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Bastrop EDC reports mixed finances; sales tax down, interest income cushions shortfall
Summary
EDC staff reported August sales tax receipts of $121,692 and September receipts of $135,312, leaving the organization under budget for the year by $253,000; staff said interest income (corrected in discussion) will offset the shortfall and reviewed several contract-related receivables and accounting entries.
At its regular meeting, the Bastrop Economic Development Corporation received the financial report for the period ending Aug. 2024 and discussed revenue, contracts and accounting entries related to ongoing projects.
The finance presenter said year-to-date revenues are trending positive but that August sales-tax receipts totaled $121,692, below projection; she added the EDC collected $135,312 in September. “We’re still going to be under budget for the year by $253,000,” the presenter said, but added that interest income would cover that shortfall.
During the discussion there was a clarification about the size of interest income. The presenter initially referenced $602,000; when prompted she corrected the figure to $352,000. The presenter said the additional month of September interest will also be recorded.
The board reviewed contract and receivable items: the Fiesta contract showed $233,000 in contracted payments (recorded in two phases) that have not been paid; AEI Technology has one payment remaining (about $9,333); TA Bastrop is to be reimbursed $300,000 after contract conditions are met; and MOCA Ventures’ payback terms were discussed as $900,000 less closing costs of $63,353 and attorney fees of $3,500. The presenter said a gain on sale of land ($841,000) was recorded and folded into fund balance because proceeds were not spent.
S5 explained an intersection-improvement study performed by Kimley Horn cost $22,500; an originally planned $185,000 for construction improvements had not been spent and the funds have been transferred back to the EDC general fund. Board members clarified that parts of the work occurred in fiscal 2023 and that some improvements may be eligible for the council’s transportation impact fees going forward.
Board members said figures in the financials may change after executive-session discussions about several performance agreements and projects. The EDC will continue to track receipts and contractual obligations as those matters advance.
