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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 million includes assigned and encumbered funds. The board asked what was available for new projects; staff said the unassigned, unencumbered fund balance is $12,026,000.
The operating fund was described as showing stronger revenue: year‑to‑date sales tax revenue of about $2.7 million, 7.38% above the same point last year, and year‑to‑date interest income and other receipts supporting operations. Year‑to‑date expenses in the operating fund included about $513,596 for services (administration, consulting, landscaping), $20,461 for utilities, $10,525 for marketing (an annual payment to Fort Bend Chamber of Commerce was identified as the marketing line), and transfers to the debt service fund.
On debt service, the board was told an annual interest payment of $72,033 was made in February; the next payment will be in September (recorded as the usual schedule). The capital projects fund showed revenue of $1.5 million, mostly reimbursement by Lovett Agency for the Pike Road project and interest earnings; capital expenditures of about $831,026 were reported for Pike Road construction and engineering.
Board members asked about the audit timeline and whether to present a budget amendment next month using unaudited numbers. Finance staff said the city had begun the procurement process for auditors; selecting and completing an audit would take a minimum of about three months after the procurement completes. She offered to bring an unaudited budget amendment next meeting if the board preferred to act sooner.
The board did not take a formal vote on a budget amendment at the meeting but directed staff to bring a draft amendment if the board chooses to move forward before audited numbers are available.
