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Clovis CED reports $141,000 monthly revenue, $1.4M year-to-date; $7.3M in cash investments
Summary
CED finance staff reported $141,000 in monthly revenues for the period ending in February, year-to-date revenues of $1.4 million, and cash investments that rose from $7.2 million to $7.3 million, with $6.5 million held in the state pool and $800,000 in bank cash.
Finance staff for the Clovis Economic Development (CED) board reported monthly revenues of $141,000, year-to-date revenues of $1.4 million and year-to-date expenditures of $137,000 for the period ending in February, the board was told.
The finance presentation said monthly expenditures were roughly $3,000 and noted the agency paid gross-receipts tax administration fees to the tax and revenue department from collections. "There is legislation they are looking at trying to eliminate those fees," finance staff said, noting potential future changes to that expense.
Staff reported that cash investments began the reporting period at $7.2 million and ended at $7.3 million, with $6.5 million in the state investment pool and $800,000 in bank cash. Finance staff offered to answer questions from board members following the summary.
Why it matters: the figures provide an overview of CED's liquidity and operating position as the agency evaluates incentives and program spending. The reported investments and state pool balances indicate where the agency's reserves are currently held.
No formal actions were taken on the financial report; board members asked clarifying questions during the presentation.
