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EDC reports sales-tax growth and stable reserves; no financial actions taken
Summary
Staff reported April allocations of just over $126,000, a 6.6% year-to-year increase in sales tax receipts, Austin Bank balances around $218,000 and an investment pool balance near $416,000 with $1,200 interest in April; the board accepted reports and moved to executive session with no reportable actions afterward.
At its May 21 meeting the City of Whitehouse Economic Development Corporation received routine financial reports showing the city's April allocation was just over $126,000 and that sales-tax collections were up 6.6% on a fiscal-year-to-date basis.
Staff displayed bank statements and said the Austin Bank operating account held approximately $218,000 while an investment pool (MBIA/text pool) held about $416,000 with April interest of roughly $1,200. Staff clarified that the sales-tax figures presented reflect the total city collection and that the EDC's portion is recorded separately on the transfer line.
There were no questions that led to formal action, and the board recessed into executive session; upon return, the Chair announced there were no reportable actions taken in the closed session.
