. The increase in revenues is $3,750 or 0.48% over
the prior year, and is due to an increase in interest income. Interest income is money the town
earns by keeping its money in the bank or safe investments before spending it. The increase in
expenditures is $13,681 or 1.96% over the prior year, and is due to an increase in the transfer
to the General Fund, as well as an increase to the professional outside services line for the cost
of video recording the EDC board meetings.
LEGAL REVIEW: N/A
ATTACHMENTS:
1. FY27 Proposed Budget
ACTIONS/OPTIONS:
Staff recommends that the Economic Development Corporation move to approve the FY 2026-
2027 Economic Development Corporation Budget.
Page 17 of 18
6/10/2026
EDC FY 2023
ACTUAL
FY 2024
ACTUAL
FY 2025
ACTUAL
FY 2026
APPROVED
FY 2026
AMENDED
FY 2026
YEAR TO
DATE
FY 2027
PROPOSED
FY 2028
PROJECTED
Starting Net Position 1,901,850$ 2,466,867$ 3,085,780$ 3,104,654$ 3,104,654$ 3,104,654$ 3,530,920$ 3,600,477$
Revenue
Sales Tax - General $ 767,911 $ 865,900 $ 959,415 $ 750,000 $ 750,000 $ 683,691 $ 750,000 $ 750,000
Interest Income 43,606 88,512 94,335 26,250 26,250 61,417 30,000 30,000
Miscellaneous Revenue - - - - - - - -
Total Revenue 811,517$ 954,412$ 1,053,750$ 776,250$ 776,250$ 745,108$ 780,000$ 780,000$ Expenses
Personnel
Salaries $ - $ 23,386 $ - $ - $ - $ - $ - $ -
Overtime - - - - - - - -
Longevity - - - - - - - -
Certification Pay - 2,308 - - - - - -
Cell Phone Stipend - 120 - - - - - -
Retirement - 3,744 - - - - - -
Medical Insurance - 1,401 - - - - - -
Dental Insurance - 125 - - - - - -
Vision Insurance - 26 - - - - - -
Life Insurance & Other - 79 - - - - - -
Social Security Taxes - 1,322 - - - - - -
Medicare Taxes - 407 - - - - - -
Unemployment Taxes - - - - - - - -
Workers' Compensation - 51 - - - - - -
Auto/Housing Allowance - 2 - - - - - -
Total Personnel -$ 32,972$ -$ -$ -$ -$ -$ -$
Professional Outside Services $ 5,000 $ 13,605 $ 78,519 $ 80,000 $ 80,000 $ 2,910 $ 84,500 $ 84,500
Legal Services - - - 10,000 10,000 - 10,000 10,000
Auditing 5,000 4,269 4,254 5,100 5,100 4,051 5,100 5,100
Advertising 5,658 6,861 1,800 8,000 8,000 - 8,000 8,000
Legal Notices - - - 1,000 1,000 - 1,000 1,000
Printing - - - 250 250 - 250 250
Schools & Training - - 225 3,000 2,500 225 3,000 3,000
Dues & Membership - - - - 500 170 - -
Travel & Per Diem - 912 - 3,000 3,000 - 3,000 3,000
Office Supplies - - - - - - - -
Miscellaneous Expense 2,500 - - - - - - -
Incentive Programs - - - 150,000 150,000 - 150,000 150,000
Thrive Business Grant - - 76,521 150,000 150,000 25,073 150,000 150,000
Paying Agent Fees 800 800 600 200 200 200 200 200
Transfer to General Fund - - 80,752 84,000 84,000 84,000 93,706 98,391
Transfer to General Fund/DSR - - - - - - - -
Transfer to Debt Service 201,518 201,518 202,463 202,213 202,213 202,213 201,688 200,950
Total Expenses 246,500$ 335,499$ 548,921$ 696,763$ 696,763$ 318,842$ 710,444$ 714,391$
Net Increase (Decrease)565,016$ 618,913$ 504,829$ 79,487$ 79,487$ 426,266$ 69,556$ 65,609$
Ending Net Position $ 2,466,867 $ 3,085,780 $ 3,104,654 $ 3,184,142 $ 3,184,142 $ 3,530,920 $ 3,600,477 $ 3,666,087
POSITION TITLE FY 2025 FY 2026 FY 2027
TOWN MANAGER 0.00 0.00 0.00
TOTAL FTEs 0.00 0.00 0.00
PERSONNEL SCHEDULE
FY 2027 Proposed Budget EDC Board 6/24/2026
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