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Stafford EDC reports $18 million year‑end fund balance, board accepts financial statements
Summary
Stafford Economic Development Corporation presented year‑end financial statements showing a combined fund balance of about $18 million, investment allocations and project transfers to capital funds; the board accepted the report.
The Stafford Economic Development Corporation reported a combined fund balance of about $18,000,000 at the end of fiscal 2024 and the board accepted the year‑end financial statements at its Jan. 28 meeting.
Finance staff presented audited year‑end figures showing the SEDC’s total cash and investments at roughly $18.5 million, with about 80% held in a government investment pool (identified in the presentation as Logic), roughly 9% in brokered certificates of deposit, 8% in government agency securities and the balance at the depository bank. The presenter said the weighted average yield across holdings was approximately 5.26% and the weighted average maturity was 77 days.
The report said the corporation’s combined fund balance rose by approximately $2.2 million over the…
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