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Clovis economic development fund holds about $8 million; staff report industrial prospects and incubator work
Summary
City staff reported the economic development fund has roughly $8 million in cash and investments, presented revenues and expenditures, and updated the board on industrial-park projects, business incubator recertification and workforce and entrepreneurial initiatives.
Clovis staff reported the Economic Development Fund holds just over $8 million in cash and investments and outlined several ongoing business-recruitment and incubator efforts during the board meeting.
“The fund currently has a little bit over $8,000,000 in cash and investments. We have $7,200,000 in investments and another $810,000 in cash in bank,” Justin, a city staff member who presented the financial report, told the board. He said fiscal-year-to-date revenue totaled $292,000, including about $237,000 in gross receipts tax, a $2,000 PILT payment and nearly $52,000 in investment interest plus $712 in bank interest. Total expenditures year-to-date were $125,000; Justin said some of that paid contractual obligations and reimbursed CED for GIS software.
Tina, an economic development staff member, gave project updates. She said two…
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