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Bastrop EDC corrects sales-tax allocation, approves budget amendments and updates capital projects
Summary
At its April meeting the Bastrop Economic Development Corporation (BEDC) approved budget amendments after auditors identified a 2.77% sales-tax allocation variance, heard that March sales tax totaled about $81,000, and reviewed capital projects including the Blakey parcel and an Accutronics site.
The Bastrop Economic Development Corporation voted to approve a set of budget amendments after staff reported a corrected sales-tax allocation and other line-item adjustments during the BEDC's regular April meeting.
BEDC finance staff member Sylvia said auditors found a 2.77% variance between the EDC's allocation and the street maintenance fund after the audit review. "As we delve into the audit and as we were reviewing numbers, it was determined that prior sales tax allocation ... was a little loosey goosey in the percent calculation," Sylvia said. "We kind of had to, lack of better word, rip the bandage off and right the ship." The board approved the amendments as presented.
The staff presentation showed March sales-tax receipts at about $81,000. Sylvia warned that April receipts appeared weaker and the board should expect a near-term dip: "Bottom line, we're projecting a dip in sales tax in the coming months," she said. Staff said sales-tax reporting is lagged by two months.
The amendment package included revenue-side updates — recognition of a previously omitted cell-tower lease and a correction to interest-income projections — and a small miscellaneous income entry of $2,000 from office-furniture sales. On the expenditure side, the amendment recognized payout obligations tied to a technical-adhesive contract and the defaulted MOCA agreement, including an estimated property-tax obligation of roughly $20,000–$25,000.
Board members discussed specific restricted balances. Staff said MOCA and TA Bastrop restricted funds will be released once related property-tax and payout obligations are satisfied. For capital projects, staff reported most projects are complete except the Blakey parcel work: "All projects have been completed with the exception of Blakey, which currently has $672,000 remaining for the EDC contribution," Sylvia said. The Accutronics site is complete and staff recommended releasing a remaining $53,000 to fund balance; the board approved removing that completed project from the active capital-outlay list.
During discussion, the BEDC director (name not specified in the transcript) said the Blakey project plans are at 100% and staff is "initiating final purchase of this final 70 feet" needed to proceed. The director also noted capital outlays are recognized on a development schedule and may not align with even monthly projections.
The board moved, voted and carried the budget amendments. The materials and votes were recorded for ratification in the board packet; staff said any additional required budget amendments tied to later actions would be brought back at the next meeting.
The meeting adjourned after the board completed its regular business.
