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EIC finance staff reports March 2025 bond receipts, project expenditures and cash position
Summary
The EIC finance presentation showed March bond and operating activity: roughly $20 million in bond proceeds with about $17 million remaining after March project expenditures, March project spending of $562,000 and an ending cash balance for operating funds of approximately $3.9 million.
Finance staff presented March 2025 financials, summarizing bond proceeds, March project expenditures and operating cash balances.
According to the report, the EIC received $20,000,000 in revenue bond proceeds earlier in the cycle; after March project activity the remaining bond funds were reported as approximately $17,000,007.63. For March 2025 the project expenditures reported were $562,000 (approximately $361,000 for the golf course project, $1,900 for the Olympic Pool, $1,300 for the Callow [Callow/Callow Theater] Theater payment, $26,000 for Granger McDonald and remaining small payments). Finance staff said bond funds were largely invested in a tax pool account and a short‑term investment and that interest and arbitrage liability calculations are being tracked.
In regular operating funds, March sales tax receipts were reported at about $367,000 (down about 0.88% year over year for the month). Year‑to‑date sales tax was reported at approximately $2,500,000 (ahead of the estimate cited by $16,000). April sales tax receipts, received the week before the meeting, were cited as $345,000 and noted as down 12% compared with the previous April; staff said they had requested a control report to review that change.
Finance staff reported an ending operating cash balance for March of approximately $3,900,000 and discussed investment yield comparisons: taxable earnings in the portfolio averaging about 4.47% and short‑term pools around 5% in the materials presented.
Board members asked about funding flow for the Heritage Center/Heart of the Hills work; finance staff said that work is being paid from a combination of previously approved funds (library memorial funds, EIC funds and other designated sources) and that transfers and bookkeeping will be reconciled as the City now provides bookkeeping services for the EDC/EIC.
