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Kennedale EDC reviews midyear finances, approves consent agenda unanimously
Summary
The Kennedale Economic Development Corporation reviewed year-to-date financials showing sales tax at 75% of budget and approved the consent agenda unanimously; the board noted timing differences in rental fee collections.
The Kennedale Economic Development Corporation on Sept. 23 received a financial update showing mixed year-to-date results and approved the meeting consent agenda by unanimous voice vote.
John Orton, Director, reported that year-to-date sales tax revenue was at 75% of budget compared with 89.3% at the same point last year. He told the board he still expects to reach 100% of the sales-tax budget by year end. Orton said shopping-center rental fees were tracking at 93% of budget versus 97% at the same time last year and attributed the variance primarily to timing of cash receipts. He described operations expenditures as 66.5% of budget compared with 56% at the same time last year and said the fund balance equated to the reserve figure recorded in the minutes.
When a board member asked whether the rental-fee percentage reflected Dollar General’s occupancy, Orton said timing of rent receipts — not a change in occupancy alone — could make monthly results appear ahead or behind the prior year. "So we could be a month ahead or behind either way," Orton said.
The board moved to approve the consent agenda; the motion passed by unanimous voice vote. The transcript records that the board chair made the motion and that a board member seconded it; no roll-call votes were recorded in the public transcript.
No additional budget amendments or funding reallocations were adopted at the meeting; Orton answered questions and then the board recessed to an executive session later in the agenda.
