$275,000 transferred into MEDC from MEDA’s general fund
This article originally appeared in the Friday Aug. 23, 2019 issue of the Progress Times.
In order to create new incentive programs for local businesses, $275,000 was transferred into the Mission Economic Development Corporation general fund.
This Wed. Aug. 20, 2019, three meetings were held at the Mission Center for Education and Economic Development for the MEDC, Mission Economic Development Authority and the Mission Education Development Council. During the MEDC meeting, the transfer of funds was discussed.
“The [M]EDA has purposed the bylaws to provide us assets for assistance and economic development purposes,” Daniel Silva, Mission EDC Chief Executive Officer, said. “We are being asked, as we typically do incentive projects, to incentivise things throughout the city.”
Silva said that as the EDC is publishing a $40,000 project, there are infrastructure needs on Shary Rd. and Business 83.
“There’s a lot of flooding issues with the property,” Silva said. “It’s a large, substantial piece of property that’s very prominent in the community, and we want to make sure that we can provide assistance.”
Silva said in order to receive that assistance, the EDC was asking the MEDA to transfer $275,000 of unobligated funds to help assist in the incentive programs that they are planning over the next year.
“I made sure that [with the MEDA] there is enough funds there to carry on all the obligations that the [M]EDA has,” Silva said. “We have two other pieces of property that we may sell under the EDA’s name – the whole idea was to dissolve the [M]EDA at some point, so we’ll move and make those funds available for profits.”
There are currently eight business incentive programs listed on the MEDC website, detailing how local entrepreneurs can benefit. Some incentives can be given based on job creation, training and infrastructure improvement.
The MEDC board of directors present (President S. David Deanda, Treasurer Dr. Sonia Treviño, Mayor Armando O’caña, Mario Garza, Alberto Vela and Balde Morales) authorized the CEO to transfer the funds in an amount not to exceed $275,000 from the Authority to the MEDC general fund, and approved the amendment in the MEDA 2018-2019 budget.
During the MEDC meeting, the board also adopted the 2019-2020 budget. Silva presented a brief overview describing the funds available.
The operations fund has a beginning fund balance of $104,962. The total revenues for the fiscal year at $5,140,000, total appropriations at $5,136,354, leaving the EDC with an estimated fund balance of $108,608.
The MEDC debt service fund has an estimated beginning fund balance of $426,908, with total revenues at $1,878,077, total appropriations at $1,877,557, leaving an estimated fund balance of $427,428.
During the MEDA meeting, the board adopted their budget for the 2019-2020 fiscal year. Their total available fund balance at the end of the fiscal year will be estimated at $398,186.