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Athens EDC accepts January financials, approves $102,508.99 reimbursement to City
Summary
At its Feb. 17 meeting the Athens Economic Development Corporation accepted January 2026 financials, heard that sales tax receipts were down nearly 10% year over year, and approved a $102,508.99 reimbursement request from the City of Athens for Oct.–Dec. 2025 expenses.
The Athens Economic Development Corporation on Feb. 17 accepted its January 2026 financial report and approved a first-quarter reimbursement to the City of Athens for Oct.–Dec. 2025 expenses.
Finance Director Sarah Smith reported that sales tax revenue received in January 2026 (November 2025 collections) totaled $88,926.68, down from $98,788.34 in January 2025 — a decrease of $9,861.66, or 9.98 percent. Revenues for the month totaled $118,250.31 and expenditures were $18,792.00. Year-to-date revenues through January were $505,182.70 (34.13% of budget). Cash balances as of Jan. 31, 2026 totaled $8,473,989.67 across the FSB operating account, Logic investment account and TexStar investment account.
Smith told the board the City of Athens submitted a quarterly reimbursement request for Oct. 2025 through Dec. 2025 totaling $106,000.99. That amount includes operational expenditures of $30,816.05, an administrative fee of $28,068.75 per the agreement, and payroll expenses of $47,116.19. The reimbursement request was reduced by a $3,492.00 credit for Partnership Center office space used by the city, bringing the approved total to $102,508.99.
Secretary Beverly Peek moved to accept the January financials; Vice President Bryan Clemmons seconded the motion. The board voted unanimously in favor. Later, a motion by Director Robert Hoover, seconded by Director Traci Wilkes, approved the city reimbursement; that motion also carried unanimously.
The finance report shows revenues through January exceed budget by 0.80 percent, while expenditures plus encumbrances exceed budget by 5.00 percent. Board materials noted encumbrances totaling $395,091.68 and year-to-date expenditures of $139,811.89.
No follow-up vote or additional direction was recorded on the financial items; staff will continue routine financial monitoring and will report updates at future meetings.
