Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Edc Finance topic
No spam. Unsubscribe anytime.
Hollywood Park EDC approves January financial statement; board discusses TexasCLASS investment
Summary
The Hollywood Park Economic Development Corporation approved its financial statement for January 2025 and discussed moving funds into a TexasCLASS account to capture higher interest rates. The board heard account balances, revenue breakdowns and a plan to keep a $10,000 checking reserve.
The Hollywood Park Economic Development Corporation approved its financial statement for the month ending Jan. 31, 2025, after a presentation by Fred, the city treasurer. The board voted to accept the minutes and the financial report during its Feb. 6 meeting.
The report presented by Fred listed total cash of $755,000 and a net worth of $790,000. He said the statement showed total revenues of $16,008.38 for January, broken down as $14,002.62 in sales tax and $2,005.76 in interest income, and January expenditures of $2,009.96. Fred reported that the figures resulted in “net revenues of $13,008.42” as shown on the statement. Year-to-date, he said, total revenues were $72,693 with expenses of $4,883 and net revenues of $67,810.
Fred told the board that the EDC holds $645,000 in a TexasCLASS account earning 4.29% and $102,000 in a Plains sweep account earning about 2.85%. He said he moved $50,000 from the Plains sweep into TexasCLASS to seek higher interest and that the Plains/checking arrangement requires keeping $10,000 in the checking portion. Fred said there is no penalty for moving money between the accounts and that funds can be withdrawn with a day’s notice.
Board members asked clarifying questions about the timing of certain expenses (an Uber gift card payment) and about differences between TexPool and TexasCLASS, including compounding and relative size. Following discussion, a motion to approve the financial statement passed.
The board did not identify any major near-term disbursements. Fred said he could move additional funds between accounts as needed and that he would check credit/rating information on TexasCLASS if board members wanted further assurance.
Votes at a glance: The EDC moved and seconded approval of the Jan. 31, 2025 financial statement; the chair called for the ayes and the motion passed. No amendments were adopted.
