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EDC financial report: February sales tax above forecast; year‑to‑date expenditures trending higher
Summary
The bedc finance director reported February sales tax exceeded projections by $64,000 and total revenues exceeded projections by $84,000; year‑to‑date expenditures were $985,000 over projection driven by capital project contributions and TA/MOCA payments; staff will bring a budget amendment in April.
The Bastrop Economic Development Corporation board received the monthly financial report for February 2025 on March 17 and heard that sales tax and total revenues outperformed the month’s projections while expenditures exceeded projections.
The finance director reported sales tax exceeded projections by $64,000 for February and total revenues exceeded projections by $84,000; expenditures exceeded projections by $42,000 for the month, primarily because of capital project contributions and a community action payment that affected the monthly comparison. The presenter said sales tax reported in February reflected collections from December.
The finance director highlighted interest income: the forecasted interest earnings for the period were $20,833, while actual interest revenue was $40,456. The board asked how frequently projections are updated; staff replied projections change with formal budget amendments and said a budget amendment to increase the interest revenue line will be brought in April.
Year‑to‑date projections show $316,000 in revenue over projection and $985,000 in expenditures over projection; staff attributed part of the expenditure variance to capital contributions, TA and MOCA payments. The board was shown an equity/fund‑balance slide noting the release of restricted fund balances tied to MOCA and TA Bastrop into the regular fund balance.
Board members asked about Accutronics’ designation; staff said prior classifications treated it as a liability and that they will reclassify it to restricted fund balance so it appears in the restricted area on future slides. The presenter also reported completion of the Business Park Improvement Financial Way and Sports Complex projects, noted partial completion of a Blakey contribution (about one‑third complete) and said other projects are finished.
During discussion of smaller budget reallocations, staff described moving $57,000 from a special project business retention and expansion line into several items: $20,000 to local miscellaneous advertising and sponsorship, $20,000 to national and regional advertising and marketing, $10,000 to small business entrepreneurial programming, and $7,000 to retail recruiting/site selector placement. Staff said these are internal reallocations and do not require a budget amendment.
