Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
EDA reviews March account balances and market-value fluctuation in VIP fund
Summary
The Charles City County Economic Development Authority reviewed March account balances, noting cash and lease receipts and a VIP bond fund market-value dip despite positive income; the board discussed causes and confirmed follow-up with VACO if needed.
The Charles City County Economic Development Authority reviewed March financial statements at its April 9 meeting, with Cynthia Boone presenting account balances across the Truist general and Market 5 accounts and the VIP one-to-three-year bond fund. Boone reported the Truist general account ended March at $195,387.35 after $1.66 interest and noted Market 5 received $4,534 in lease deposits, ending at $29,974.49. Boone said the VIP bond fund had a market value of $109,439.15 with an unrealized gain/loss of $805.47.
Board member Travis Johnston asked why the VIP account showed earned income but a lower ending balance; Attorney Arthur Anderson explained the distinction between income earned and market-value fluctuations, saying the account is not a money-market and share values can fall when interest rates change. Johnston later said he "understood the EDA owns shares and that their value can fluctuate," and Anderson recommended confirming details with VACO if the board wanted additional assurance. The board took no formal action on investments and moved on to other agenda items.
