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EDC financial report: $2.1 million fund balance, revenues ahead year over year
Summary
Staff reported sales tax collections slightly above last year, rental fees running at 29.7% of budget and a fund balance of $2.1 million; spending remains below budget so far.
Kennedale EDC staff presented the board with a financial update showing sales tax revenue slightly ahead of the prior year and a fund balance of about $2,100,000 as of the report.
Staff said rental fee collections stood at 29.7% of the annual budget while operations spending was at about 15.2% of budget and town-center expenditures were at 12.2% year to date. The presenter said the EDC's spending pace is below the 25% benchmark for the quarter and added that some large debt-service payments scheduled in February could reduce the apparent lead in fund balance.
When asked about investment return on the fund balance, staff said EDC cash is held in the city's pooled investment strategy (Treasury bills, government bonds, etc.) rather than a separate EDC account, so returns follow the city's overall investment performance.
No formal action resulted from the financial report; board members asked follow-up questions about cash value and timing of large payments.
