Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Brentwood finance director reports economic development fund healthy after reserve draw for public works facility
Summary
Finance director Michelle Depew told the redevelopment corporation the economic development fund grew in 2023 and remains healthy despite a board-approved withdrawal to acquire a facility at Hanley Station for a future public works garage; the board had approved taking roughly $2.8 million from reserves.
Michelle Depew, introduced as the city’s new finance director, presented the economic development sales tax fund and referenced the 2023 audited financials. She told the board the fund "grew over $1,000,000 within 2023." Depew said the board approved taking about $2,800,000 from a reserve balance of roughly $5.3 million in 2024 to purchase a facility at Hanley Station in the industrial park for a future public works garage, and that despite that withdrawal the fund "continues to remain healthy."
Board members had no immediate questions and the chair moved the meeting on to the destination playground briefing. Depew directed board members to the audit package (page 24) for the detailed revenue, expenditures and fund balance figures.
The presentation was summary-level; Depew invited board members to review the audited financial statements for line-item detail and follow up with staff for further clarification about fund projections or capital plans tied to the Hanley Station purchase.
