Hollywood Park EDC accepts August financial statements; reports $197,000 year-to-date net
Summary
The EDC reviewed and voted to approve the financial statements as of Aug. 31, showing total cash of about $884,000, net worth of about $916,000 and year-to-date net revenues of roughly $197,000; board approved the statements and encouraged members to ask finance staff questions.
Fred, the EDC's finance presenter, reviewed the financial statements for the 11 months ended Aug. 31. The balance sheet showed total cash of approximately $884,000 and a net worth of about $916,000. The revenue-and-expense report showed month revenue of about $26.99 net (driven by sales tax receipts and interest) and year-to-date net revenues of approximately $197,000.
Fred described investment balances: Texas CLASS investments earning 4.24% with a balance of about $813,008.68, and a sweep/plain account earning roughly 2.85% with a balance near $60,008.68. He said a September transfer moved $65,000 from the plain sweep account into Texas CLASS, bringing that balance to about $880,000.
Board members reviewed the packet and, noting members had only just received minutes earlier in the day, elected to defer action on the minutes and to proceed with the financial approval. A motion to approve the financial statements as of Aug. 31 passed with all members voting in favor.
Fred invited members to contact him with questions and emphasized staff would clarify line-item naming conventions where needed in future reporting.
