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DDC reports April finances, notes $2.325 million loan principal payment and $10.02 million fund balance
Summary
Assistant Director Anya Pinton told the DeSoto Development Corporation that year-to-date revenue is $1,611,567 and the board made a $2,325,000 principal loan payment toward a $4,650,000 promissory note; the DDC’s fund balance stood at $10,022,204.32.
The DeSoto Development Corporation heard its April 2026 financial report and accepted the consent agenda to approve the minutes and the financial statements for April.
Assistant Director of Financial Services Anya Pinton reported that year-to-date revenue through April was $1,611,567, representing 53.6% of the fiscal-year budget, and that year-to-date expenditures were $2,749,824, or 63.9% of budget. “The current fund balance for the DDC is $10,022,204.32,” Pinton said.
Pinton told the board the DDC met revenue expectations for April, helped by higher sales-tax receipts and interest earned from laddered certificates of deposit. She said the DDC recorded a $2,325,000 payment as the first of two scheduled payments to the Community Missionary Baptist Church under a $4,650,000 promissory note, and that the payment was recorded as loan principal rather than a land-purchase line item.
Board members sought clarification about the accounting entry and timing. Pinton confirmed the two payments are scheduled for April 2026 and April 2027 to cover the full promissory note and explained the prior land-purchase estimate was reclassified to loan principal payment for reporting clarity. The board offered no substantive objections and moved on to other agenda items.
