SEDC reports $25.6M fund balance; board worries assigned project dollars limit flexibility

Michelle Sharp presented the Stafford Economic Development Corporation's financial report for the period ending July 31, 2026, saying, "As of July 31, the combined fund balance totals $25,639,922," and outlining the portfolio mix and yields. The report showed $25.35 million in cash and investments, a weighted-average yield of about 3.84% and $7.8 million of the fund balance classified as unassigned.

A board member raised concerns about the amount of money already assigned to long-term projects, saying, "Last year, we assigned over $9,000,000 to the project fund for projects that have no ROI for the city," and warned that heavy assignments reduce available unencumbered funds needed to act on new opportunities. Board members and staff agreed to add a monthly line showing the corporation's available unencumbered balance to improve transparency and to help the board evaluate proposals against realistic available resources.

Sharp also reviewed revenues and expenditures across operating, debt service and capital project funds and noted recent investment activity, including matured certificates of deposit redeployed into federal agency securities and brokered CDs. The board discussed the difference between assigned project funds and unassigned funds, with multiple members urging clearer monthly reporting so the public and potential applicants understand how much money is actually available for new economic-development initiatives.

Board action: none required; the report was received and staff were directed to provide a clearer monthly presentation of unencumbered available funds.