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FDEDC reports $3.0 million ending fund balance for February; $564,686 remains encumbered to contractor
Summary
The corporation reported a beginning February fund balance of $3,066,641, $82,912 in revenue, and an ending fund balance of $3,003,447. Staff reported $564,686 remaining on the construction contract, an $18,000 outstanding art contract, and about $2,394 in contingency and testing funds.
City staff presented the downtown economic financial report for February 2025. The report showed a beginning fund balance of $3,066,641, revenue of $82,912 for the period, and expenditures including payments to the contractor. The reported ending fund balance for February 2025 was $3,003,447, with an unencumbered balance reported as just over $2,500,000.
Staff reported $144,773 in payments to Pfeiffer and Sons during the period. Remaining encumbered obligations included $564,686 to the contractor for ongoing work, an $18,000 outstanding contract for the electrical-box art (Up Art Studio), and approximately $2,394 remaining for project contingencies and material testing.
When asked for a round figure of what remains owed to Pfeiffer between then and the end of the project, staff provided the $564,686 figure and explained invoice-based payments tied to project deliverables. Staff said payments to the contractor are processed against invoice thresholds rather than as a single lump sum.
The report also noted a prior one-time revenue spike in October 2024 of about $107,000; staff said they had not received any direction from the state to reallocate that amount and it remains calculated within the fund balance to date. Board members asked for clarification of funds and payment schedules; staff said they will provide additional details as needed.
A note on transcription: the meeting transcript included an unclear figure described as "$13.33 for staff services"; staff did not further clarify that line during the meeting. Where a transcript number is ambiguous, the meeting record should be checked against the city's formal financial reports and invoices for exact figures.
