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Stafford EDC fund balance rises $3.2 million; board tables amended budget pending audit
Summary
Stafford Economic Development Corporation reported a $3.2 million increase in combined fund balance and detailed investments and carryover project funding. The board agreed to wait for audited statements before adopting a formal budget amendment.
The Stafford Economic Development Corporation reported a combined fund balance increase of $3,200,000 for the 12 months ending December 2024, the corporation—s finance staff said at the Feb. 25 meeting. The board also agreed to delay a proposed amended budget until the annual audit is complete.
The finance presentation, delivered by finance staff Alka, said combined fund balance rose from $17.1 million in December 2023 to $20.4 million in December 2024, an increase of $3.2 million. The SEDC—s cash and investment portfolio totaled about $19.4 million, with approximately $12 million (62%) in a government pool, $3 million (16%) in government agency securities, $2.2 million (11%) in brokered certificates of deposit, about $2.0 million newly invested in U.S. Treasury bills, and roughly $200,000 in the depository bank.
Alka said the portfolio—s total…
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