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EDC projects fund balance near $6.8 million; council accepts board's revenue assumptions
Summary
Commerce Economic Development Corporation presented a budget showing a projected fund balance of roughly $6.8 million and proposed up to $1.2 million in expenditures that include incentive funds; staff said they accepted the EDC board's projections for display in the budget materials.
Miss Bonnie and the Presenter summarized the Commerce Economic Development Corporation budget and fund balance. The EDC reported fund balances of $5.88 million (fiscal 24) and $6.4 million (fiscal 25) and projected to end fiscal 26 with $6.812 million. The EDC board proposed $1.2 million in expenditures that include incentive lines for potential opportunities the board may act on.
Presenter noted that some recent sales-tax receipts were outliers and staff did not want to rely on that unusual growth in the city's own projection, but he included the EDC board's higher receipts in the EDC material to reflect the board's assumption. The council did not change the EDC request at the workshop and staff said the EDC retains a substantial reserve for prospective incentives or projects.
