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SEDC fund balance up; board told about $12.0M unencumbered for new projects
Summary
Staff presented financial statements showing combined fund balance growth to about $21.06 million and clarified approximately $12.03 million of that is unassigned and available for future projects. The board discussed audit timing and whether to present an unaudited budget amendment next month.
SEDC finance staff presented financial statements for the period ending Feb. 28, 2025, reporting a combined fund balance of $21,056,950 and growth of roughly $2.9 million compared with the prior year. The presentation broke the holdings down by fund and by investment vehicle: approximately 55% invested in the government pool ("Logic"), about 10% in brokered certificates of deposit, 25% in government agency securities, 10% in U.S. Treasury securities and a small remainder in the city depository.
Crucially for project planning, staff clarified that the $21.06…
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