EDC flush with cash as fiscal year begins

By Bob Buckel | Published Saturday, October 20, 2012

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The Decatur Economic Development Corp. is in good financial shape as its new fiscal year begins.

That, as the board of directors heard during their monthly meeting Thursday afternoon, is a result of a couple of factors according to City Manager Brett Shannon.

One of them is that October’s sales tax allocation was the second-best on record at $313,719 for the city, $104,573 for the EDC. That’s down about 3 percent from last year – but three years ago, in 2009, it was $249,498 for the city, $82,334 for the EDC.

The other factor is that several payments that will come out of the EDC’s reserves have not hit the books yet.

“You’re pretty cash-flush right now,” Shannon said.

He also reported the fiscal year-end figures for the Decatur Civic Center that show the facility covered 65 percent of its expenses.

Receipts for the year were $601,317, while expenses totalled $926,595. But, Shannon pointed out, receipts were in excess of what was budgeted, and the facility is booking multiple events almost every day from now through the holidays.

“They are busy,” he said. “The Christmas party business is coming back, so that’s a sign of the economy turning around.”

EDC executive director Jody Adams updated the directors on various ongoing projects and marketing efforts, and Director of Public Works Earl Smith gave them a rundown on street overlay projects that are due to start next Monday on several streets.

The group meets in the Decatur Visitors Center at 106 South Trinity.

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