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Conroe IDC receives September financial report; board warned advance to city tied to hotel remains at risk
Summary
At its Oct. 23 meeting the Conroe Industrial Development Corporation reviewed its fiscal-year-end September financials, including roughly $141 million in reported liabilities, about $1 million in cash and a reported $16 million advance to the City tied to a downtown hotel project that could require an adjustment if it becomes uncollectible.
The Conroe Industrial Development Corporation on Oct. 23 received a September treasurer’s report showing the authority finished the fiscal year with what staff described as roughly $141 million in total liabilities and a year-to-date operating loss.
The report, presented by a CIDC finance staff member identified in the meeting as Ms. Gibbs, said the organization’s cash balance was about $1 million and investments were about $34 million. The unrestricted fund balance was reported at about $33 million and the total fund balance about $54 million. For the fiscal year to date, revenue was reported at roughly $19 million…
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