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Rio Grande City EDC report shows $489,000 fund balance but board cautions many commitments reduce spendable cash
Summary
EDC staff reported a $489,000 economic development fund balance and a $500,000 year-over-year increase in the EDC's fund balance, but board members pressed staff to show committed obligations so the board can see what is actually available to spend before the fiscal year ends.
The Rio Grande City Economic Development Corporation reported a $489,000 balance in its economic development account and a recent $500,000 increase in year-end fund balance, but board members said much of that is already committed.
EDC Executive Director Ross Caputo told the board the audit was finalized and the fund balance rose "by 500,000. Went up from 1.7 to 2.2." He said the figure shown in the packet reflects March activity and that some expenses have not yet been posted to the report.
Board members pressed for clarity on near-term obligations. Members listed…
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