Stafford EDC reports $18 million year‑end fund balance, board accepts financial statements

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 previous year (from $15.7 million to $18.0 million). Sales tax remained the primary operating revenue source, with net sales tax of about $6.08 million and total revenues exceeding budget by about 4.7% and by 7.3% compared with the prior year. Interest income year‑to‑date was reported at about $927,723, with accrued but unpaid interest near $28,540.

On the expense side, SEDC’s total operating expenditures were reported at about $12.9 million, roughly 3.9% below budget. Staff explained that the year‑over‑year increase in expenses was driven mainly by transfers to the capital projects fund to support two large projects: the Pike Road project (about $4.0 million) and a drainage project (about $4.3 million). The capital projects schedule shown to the board listed five active projects with life‑to‑date spending and remaining balances: Pike Road, drainage rehab (several lines), a security camera project, landscape improvements and the Meadows Trail project; staff said remaining balances for active projects will be carried into the next fiscal year as part of an upcoming amended budget.

Board members asked for clarification on which projects were “active” versus in maintenance, and staff said closed projects remain funded for annual maintenance through the general operating fund while only the listed five projects were active construction projects. The board discussed whether staff should present the new summarized monthly format at every meeting or provide written monthly reports with in‑person presentations quarterly; staff said she could provide the new format monthly and attend in person quarterly unless specific projects or resolutions require discussion.

There was also discussion of a budgeted transfer to the city that included an economic development administrator salary line originally budgeted for $225,000 (including benefits) but only partially used because the position was filled for about four months; staff said only the salary and benefits for the months the administrator served were transferred and the remainder stayed in SEDC fund balance. The board asked staff to follow up with copies of project schedules and continuing monthly reports.

A motion to accept the financial report as presented was made and seconded; the board voted to accept the report (no formal roll call tally was provided in the meeting record).