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Benbrook Economic Development Corporation approves June minutes, reviews June financial report
Summary
The Benbrook Economic Development Corporation on July 20 approved minutes from its June 16 meeting, heard a monthly financial report with June sales-tax receipts and account balances, and recessed into a closed executive session on real property before adjourning with no further action.
The Benbrook Economic Development Corporation on July 20 approved the minutes of its June 16 regular board meeting, received its monthly financial report and recessed into a closed executive session to discuss real property, Board President Kent Williams said.
The board approved the minutes after a motion from Dr. Eackle and a second from Miss Melton. After the vote the board proceeded to the director's report, where Ms. James, director, presented June financial figures.
Ms. James told the board the EDC received $187,853.88 in half-cent sales-tax revenue in June, bringing calendar-year sales-tax collections to $1,189,017. She reported a checking account balance of $3,408,402.78 that includes $4,925.49 in interest received. The board's tax pool account totaled $4,185,993.92. Total revenue for June, which included sales tax, interest and a franchise payment of $1,398.74, was $208,910.14. Operating expenses for June were $31,092.05. Ms. James reported a pending project balance of $2,699,054.95 and said total encumbered funds as of June 30 were $2,730,147; she gave the board an overall fund balance of $4,864,249.70 as of that date.
Following the financial report, Kent Williams declared the board would meet in closed executive session under the Texas open-meetings law, citing Texas Government Code §551.072 for deliberations regarding real property. The meeting reconvened in open session at 7:21 p.m.; Williams said no action was taken following the executive session and the board adjourned.
No other substantive items or public comments were recorded in the meeting minutes.
