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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 the EDC that would set an operational floor and a ceiling to guide the use of surplus funds. The staff described the spend-down concept as a way to earmark excess cash for one-time capital projects while preserving a reserve for unforeseen events.
Board members asked whether hitting a ceiling would automatically trigger access to those funds and who manages investments; finance staff said the city's investment officer is the public funds investment officer and that staff will bring more detailed reporting on current investments and balances at the next meeting.
The discussion emphasized aligning EDC fund-balance policy with the EDC's project pipeline; staff said policy will include spend-down guidelines, a floor and ceiling, and options for investing unallocated cash within public-funds constraints. No formal budget action was taken at the meeting; staff said they will workshop policy language and present proposed financial policies to the board in a future meeting.
