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Manvel MEDC treasurer reports steady sales‑tax growth; committed funds held pending invoices
Summary
MEDC staff reviewed account balances, restricted investments, and a sales‑tax history showing gradual monthly growth; committed funds allocated to city projects remain invoiced to the MEDC only when expenses are reported, preserving interest until disbursement.
Tammy, staff member, presented the treasurer's report and walked the board through account balances, restricted investments, and committed project funds. "Those are your two highest paying entities, so that's why we have your funds as much as we can in those accounts," Tammy said, referencing First State Bank, a Text Pool investment, and another account called Logic.
Tammy explained that "committed" line items represent funds allocated to city projects but not yet paid because the city must send an invoice for expenses; keeping the funds until invoiced allows the MEDC to capture interest. Tammy highlighted a graph covering October 2023 through November 2025 that shows sales‑tax receipts increasing from about $112,000 in one fiscal year to roughly $142,000 the next and $157,000 in the current fiscal year through November 2025.
Board members asked whether incentives for large tenants at Manvel Town Center (including HEB and Lowe's) reduce the MEDC's sales‑tax share; Tammy replied that such incentives affect the city's portion of sales tax, not the MEDC's portion. "You guys are getting your full portion that we get in," Tammy said.
The treasurer's report prompted no formal action beyond routine review. Board members were asked to study the documents and bring questions to the next meeting.
