Kerrville EIC hears February financials and project updates; minutes approved unanimously

The Economic Improvement Corporation reviewed February financial statements and multiple project status updates at its March meeting and approved the previous meeting’s minutes by unanimous voice vote.

Trina presented the February financials, reporting bond fund interest income of $68,006.89 for the month and project disbursements that included $200,002.26 for golf course improvements and $1.22 (transcript shorthand) for Olympic pool activity. She said total project expenses for the month were $347,069 (transcript reported as 347.06 99) and that bond proceeds minus project expenses left about $18.325 million available for remaining project expenses.

On operational finances, Trina said February sales tax receipts were $602,300 (a reported 24% increase over last February driven partly by atypical future-period and audit payments). Year-to-date sales tax was cited as roughly $2,193,000 and the city’s ending cash balance projections show roughly $4.1 million for the month and about $4.2 million at fiscal year-end after projected flows; she noted maturing short-term investments would increase available cash when realized.

The board heard project reports from staff. Project highlights included: - Callow (Cali) Theatre: Construction has commenced; crews are working on the roof and removing HVAC equipment; staff said the project is scheduled to complete by Aug. 31 (staff-provided schedule). - Olympic Pool: Construction documents are nearing completion and a presentation will go to the parks board in April before returning to EIC; staff expect documents to go to bid in late March. - Golf course: Significant work on bridges and greens is underway; sprigging and sodding are planned for mid-April to mid-August depending on growing-season timing; hog damage on perimeters was reported and mitigation steps discussed. - Shriner House renovation: Project remains on budget but contingencies are being consumed by uncovered structural issues; staff expect a phase 2 for landscaping. - Travis Street pump station (Loop 534 expansion): Staff said TCEQ has required an 18,000-gallon storage tank to address suction concerns when pumps are upsized; staff plan to bid a fiberglass tank option next week. - Guadalupe Park / KSP: A ribbon-cutting was anticipated around April 1; playground equipment replacement and repurposing were discussed but staff cautioned that installed play elements are costly to remove and often embedded in large concrete foundations.

Votes at a glance: - Motion to approve minutes of the February meeting. Mover: unnamed board member. Second: Kyle. Outcome: approved (unanimous).

Chair noted there were no public speakers signed up for the citizens forum. Staff closed the reports by asking for questions; none required further action beyond scheduled follow-ups and the board moved on to the Habitat item.

Why it matters: The financial briefing updated the board on available bond proceeds and operational cashflow, which frame EIC’s capacity to fund ongoing projects and respond to reimbursement requests such as the Habitat amendment discussed later in the meeting.