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Cameron EDC reports $971,441 in cash; bond principal cut by $75,000
Summary
Secretary Mike Zajicek told the Cameron Economic Development Corporation board that the organization held $971,441 in cash at July 31, 2024, and that an August principal payment of $75,000 reduced long-term bond debt to $705,000. The board approved the July financial report unanimously.
Secretary Mike Zajicek reviewed the July 2024 financial reports, saying, "Total cash assets were $971,441 with $134,970 in checking account." He told the board that other cash funds were invested in IntraFi certificates of deposit and an IntraFi money market account, and that interest income and sales-tax revenue were higher year to date.
Zajicek reported the board's long-term bond balance had been $780,000; a principal payment of $75,000 made in August reduced the balance to $705,000 and, together with the interest payment, cleared the reserve for this year's bond payment. He said a new bond-payment reserve will be set up for the following year. Mayor Nathan Fuchs moved to approve the financial report as presented; Carl Bradley seconded and the motion carried 7–0.
