Economic Development

FY 2021-2022 Annual Budget

Description

The Economic Development Corporation (EDC) Fund is a special revenue fund established to record receipts for a one-half percent sales tax on taxable items sold within the City of White Settlement. The tax was authorized by voter referendum on January 14, 1994. After passage of the tax, the Economic Development Corporation was formed and is comprised of seven members. By-laws for the Corporation were written and structured within the framework of the Development Corporation Act of 1979, Section 4B. Authorized categories under this section include, among other items, land, buildings, or equipment for professional and amateur sports facilities, economic development, park facilities and events, entertainment and tourist facilities, and affordable housing.


Each year is based on the overall consumer spending and is calculated at 0.5% of the taxable sales inside the City. In fiscal year 1996, EDC received a Grant from Texas Parks and Wildlife toward the initial phase of the construction of a new park known as Veterans Park and was opened in fiscal year 1999. The annual expenditures for parks and related user fees moved to the General Fund as of FY 2017-2018 due to the EDC fund no longer being able to support the expenditures. In fiscal year 2014-2015 the City Council forgave a $840,000 of a $1,400,000 loan made to the EDC for the 2011-2012 Central Park renovation.


Historically, the Economic Development Corporation's largest expense has been for Contractual Services, which accounted for 55%-60% of the annual budget. However, that changed in FY 2015-2016 when the lessee of the Hawaiian Falls Water Park defaulted on the lease. Consequently, the EDC is now responsible for making the debt service payments which were previously funded through lease payment. Debt service payments account for the majoirty of total expenditures. More information on this situation may be found under the Splash Dayz Fund.


The City of White Settlement Economic Development Division has an essential role in creating a favorable environment for business development and success. By its nature, White Settlement Economic Development is a partnership between the business owners, community interests and municipal government.

Budget Summary

2020-2021 Accomplishments


Goals

  • Create an environment that will attract quality businesses to the City
  • Build better relationships with new and existing businesses
  • Assist with developing a more economicly friendly website with more information about the City to attract businesses
  • Develop staff training
  • Increase commercial construction permits

FY22 Objectives

  • Work with Planning & Development department to build a Land Use Plan that is attractive to new businesses
  • Take classes on EDC and Planning and Zoning
  • Bring quality businesses to the City

Performance Measures



Performance Measures