Midlothian CDC reports large June sales-tax payment, $10M committed for Heritage Plaza

The Midlothian Community Development Corporation on Aug. 27 reviewed monthly financials that include a notable sales-tax increase and several large fund commitments.

"Everything is pretty much in budget. It's in a line with the budget," said the finance presenter (Finance staff, S5) while walking the board through June figures. The finance presentation listed sales-tax year-to-date at $6,800,008.64 and interest receipts of $325,001.84. The report also noted a transfer of roughly $3 million from the debt-service fund into the operating fund tied to last year's hotel sale proceeds and identified about $11,000,001.81 in total commitments, with approximately $10,000,000 tied to the Heritage Plaza project.

Board members asked whether the unusually large single-month sales-tax payment reflected local Midlothian economic activity or a distribution adjustment from state collections. Staff and a vendor consultant (S7) said the city has transaction-classified vendor data (retail, commercial, industrial) and offered to provide reports or run a pro forma to help the board assess seasonality and sources of the increase.

The board did not take further budgetary action at the meeting but flagged the items for continued monitoring and possible inclusion in upcoming planning discussions.