Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
CDC finance report: approximately $10 million in cash, revenues tracking but period shows small deficit
Summary
Finance staff reported the operating fund balance sheet showing roughly $10 million in cash equivalents, about $500,000 in investments and total assets near $12 million; February revenues and expenditures left a small period loss driven by several large purchases, while sales tax receipts were reported on target.
Shalanda (finance presenter) briefed the board on the CDC operating fund balance sheet on April 23.
She reported that cash and cash equivalents were roughly $10 million and investments were about $500,000, with total fund assets reported near $12 million. Revenues received as of Feb. 28 were reported at about $3,000,009 and expenditures for the same period were shown as roughly $4,050,007, producing a modest period loss that staff attributed to a small number of large purchases and land acquisitions earlier in the fiscal year. Sales tax receipts were reported as coming in "on target," and Shalanda said a reimbursement posting recorded to revenue will be reallocated and shown correctly in next month’s statements.
Board members asked clarifying questions about payroll timing and accruals; staff explained that payroll timing caused some apparent variations between January and February results. The finance review closed with an invitation for questions, and none were outstanding.
