Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
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 and flagged timing as the main driver of that variance. EDC operations were reported at about 4% of budget; the Town Center’s line item showed 24.4% of budget because the property insurance premium for the year was paid up front. “We pay all of the insurances at the beginning of the fiscal year,” Speaker 5 said, adding that the spending will normalize over time.
Speaker 5 reported the EDC’s fund balance as "$2,000,001.22." He invited questions about the insurance payment. Speaker 4 asked for clarification about whom the insurance covers; Speaker 5 said it covers the building that contains the Dollar General.
The financial update did not include changes to existing appropriations or a request for new funding. Board members asked clarifying questions about the insurance vendor (Hughes) and the structure of that payment. No formal action was taken on the finance report; the presentation closed with staff offering to include additional appraisal or revenue-detail items on a future agenda if members wanted further review.
The EDC’s next regular meeting will be scheduled following the board’s December break.
