In a recent government meeting, Erica Solis from the Finance Department presented the financial report for the Type B budget as of the end of the third quarter of fiscal year 2024. The revenue budget for the year stands at $11.5 million, primarily driven by sales tax collections. The amended budget for expenses has increased to $11.4 million, following two prior amendments approved by the Board for significant projects, including the acquisition of property and community development initiatives.

Solis reported that cumulative sales tax collections have reached $8.7 million, slightly exceeding year-to-date projections by 0.1%. This marks a positive turnaround from earlier in the year when collections were lagging by 2%. The upcoming release of July's sales tax figures is anticipated to provide further clarity on this trend.

The report highlighted that since the inception of the Type B fund, a total of $122 million has been collected to support various community development projects. As of June 30, $5.3 million has been spent on transformational projects, including a significant contribution to the Bell Boulevard master development agreement.

Solis also noted that the fund is on track to fully utilize its budget by the end of the fiscal year, with 98% of the transformational project budget already spent. Community enhancement projects, which include park improvements and traffic signal installations, are similarly progressing, with expectations to reach full expenditure by year-end.

Additionally, the meeting addressed the successful cleanup of older projects, allowing for the return of unspent funds to the Type B budget. This proactive approach has resulted in the recovery of approximately $1.5 million from completed projects, which will bolster the fund's balance.

Solis concluded by promising a comprehensive update on the fund's status in the fourth quarter, emphasizing the importance of these financial developments for ongoing and future community projects.