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Seguin EDC budget amended to cover debt payments and grow incentive fund
Summary
The Seguin Economic Development Corporation board recommended and council approved an amendment transferring fund-balance amounts to cover two debt-service payments and to increase the EDC incentive/infrastructure fund; staff summarized the transfers and policy basis.
Council approved an amendment to the Fiscal Year 2025 Seguin Economic Development Corporation (EDC) budget, following a board resolution recommending transfers from EDC fund balance to cover debt service and to increase the incentive/infrastructure fund.
Josh told the council the EDC board approved the amendment at its March 18 meeting. Staff presented that the board directed transfers from fund balance to cover two debt-service payments associated with the government capital loan tied to the Nolte-related project, and to move additional fund-balance monies into the EDC’s incentive infrastructure account to maintain a multi-month operating buffer in accordance with the EDC fund-balance policy.
At the meeting staff described two transfers: an amount described in the meeting to cover two debt-service payments and a larger transfer to the incentive infrastructure fund. The staff summary said the transfers will leave at least three months of operating capital in the EDC fund balance and increase the incentive/infrastructure fund balance to just over $3.1 million as sales-tax collections continue to grow.
Councilmember Rea moved the budget amendment; Councilmember Keller seconded and the motion carried on a voice vote. Staff did not present line-by-line spending detail in council discussion; council approved the amendment as recommended by the EDC board.
