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EDC reports $428,891 projected fund balance carryover; sales tax up about 4.5% year-to-date
Summary
EDC staff told the board the fiscal-year carryover is expected to be about $428,891 and that sales tax revenue is approximately 4.65% higher year-to-date (about 4.5% for the fiscal year), with sales-tax collections about $112,000 above last year.
EDC staff reported Wednesday that the fiscal-year fund balance is projected to carry over about $428,891 to next year and that sales-tax receipts have increased year-to-date.
"So far, it's carrying over 428,000 to the next year's fund balance," staff said in response to board questions. Staff also pointed out that sales tax is up roughly 4.65% year-to-date and that the fiscal year ended about 4.5% above last year, which staff said equated to roughly $112,000 more in collections compared with the prior year.
Staff noted some outstanding purchase orders and regular year-end processing steps: the last day to issue POs for the fiscal year is the Friday prior to the fiscal year close, and some routine POs remained open but were not expected to materially affect the projected carryover. Board members asked whether any planned projects did not proceed; staff identified roughly $286,000 in economic development funds that remained unspent and referenced a job-creation budget amendment tied to Workforce Solutions that will push some spending into the coming fiscal year.
The finance report was received for information; no formal action was taken.
