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Rio Grande City EDC financial update shows $2.66 million fund balance; board seeks clearer work-plan accounting
Summary
EDC staff presented a mid-year financial report showing a year-to-date fund balance of $2,658,396 and a projected fiscal-year-end fund balance of about $2,000,601; board members asked staff for a clearer, itemized work-plan ledger of pending obligations.
The Rio Grande City Economic Development Corporation reviewed a financial update at its May 30 meeting that included audited, year-to-date and projected fund-balance figures and prompted board members to request a more detailed work-plan accounting of pending obligations.
EDC finance officials said the audited fund balance as of Sept. 30, 2024, was $2,200,000. Ross Barrera, the EDC executive director, said that as of May 30 the year-to-date fund balance was $2,658,396 and that projected revenues of $585,892 and projected expenses of $642,863…
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