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Pulaski County redevelopment commission reports special state distribution and matured CD that boost cash position
Summary
Staff told the Pulaski County Redevelopment Commission that a one-time state distribution and a matured certificate of deposit increased available funds and improved year-end forecasts; the commission also discussed a $40,000 council appropriation and loan-fund balances.
The Chair called the Redevelopment Commission to order at 5:40 p.m., but staff noted there was not a quorum and the body could not approve the consent agenda.
Staff reported a one-time state distribution tied to excess income-tax collections and the recent maturity of a certificate of deposit that together improved the commission's cash position. "It was equal to about 83% of one monthly distribution, which is a $145,000," the staff member said, adding that the matured CD produced $24,070 in interest. Staff estimated year-end cash around $2.7 million, or roughly $3.29 million including the CD, barring surprises.
The staff member also noted a $40,000 additional appropriation the county council approved earlier in the week. "Part of that will go to human services to support the purchase of a new vehicle and some technology upgrades," the staff member said, and part will be allocated to building stabilization work at the Friends of the Madera Vol. Gymnasium while a grant proposal is prepared.
On program funds, staff said the revolving loan fund received its final borrower's payment for July and now has $399,275.58 available. The staff member flagged one pending professional-services bill: $28,000 billed by Barnes & Thornburg that will be reimbursed by Doral for services drafting road-use and decommissioning agreements related to the Mammoth Pasture Solar Project.
The Chair asked procedural questions about the matured CD and awarding of funds; staff confirmed matured CD principal and interest roll back into the fund and explained that awards are submitted as claims to the council for reimbursement and would be reflected in the office budget. "It'll be in my budget either... and we'll just submit a claim," the staff member said.
Next steps: staff will email members the updated rubric and budget materials ahead of the next meeting; members agreed to narrow date options and review materials electronically before reconvening.
