Stafford EDC reports $25.1 million fund balance, details portfolio allocations and payment delay

Michelle Shaw, a staff finance presenter, told the Stafford Economic Development Corporation board that the combined fund balance for the fiscal year-to-date is $25,136,637 — an increase of $4,092,544 from the prior year. "The combined fund balance of $25,136,637 is $4,092,544 higher than the previous fiscal year," she said.

Shaw reviewed the EDC’s investment allocations and yields. "The total portfolio stands at 23,300,000," she said, and then detailed allocations: roughly 10.84% ($2,520,000) in the LOGIC government investment pool, 26.81% ($6,250,000) in Texas CLASS, about $5.36 million in brokered CDs, $6.0 million in government agencies, $3.0 million in U.S. Treasury and roughly $170,000 in the depository bank Stellar. She reported category yields in the 2.58%–3.90% range and an overall weighted average yield of 3.81%.

Shaw also summarized operating revenue and recent capital spending. She reported year-to-date operating revenue of $3,800,000 (a 3.37% increase) and listed capital project expenditures totaling $296,091 across five projects, including $118,759 in engineering fees for the drainage rehab project and $126,224 on a water fountain project. Board members asked follow-up questions about project details and timing.

The presentation closed with an operational note about receivables: Shaw said she had been in contact with Fort Bend County about a $1.7 million reimbursement for the Pike Road project, and that the county told her the check was mailed May 20 but that internal policies limit immediate reissuance. "I have been told that the check was issued and mailed on May 20," she said. Board members offered to help follow up and suggested picking up the check if that would expedite receipt.