The Hollywood Park Economic Development Corporation approved its financial statement as of July 31, 2024, after a staff presentation showing the most recent balance sheet and revenue-and-expense reports.

Staff reported total cash of about $652,000 and a net worth figure presented to the board; year-to-date revenues for the 10 months were reported as approximately $185,701, made up primarily of sales tax receipts and interest income. Total expenditures to date were reported at about $76,891, leaving year-to-date excess revenues. For the month of July the packet listed detailed charges including capital outlay, legal and professional fees and marketing; staff said full invoice detail could be provided on request.

Board members asked for clarification about the board’s TexasCLASS investment account (a pooled governmental investment vehicle). Staff explained Hollywood Park holds approximately $531,000 in TexasCLASS and had been earning higher yields there than in TexPool; the presenter cautioned that yields would fall as federal rates decline. The board asked staff to document the accounts and to provide the historical date when the EDC first invested in TexasCLASS.

During review of line items, a board member asked about a $49,000 charge recorded to the police department fund and whether it related to vehicle purchases; staff confirmed the charge dated to the spring and was associated with vehicles.

The board made a motion to approve the financial statement as of July 31, 2024; the motion carried.

Ending: Board requested invoice-level detail for specific capital charges and staff agreed to provide itemized invoices on request.