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SEDC finance presentation: fund balance $25.0M; interest income noted
Summary
Finance staff reported a combined fund balance of $25,013,008.69 and healthy cash/investment holdings; year-to-date interest receipts totaled $440,347 and staff said weighted average yield on investments was 3.77%. Board asked clarifying questions about a comptroller repayment tied to a 380 agreement.
Finance staff presented the SEDCfinancial position for the first six months of FY2025-26, reporting a combined fund balance of $25,013,008.69, which Ms. Shaw said is $4,115,932 higher than the same point last year. "The total cash and investment is at 23,130,000 invested in various instruments allowed by the Public Funds Investment Act and the city's investment policy," she said, listing holdings and a total weighted average yield of about 3.77% and a weighted average maturity of 343 days.
Ms. Shaw also reported year-to-date interest received of $440,347 and accrued interest of $94,903, and she provided line-item revenue and expense details including sales tax revenue of $3,388,349 (about 5.07% greater than the prior year) and project spending across several capital projects including engineering fees to Jones Engineering, fountain work and commercial street repairs. Board members asked for clarification about a state comptroller repayment and its relationship to an existing 380 agreement; Ms. Shaw said the city received a repayment-letter and that a repayment schedule and legal review are ongoing.
