Preliminary FY25 shows $98M ending fund balance before reappropriations, sales tax up about 4%

Assistant Finance Director Chance Miller presented preliminary financial results for September and the fiscal-year close.

For September the CDC preliminarily recorded slightly more than $2.6 million in revenue: roughly $2.1 million in sales tax, approximately $445,000 in interest income and about $50,000 in miscellaneous receipts. Operating expenses for the month were about $70,000, projects $270,000 and non-departmental costs nearly $100,000.

Miller described the reported ending fund balance at approximately $98,000,000 but cautioned that much of that total represents previously approved project budgets that have not yet been expended and will be carried forward via reappropriations. He estimated a realistic uncommitted balance near $48–49 million after reappropriations, transfers (including a roadway transfer) and the typical year-end adjustments; final audited numbers are expected after the audit team begins fieldwork in December and after journal entries are processed.

On sales tax trends, Miller reported a 4.2% increase for the July sales period; year to date sales tax growth was about 2.9%. Board members and staff noted the city and EDC budget growth assumption was set at 3.5% for FY2026.

"This is our preliminary financials," Chance Miller said, noting the figures will change as year-end entries and audit adjustments are completed.

Board members asked questions about how much of the $98 million is committed to approved projects (the projects line shows large carry-forwards) and about the influence of audit adjustments on reported growth. Miller said about 96% of approved project budgets typically roll forward and that the final reappropriation list will be presented when final numbers are available.