Development Corporation approves December 2025 financials; sales tax up for quarter

Tina Dierski, corporate treasurer and assistant city manager, presented the Development Corporation's first-quarter financial statements for approval.

Dierski told the board that sales tax for December rose 5.7% from the previous year and was up about 4% for the same quarter of the prior year; January showed a modest 0.34% increase. She reported approximately $12,000,000 in cash and investments on the economic development side with roughly $7,600,000 in unassigned fund balance. On the ballot side, Dierski said the Corporation held about $18,000,000 in cash and investments and approximately $12,900,000 in unassigned fund balance; debt service for the year had been assigned.

The board asked about the ability to pay down bond principal; Dierski said principal reduction typically requires a bond refunding when market rates permit. After questions, a motion to approve the financials passed by voice vote.

The board later requested quarterly financial reports tied to marketing and contract activity so members could track reallocations and internal KPIs going forward.