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Liberty Hill EDC reports $1.5 million in revenue for July, discusses fund-balance policy
Summary
Finance staff reported $1,500,000 in revenue and $368,000 in expenses for the current period, leaving roughly $1,150,000; the board discussed establishing fund-balance floor/ceiling policies and asked staff for further detail on invested funds and reporting.
Finance staff presented the Liberty Hill EDC July financial report, saying: "you have collected $1,500,000 in revenue, and you have expensed $368,000," leaving a difference of approximately $1,150,000.
The staff member reported that overall spending is under budget and recommended developing formal fund-balance policies for…
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