Tourist Board unanimously approves minutes and financial statements

The Tourist Board approved amended August minutes and unanimously accepted the financial statements and expenditures after a presentation by the city finance director.

Tracy Waldron, finance director for the City of Pflugerville, told the board the TIRS fund captured about $464,000,000 in assessed value in FY23, producing about $2,300,000 in TIRS revenue and leaving an ending TIRS balance just under $2,000,000. For fiscal 2024 she reported a captured value of about $571,000,000, total TIRS revenue around $3,200,000 and an ending balance near $6,000,000. Waldron said the packet includes a detailed breakdown of issuances, maturities and debt-service items and offered to follow up on any questions.

Board members asked for clarification about "service payments" shown in the statements; staff explained those are per-unit payments from development agreements that flow through the TIRS fund to support city services rather than traditional debt. A small rounding discrepancy in fund balances was noted and staff characterized it as immaterial. A motion to approve the financial statements as submitted was made and seconded; the board voted to approve the reports and expenditures.

The board did not take further action on specific bond or debt-authority changes at this meeting; staff will provide additional analysis should any formal TIRS amendment requests be filed.