STRATEGIC BUSINESS PLAN
Great Park The Great Park Strategic Business Plan (GP-SBP) is based upon Great Park Board (Board), and City Council policy direction and actions, existing agreements, and forecasts of available revenues and projected expenditures. The GP-SBP uses the adopted biennial budget as the basis for future projections. Estimates for the Sports Complex portion of the GP- SBP are based on the Tournament and Local Access Model selected by
the Board at its June 28, 2016 meeting. The GP-SBP is not only limited to operations and development of the 688 acres included in the public-private partnership between the City and Heritage Fields El Toro (Heritage Fields), but also includes projected development of the Framework Plan. The GP-SBP revenues and expenditures are projected by individual line items, which provides a more accurate forecast than the previously used blanket percent CPI escalation. Interest earning calculations assume a rate of one percent per year, reflecting the low prevailing interest rate environment. The financial projections are dynamically refined and updated as operations evolve. The City is undertaking development of a comprehensive financial model to aid in future long-term strategic planning, and assist the Board and City Council in making future development decisions for the Great Park. Revenues Three categories of funding sources are available to the Great Park: non-recurring revenues, non-recurring funds restricted for capital improvements, and recurring revenues available for operations and maintenance. Non-Recurring revenues are finite resources that include funds received from development agreements with Heritage Fields, public-private ground leases, and Community Facilities District B for interim non-park uses that will terminate as the park reaches build-out. Non-recurring funds restricted for capital improvements are Quimby (Park in-lieu fees) previously allocated by the Board and Council, and Department of Finance Settlement proceeds allocated to the Great Park, and Community Facilities District bond proceeds. Recurring revenues for operations and maintenance include funds received through programming of activities and facilities within the park, permanent lease revenues, and maintenance funding received from the Community Facilities District assessments. Expenditures The FY 2023-25 expenditures assume all Sports Complex facilities and 75 acres of landscaped trails in the Upper Bee and Bosque remain open and available for public use throughout the forecast period. Framework Plan elements are not forecasted in this budget, and are expected to be part of the next budget development cycle. The forthcoming Great Park financial model will include all Framework Plan elements.
FY 2023-25 Adopted Budget
433
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