Three of four economic development districts overseen by Lafayette City Council members acting as the board of directors each had more than $2 million as of May 31, the exception being the Holy Rosary Economic Development District.
City Council members met Tuesday evening as the directors of four EDDs where they received financial audits, except for the Holy Rosary EDD, for the fiscal year that ended Oct. 31, as well as budget updates for the current fiscal year.
The four EDDs are administered by the Lafayette Public Trust Financing Authority.
A 2% hotel occupancy tax and a1% sales tax are collected in the four EDDs.
The Downtown Lafayette EDD, as of Oct. 31, had a balance of $2.58 million, up about $119,532 over the previous year, the audit shows. Revenue was up about 7%.
As of May 31, the Downtown EDD showed a fund balance of $2.65 million.
The audit of the University Gateway EDD shows a balance of nearly $2.5 million, a $487,413 increase. Sales tax collections were up about 8%.
As of May 31, the University Gateway EDD showed a $2.7 million fund balance.
The Northway EDD around Northgate Mall ended October with a $2.09 million balance. Sales tax collections in the EDD were $373,000, down about 5.5% from last year.
The EDD had a fund balance pf $2.29 million as of May 31.
No audit was conducted of the Holy Rosary Institute EDD because its revenue did not meet the threshhold requiring an annual audit.
A budget update provided Tuesday showed a $137,099 balance as of May 31.
Lafayette has signed a cooperative endeavor agreement to lease part of the Holy Rosary property along Louisiana Avenue to build a Northeast Regional Library.
A proposed budget presented to the Parish Council on Tuesday by Mayor-President Monique Boulet includes funding to hire 17 employees to work at the library when it is constructed.
The Lafayette Economic Development Authority is working with Holy Rosary representatives to build on the property, City Councilman Kenneth Boudreaux said, and Prime Head Start is expected to build on the property where a cinder block building was recently demolished.
City Councilman and EDD board member Kenneth Boudreaux
