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City finance report shows surplus; council hears Mulberry Farms PID update and EDC funding note
Summary
City staff reported year-to-date revenues and investment gains for April 2025, presented a Mulberry Farms PID status report, and council discussed the Economic Development Corporation's (EDC) role and the approximate additional annual revenue if the EDC were dissolved.
City finance staff presented the April 2025 month-end report on May 20, telling council the city’s year-to-date revenues and recent investment returns exceeded projections and leaving staff and council discussing EDC funding and the Mulberry Farms public improvement district.
"For that period ending, the year to date revenues were 7,329,922," Rudy told council. Rudy said the reports show revenue over expenses of $722,079 for the period and that fund balance projects to about $3,642,600 at year end. The May 2025 sales-tax report, which reflects retail sales in March 2025, projected sales tax 4.6% above the amended 2025 budget—about $150,000 in additional revenue relative to the amended budget, Rudy said. The investment report showed cash starting near $3,434,562 and ending $5,587,186 with investment interest of $46,386 for the three-month period presented.
Rudy also reviewed the Mulberry Farms PID report through March 2025, which summarizes the amounts the PID has requested to draw from its public-utility fund for administrative costs; Rudy noted the PID’s monthly administrative draws are not city general-fund money but come from funds established for that development. Councilmembers asked questions about the PID’s location and impacts on longtime nearby residents.
Councilmembers discussed the Economic Development Corporation (EDC). Rudy said the city paid the EDC about $106,000 as the city’s quarterly half-cent sales-tax allocation. He estimated—using current expense assumptions—that dissolving the EDC could free roughly $800,000 per year for capital projects if the same allocations and expenses were handled differently; the estimate was presented as a staff figure and not enacted policy.
No formal city action was taken on the finance report during the meeting; the presentation was provided for council review and record.
