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EDA treasurer: revenues on track; FY 2026-27 draft budget to be finalized in May
Summary
Executive Director Trenton Funkhouser reported receipt of Transient Occupancy Tax revenue, renewal of four Treasury bills, and routine payments (consultant retainers, Virginia Tech contract). He said year-to-date revenue and expenses are on target and a draft FY 2026-27 budget will be ready in May.
Trenton Funkhouser, the EDA’s executive director, summarized the authority’s recent finances on March 9: the EDA received Transient Occupancy Tax revenue, renewed four recently matured Treasury bills, and paid the Joint Permit Application consultant retainer, the first half of Virginia Tech’s Blue Catfish contract, and the annual Explore Middlesex app fee. Funkhouser told the board there were no unusual transactions and that year-to-date revenues and expenses were on target.
Members discussed the FY 2026-27 proposed draft budget that Funkhouser presented. Chairman John Anzivino asked staff to adjust the draft to reflect GO Blue Catfish grant revenue and expenditures. The board noted concerns about the county’s projected lower Transient Occupancy Tax revenue and Funkhouser said the draft budget should be ready for final approval in May 2026.
