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BEDC reviews unaudited January financials; staff to propose April budget amendment
Summary
The BEDC heard a presentation of unaudited January financials showing monthly revenue above projections and year‑to‑date expenditures above projections because of previously unbudgeted contract payouts; staff said a budget amendment will be presented in April.
BEDC staff presented unaudited financial reports as of Jan. 31 and told the board that January revenue exceeded projections by about $66,000 while expenditures were under projections for the month; year‑to‑date, revenue exceeded projections by about $226,000 and expenditures exceeded projections by roughly $975,000, driven largely by payments for MOCA and a technical assistance contract.
Board members questioned variances in interest income and a cell‑tower lease receipt; finance staff explained the board’s prior interest projections were conservative because the Federal Reserve’s path for rates changed, producing higher than forecasted interest earnings. Staff also said the cell‑tower royalties and some timing differences account for monthly swings. Board members asked whether a budget amendment would be prepared; staff said they plan to prepare amendments and present them in March or April to align with quarterly amendments and take them to City Council in April.
The board received the report; no formal amendment was approved at the meeting. Staff said several capital projects are wrapping up and outstanding final payouts (including MOCA and TA) will move amounts back into fund balance once processed, and that the next month’s balance sheet will show noticeable movement.
