Conroe IDC accepts January financial report, authorizes refund after closed session

The Conroe Industrial Development Corporation board voted March 6 to accept the January 2026 CIDC treasury report and later, after an executive session, to authorize a refund from the contract revenue coverage account to the corporation.

Ms. Gibbs presented the January treasury report, reporting a fund balance of $37,000,003 as of Jan. 31, 2026, monthly revenue of about $1,514,006 and year-to-date revenue near $6,000,005. Sales-tax receipts for January were reported at roughly $1,000,004 and year-to-date sales-tax revenue at about $5,965,212, a 1.4% increase over the prior fiscal-year period. She outlined long-term liabilities—including hotel-related commitments and sales-tax revenue bonds—and summarized that incentives are budgeted as placeholders in the packet.

Board members pressed staff on several balance-sheet items. One director questioned why a receivable of $19,093,857 labeled "due from primary government" (a hotel-related advance) remained on the books and suggested it be written off as bad debt if recovery is unlikely; staff replied the amount remains as an asset until a formal determination is made. Directors also asked about a personnel-services line of roughly $363,494, landscaping and park maintenance costs (~$168,000), and other line items such as software agreements and travel/training; staff said many items are reserved budget placeholders and actual expenditures are only recorded when paid.

Chairman Harrell and staff reviewed commitments listed as "transfer out" at about $18,113,000 and sales-tax revenue bonds at $6,000,000, which together total roughly $24,113,000 in obligations the board expects this year. With projected receipts of about $18,000,000, staff said the CIDC would draw approximately $6,000,000 from reserves to meet obligations; the board noted the CIDC currently holds about 496 operating days of reserve versus the city's 90-day charter benchmark.

After discussion, the board moved to accept the financial report; the motion passed. The meeting recessed into executive session citing Texas Government Code sections 551.087 (economic development incentives), 551.072 (real estate), and 551.071 (legal consultation). Upon return, the board moved to authorize a refund from the contract revenue coverage account "as discussed and explained in our closed session"; the motion was seconded and carried. The refund amount and counterparties were discussed during the executive session and summarized as part of the public motion.

The board deferred election of an acting board secretary and agreed to schedule orientation for new members. There were no invoices to pay. The meeting adjourned later the same morning.