EDC reports 5% sales-tax growth; expansion spending below budget target

EDC staff reported that sales-tax revenues are up about 5% year over year and are roughly in line with the current budget projections. During the financial report, the EDC—s finance staff said sales taxes are showing a 5% increase "which is right about what we budgeted for the year." Staff added that most months this year have exceeded last year's collections except April and May, which were slightly lower than the prior year. On expenditures, staff flagged a gap in the expansion line: expenditures for expansion are at 57% of the annual budget, below the expected 75% at this point in the fiscal year. The finance presenter said the quarterly remittance cycle will raise revenues in the next month and invited board questions about the expenditure report. Board members had no additional questions recorded on the public record. Staff recommended continued monitoring and said additional quarterly receipts should increase revenues in the coming month.