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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. Liabilities were reported at about $546,000, leaving a net position of $20.7 million, a decrease of approximately $550,000 from the prior year.
Staff explained the quarter’s operating results showed an operating loss of about $590,000 that was driven primarily by land dispositions recorded at a loss. Operating expenses for the quarter totaled about $3.23 million, and grants paid year to date were about $339,000. The authority recorded $120,000 in interest income, a land contribution from the city valued at approximately $609,000, fees associated with land transfer of $89,000, and a quarterly transfer to the city of $31,000.
The presenter noted outstanding commitments: approved grants totaling approximately $243,000 that had not yet been disbursed. Staff also reviewed year-to-date budget vs. actuals and explained that several budget line items are carryovers into FY26, which can make bottom-line numbers look misleading if not interpreted alongside carried-forward appropriations.
No formal action was required; the report was presented for information and follow-up questions.
