07.01.2026 EDC Agenda Packet
TOWN OF TROPHY CLUB ECONOMIC DEVELOPMENT CORPORATION
MEETING AGENDA
July 1, 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 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 25, 2026, at 1:30 p.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 7
ECONOMIC DEVELOPMENT CORPORATION
COMMUNICATION
MEETING DATE: July 1, 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 2 of 7
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 $13,681 or 1.96% over the prior year, and is due to an increase in the transfer
to the General Fund, as well as an increase to the professional outside services line for the cost
of video recording the EDC board meetings.
LEGAL REVIEW: N/A
ATTACHMENTS:
1. FY27 Proposed Budget
2. Presentation
ACTIONS/OPTIONS:
Staff recommends that the Economic Development Corporation move to approve the FY 2026-
2027 Economic Development Corporation Budget.
Page 3 of 7
6/10/2026
EDC FY 2023
ACTUAL
FY 2024
ACTUAL
FY 2025
ACTUAL
FY 2026
APPROVED
FY 2026
AMENDED
FY 2026
YEAR TO
DATE
FY 2027
PROPOSED
FY 2028
PROJECTED
Starting Net Position 1,901,850$ 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
Page 4 of 7
EDC FY 2026-2027 BudgetPage 5 of 7
•Total Revenue Proposed: $780,000•$3,750 or 0.48% increase over FY 2026, and a flat sales tax at $750,000. EDC Budget Fiscal Year 2026-2027RevenuesPage 6 of 7
•Total Expenditures Proposed: $710,444•$13,681 or 1.96% increase from Fiscal Year 2026 due to the transfer to the General Fund, which represents direct payroll cost, along with a $10,000 for other administrative functions.•$150,000 for Thrive Business Grant•$150,000 for Incentive ProgramsEDC Budget Fiscal Year 2026-2027ExpendituresIncreased by $4,500 *EDC Meeting RecordingsPage 7 of 7