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Finance director reports $19.8 million in CDC/EDC funds, details debt obligations
Summary
City finance director Amy Burrison told the Anna EDC/CDC board the combined funds totaled about $19.8 million as of March 31 and outlined outstanding debt, yields and recent interest receipts.
The City of Anna’s finance director reported to the joint Economic Development Corporation (EDC) and Community Development Corporation (CDC) board on May 1 that the two corporations held about $19,800,000 combined as of March 31.
Amy Burrison, the city’s finance director, said roughly 71% of those funds were in the city’s independent bank accounts and 29% were in the local government investment pool (LGIP)/tax pool. Burrison gave a breakdown showing about $13.3 million held for the CDC and approximately $6.5 million for the EDC. She said the city’s bank accounts were earning an average yield of 4.59% and the tax pool was yielding about 4.3% as of March 31.
Burrison also reviewed current debt obligations. She described three major items: - Sales tax revenue bonds (series 2012B and 2016): original issue roughly $3.5 million with a 20-year term maturing in 2037; current outstanding principal about $2.27 million and redeemable on or after Feb. 15, 2029. - Community development note (2023 series through Governmental Capital): original principal $1,700,000, 15-year term maturing in 2038; interest initially 6.526% for five years with adjustments every five years; current outstanding principal approximately $1.6 million and early redemption terms beginning in 2028. - Commercial loan through Lamar National Bank: original principal $1,900,000 on a 10-year note maturing in 2034; current outstanding principal about $1.667 million; quarterly payments of roughly $65,000 and no prepayment penalty reported.
Fiscal-year-to-date interest receipts totaled $433,010, Burrison said, with quarterly interest receipts of about $212,000. She noted yields are down roughly one percentage point from the prior year when yields were in the 5–5.5% range. Burrison also reported short-term treasury benchmarks and the tax pool rolling three-month and six-month comparisons to contextualize earnings.
Board members asked clarifying questions following the presentation; no changes to financing or new borrowing were proposed in open session.
