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EDC finance report: sales tax receipts $660,000; fund balance $1.5M
Summary
The EDC reported $660,000 in sales tax receipts (63% of budget YTD), shopping-center rental fees at ~72% of budget and a fund balance of $1,500,000; board members asked about YMCA and tenant lease collections.
At the meeting finance staff reported, "Our sales tax, 660,000. That's 63% to budget," and noted shopping-center rental fees are just over 72% of budget and EDC operations expenditures were higher because of a recent land purchase. The staff member also said the EDC fund balance stands at $1,500,000.
Board members asked about the YMCA decision timeline and whether a tenant (E Tron) was still paying rent; finance staff said collection flows through the property manager and July receipts were not yet posted because the month had not closed. The finance report was presented as part of routine business and generated follow-up questions on lease enforcement and revenue timing.
