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DeSoto DDC reports steady early-year finances; board hears November–December status
Summary
At its Feb. 12 meeting the DeSoto Development Corporation reviewed November–December 2025 financials showing a $3.0 million annual revenue budget, modest early collections and an $11.1 million fund balance as of Nov. 30; staff attributed year-to-year variances largely to timing of invoicing and personnel costs.
At its Feb. 12 meeting the DeSoto Development Corporation heard a financial status report from Kita Sutton, interim director of financial services, covering November and December 2025. Sutton told the board the DDC’s annual revenue budget is $3,006,250 and that November collections totaled $59,166, approximately 2% of the budget.
Sutton said expenditures budgeted for the year were $5,304,001 and that the board’s year‑to‑date actual expenditures for November were $123,571 (about 2.3%). "Your total fund balance, $11,096,056.12 as of the November," Sutton said during the presentation. She also reviewed December receipts and said the DDC had received $418,251 year to date, including roughly $85,000 in interest income, placing revenue at about 13.9% of budget compared with 12.4% the prior year.
Board members pressed staff on several line items and year‑over‑year comparisons. Sutton attributed differences primarily to timing: she said some contractual services and certain annual computer maintenance bills were invoiced early this fiscal year, lowering the monthly percentage compared with the prior year. On an interfund accounting question she explained that some balances appear as "due to/due from" because city payments and DDC reimbursements run through shared bank accounts and are separated on the back end.
Sutton also presented DPDC (a related development entity) financials, reporting a December fund balance of $9,541,977. Board members asked staff to provide a clearer month‑to‑month P&L comparison and confirmed the board will receive supporting memos and the underlying monthly reports.
Procedural matters: the board approved the consent agenda, which included minutes from the Nov. 13, 2025 regular meeting, the January 2026 DDC retreat and the Jan. 23, 2026 special call meeting, by voice vote.
The DDC chair said the board will continue to monitor expenditure timing and requested staff provide the requested comparative charts at a future meeting.
