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Hutto EDC approves March financial report; board segregates sales‑tax incentives from gross revenue
Summary
The board approved the March 2026 financial report (revenues exceeded expenses by roughly $778,000; cash just over $7.0M) and adopted a budget amendment to segregate $230,250 of sales‑tax incentives into a dedicated line for transparency.
Christina Bishop, assistant finance director, summarized the corporation’s March financials, reporting a final $10,000 incentive payment to Hutto Wine Bar, revenues exceeding expenses by approximately $778,000 and cash on hand of just over $7,000,000. Bishop told the board gross sales‑tax revenue recognition was around 47% of budget at midyear.
The board moved to approve the monthly financial report. The motion was seconded and passed 5–0. The board also approved a budget amendment (R‑HEDC‑2026‑022) to segregate sales‑tax incentive payments from gross sales‑tax revenue; the amendment identifies $230,250 as the sales‑tax portion of existing agreements to improve transparency in future reporting.
Board members asked for clarification on large variances noted in the packet; Bishop and staff attributed the most significant variance figures to pending land‑sale revenue expected later in the year.
