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MCDC financial update: $11.0M in cash but unassigned fund balance shows shortfall
Summary
MCDC staff reported $11,026,006.71 in cash and investments for Fund 625 but identified a $284,784 negative unassigned fund balance after commitments; sales tax and interest figures for May were provided and staff proposed a five-year projection tool.
MCDC’s finance presenter (introduced as Shalanda) reported the corporation’s Fund 625 balance on July 23: cash and investments of $11,026,006.71, liabilities of $232,501, and a negative unassigned fund balance of $284,784 after accounting for commitments and agreements. The presenter said sales-tax receipts and interest income were included in the revenue totals and itemized personnel, contractual and capital categories.
Board members discussed creating a five-year pro forma projection to understand cash timing and commitments. One board member said a living projection would change decisions from snapshot-based approvals to a more strategic approach; staff agreed to draft materials and workshop the 5-year plan.
