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SEDC reports $20.3 million portfolio, fund balances higher than last year
Summary
SEDC staff presented the corporation’s financial position through April 30, 2025: total cash and investments of about $20.31 million, fund‑balance increases versus the prior year and year‑to‑date revenue/expense breakdowns for operating, debt service and capital project funds.
Staff presented the Stafford Economic Development Corporation’s financial statements for the year-to-date period ending April 30, 2025, reporting a total portfolio of about $20.31 million and a year‑to‑date increase in fund balance compared with the prior year.
Miss Sharp, speaking for SEDC staff, said the total portfolio was $20,310,000, with roughly half invested in a government pool earning about 4.45%. She gave a breakdown of portfolio allocations: about $10.11 million (50%) in the government pool called Logic; $2.9 million (14%) in brokered CDs averaging 4.23%; $5.0 million (24%) in government agencies averaging 4.37%; $2.0 million (10%) in U.S. Treasuries averaging 3.75%; and the remainder (under $300,000, ~2%) in the depository bank earning about 2.58%. Sharp reported total interest received and deposited of $473,833 and interest accrued but not yet received of $84,403.
She described three SEDC funds. The operating fund’s primary revenue is sales tax; sales tax revenue for the period was about $3.7 million (net of rebates), 5.92% higher than the prior fiscal year. Year‑to‑date interest income for the operating fund was $195,336. Operating fund expenses totalled $2,041,136 and included services ($723,666), utilities ($26,731), marketing ($10,525), repairs for two pump stations ($12,797), and a transfer of $1,267,418 to the debt service fund to cover outstanding debt payments.
The debt service fund received the transfer of $1,267,418 and earned $37,940 in interest; the board was reminded of semiannual debt payments with the next principal-and-interest payment due Sept. 1. The capital projects fund reported total revenue of $1,635,912, driven mainly by a reimbursement from Lovett Agency for the Pike Road project (about $1,394,057) plus $241,162 in interest income. Capital project spending through the period was $1,699,902, largely for the Pike Road project; engineering fees to Jones Engineering were listed as $123,844 and construction costs at $1,576,058.
Sharp closed by offering to answer questions; the board had no substantive follow-up at that time.
Why this matters: SEDC’s portfolio allocations, fund balances and the transfer to the debt service fund affect the corporation’s borrowing and spending capacity. The figures the board received are preliminary (unaudited) year‑to‑date amounts and will be finalized through the audit process.
