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MCDC financial report shows $6.54 million in debt‑service assets; board hears large commitments
Summary
Staff reported Debt Service Fund assets of about $6.54 million and noted the board has approved major commitments — including roughly $10 million for Heritage Park — that will be paid out over time; several line-item figures in the verbal report included transcription artifacts and require confirmation.
The board received the Midlothian Community Development Corporation financial report from staff (Speaker 10). He said the MCDC Debt Service Fund total assets were $6,538,177 and walked the board through beginning fund balances, revenues and recent bond payouts; he noted a bond series payout from 2014 completed in May. “If we're looking at fund 06/24, the MCDC Debt Service Fund, you can see your total assets is $6,538,177,” he said.
Speaker 10 told the board that some large commitments remain on the books — he cited a $10,000,000 commitment approved for Heritage Park and $500,000 for fire administration renovations — and that not all commitments will be paid in the current fiscal year. Several figures in the spoken report were difficult to parse in the transcript, and staff acknowledged they will provide detailed, written quarterly reports so the board can review line-by-line accounting before any decisions are made.
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