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Kennedale EDC reports fund balance, notes sales-tax timing delays
Summary
The Kennedale Economic Development Corporation heard a finance update noting a two-month delay in sales-tax receipts, rental fees at 11.3% of budget with 8.3% of year complete, and a fund balance reported as $2,000,001.22.
Speaker 5 delivered the EDC’s monthly financial update, telling the board that local sales-tax receipts are running two months behind the city’s revenue recognition schedule and that significant sales-tax dollars are not expected to appear in the revenue ledger until December.
Speaker 5 said rental fee revenue is at 11.3% of budget with 8.3% of the fiscal year complete…
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