As part of the Mineola Economic Development Corp. budget presentation last Thursday, City Manager and EDC Director Mercy Rushing noted the organization should end the year with $861,041 in the bank.

The MEDC’s fund balance is projected to grow more than $300,000 this year, a combination of sales tax revenue which remained strong throughout the pandemic and no projects upon which to spend money – also a result of the pandemic.

Rushing said things are starting to perk up, though as she is meeting with three potential business prospects, including one from out-of-state.

She plans to budget $893,377 in revenues for the coming year, including a 5% increase in sales tax income.

Almost half the MEDC’s expenses, $422,000, are transfers to the city budget.

The spending plan includes $260,000 to repay street bonds, $100,000 for parks, $30,000 for the marketing department and $20,000 for the Main Street program.

In addition, MEDC will spend $23,000 on its own marking efforts and will budget $61,000 for business incentives and set aside $250,000 for potential economic development projects.

Rushing said she will continue fine-tuning the budget for the August meeting and presentation to the city council, which has the final say so.