Rio Grande City EDC financial update shows $2.66 million fund balance; board seeks clearer work-plan accounting
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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 would leave a projected fund balance of about $2,000,601 at the end of the fiscal year. "That's not taking into account the economic development work plans," Barrera said, noting additional commitments could reduce the balance.
Board members pressed for clarity on which projects remain obligated or invoiced. Barrera and finance staff listed several items that are reflected in the work plan as pending obligations, including approximately $100,000 for the Los Veil project and about $100,000 for the Sedan Heights development; an ADA matching-funds item discussed as $50,000 in one place and a larger figure elsewhere; and amounts related to the boost grant program. Barrera said St. Ives (St. Ives/St. Nice in the packet) had a $150,000 item that had been paid and reclassified in the ledger; later in the meeting he confirmed that $150,000 related to St. Ives had been paid and moved to the economic-development account.
Several board members told staff they felt confused by numbers printed in the packet and requested an emailed, reconciled work-plan summary that distinguishes paid items from pending invoices. One board member asked for meeting materials at least 24 hours in advance going forward so members have time to review financial details.
EDC staff said sales tax revenue continues to rise, which supports EDC reinvestment, and noted unemployment is about 9.2% for the area (April figure cited by staff), down from an earlier county number. The financial report was listed on the agenda for information only; the board did not take formal action on the report itself but later approved specific work-plan amendments on other agenda items.
