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EDA reports March quarter net position of $20.7 million; land sales and transfers drove operating loss
Summary
City finance staff presented the EDA’s quarterly financial statements through March 31: total assets about $23 million, net position $20.7 million (a $550,000 decrease year over year), an operating loss for the quarter largely driven by land transactions, and unpaid grant commitments of $243,000.
At the April 15 meeting, finance staff presented the Economic Development Authority’s third-quarter financial statements through March 31.
The presenter reported total reported assets of about $23 million, including roughly $7.3 million in cash, $1.9 million in accounts receivable, land held at $1.2 million and property held for sale at $12.7 million.…
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