Director of Financial Services (identified in the packet as "Mister Corvino") presented unaudited fiscal reports for September, October and November 2024. Corvino said overall sales tax revenue for the fiscal year was $2,894,000 compared with $2,781,000 the prior year, an increase staff quantified as roughly $113,000. Interest income rose to approximately $470,008, a roughly $144,000 increase year‑over‑year. Corvino and staff emphasized figures were unaudited and expected to remain stable after audit adjustments.

Board members pressed for explanations of monthly and category drivers. Several directors requested more granular reporting—industry sector breakdowns and month‑by‑month trends—rather than only quarterly rollups. Staff said the EDC is purchasing software that will provide company‑level and sector trends on a quarterly basis; staff cautioned company‑level data cannot be publicly reported due to state confidentiality rules, but sector rollups will be provided.

The finance presentation also covered internal reporting changes: DPDC (parks board) funds that carry a long‑term aquatic center debt will be held in a separate bank account and reported separately on a monthly basis to isolate that obligation from EDC operating funds. Staff reiterated that the EDC’s advertising line is a budgeted “plug” amount (10% cap rule under state guidance) used to seed facade grants and similar programs; business grants line items in the budget reflect excess revenues after operating expenses and advertising allocations.

Directors raised calendar timing concerns: the board’s move to meet on the second Monday means financial reports will often be one month in arrears because bank statements and reconciliations are not always available in time for the earlier meeting date. Staff recommended notating delayed line items and continuing efforts to reconcile expenditures (credit card flows, payroll timing, pay period differences) in the standing monthly packet.

On sales tax composition, staff reviewed quarter‑to‑quarter data and said accommodation/food services and retail trade remain the largest contributors. Department stores/general merchandise were the single largest driver within retail. Staff cautioned monthly volatility can be driven by single large transactions (for example, equipment purchases for manufacturing) and said sector‑level trends are most useful on a quarterly basis. Staff added that commonly used leakage reports and some retail‑analysis sources had last been updated in 2023 and that private vendors are adapting to new privacy constraints in card and mobile data.

Board direction: staff will deliver a clearer monthly/quarterly reporting format, provide the new software’s capabilities and limitations, and supply a “cheat sheet” explaining budget plug items (advertising, business grants, contingency) and where funds are committed.