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February 2026 financials: revenues exceed expenses year-to-date; sales tax net down after incentives
Summary
The EDC’s February report shows revenues exceeded expenses by $409,000 year-to-date and cash balances of $6.7M plus $1.1M in escrow; staff said a reported sales tax decline is net of incentive payments and that staff will return with a revised, isolated gross/net sales tax analysis.
Assistant Finance Director Christina Bishop presented the EDC’s February 2026 monthly financial report, noting revenues exceeded expenses by $409,000 year-to-date and that current cash balances were $6.7 million with an additional $1.1 million available in an Alliance Bank escrow account.
Bishop described a recent loan restructuring and the timing of the annual interest payment. Board members raised a question about a 15% reported decline in sales tax; Bishop explained the number shown in the packet is net of incentive payments (for example, façade or other incentive payouts) and proposed bringing a budget amendment to isolate gross sales tax receipts versus incentive outflows so the board can see clearer gross/net presentation. The board approved the financial report by roll call (5–0).
