Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
SEDC reports $24.7 million fund balance; interest income $365,360 year-to-date
Summary
SEDC staff presented the financial statement for the five months ending Feb. 28, 2026, showing a $24,701,183 fund balance (up $3.64 million year-over-year), a $22.75 million investment portfolio, and $365,360 interest received YTD; board heard details but took no action.
SEDC presented its financial statement for the period ending Feb. 28, 2026, reporting a strong fund balance of $24,701,183, which the presenter said is $3,644,230.33 higher than the prior fiscal year. The board heard portfolio details: total cash and investments $22,750,000 allocated across government pools, brokered CDs, agency securities and U.S. Treasuries, with a weighted-average portfolio yield of 3.79% and a weighted-average maturity of about 305 days.
"Beginning with fund balance, fund balance is very strong at $24,701,183," the presenter stated. The report listed year-to-date interest received as $365,360 and interest accrued but not yet received at $95,268. Expenses noted included services (financial/administrative/consulting) totaling $998,550 and transfers to debt service of $844,720; an outstanding reimbursement of $1,700,000 from Fort Bend County for the Pike Road project was also reported. The board did not take any action on this item during the meeting; the presentation concluded with staff offering to answer follow-up questions.
