EDC accepts September financial report; board adopts updated credit‑card and ACH policies
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Summary
The Hutto EDC accepted its September 2025 financial report and approved an amendment to corporate policies including limiting the corporate card to the executive director and updating ACH payment procedures; both measures passed unanimously.
The board accepted the corporation’s monthly financial report for September 2025 and received a short staff summary of notable items.
Staff reported an ending fund balance of about $8.5 million before an expected accrual for a sales tax incentive payment under review. Staff said auditors are scheduled to begin fieldwork in December and that EDC staff will book an estimated accrual of roughly $140,000 for a disputed incentive payment while final eligibility is clarified.
On a separate item, the board approved resolution R HEDC‑2025‑144 to amend EDC policies for corporate credit‑card use and ACH payments. Changes in the redline package included limiting corporate card possession to the executive director, adding ACH language and removing a five‑day ACH review step previously in policy. The motion passed 7–0.
The board also approved routine meeting scheduling and accepted minutes and other noncontroversial items during the session.