The Waxahachie Community Development Corporation saw its net position grow by 7.6 percent over the past year, according to its 2018 annual financial report
According to the city website, the Waxahachie Community Development Corporation identifies and funds the Waxahachie Civic Center and Sports Complex projects to maintain and enhance the city’s quality of life. An independent audit by Pattillo, Brown & Hill LLP was conducted in the last yearly period ending on Sept. 30, 2018. The report’s findings were presented to the Waxahachie City Council and Community Development Corporation earlier this month.
At the conclusion of the fiscal year, the Corporation’s total net position was recorded at $2,125,163 — a $150,429 increase from the year previous’ net position at $1,974,734. The increase was mostly due to the increased sales tax revenues, as well as the corporation’s unrestricted investment earnings.
Approximately $412,241 of this balance represents resources reserved for the Corporation’s debt service and capital project obligations. An additional $672,008 reflects the net positions’ investment in capital assets such as buildings, improvements and construction in progress.
The corporation’s total fund balance at the end of the fiscal year was $9,226,193, up from $1,252,720 from 2017. This was due in large part to the certificate of obligation bonds issued for construction and a decrease in capital outlay expenditures throughout the year.
The unassigned fund balance for the Corporation’s General Fund for the year was $3,029,980, or 75.23 percent of general fund expenditures not including transfers out.
Total revenues for 2018 were $5,303,495, while total expenses were $5,127,377, including depreciation.