The Midland Development Corporation (MDC) has a robust financial position and has demonstrated strategic foresight in its financial planning.
To this end, as of April 30, 2024, extending projections through to FY 2029, the corporation is well-prepared to manage its commitments while fostering growth and development within the community.
"Every dollar managed by the Midland Development Corporation is a step towards a better community,” MDC board Chair Lourcey Sams stated. “Our consistent, strategic financial planning empowers us to take on significant initiatives that will enhance our city's economic landscape."
The following are key financial highlights:
Stable Cash Reserves and Investments
MDCmaintains a solid foundation with cash and investment balances of $28,407,992 as of the beginning of FY 2024. This demonstrates strong liquidity and financial health, enabling the corporation to confidently pursue its objectives.
Consistent Revenue Streams
The corporation benefits from stable and predictable revenue, primarily from Sales Tax Collections performing at approximately $16,000,000 annually. This consistent revenue stream provides a reliable financial base for operational and administrative responsibilities.
Strategic Project Commitments
Significant investments in community-centric projects such as the convention center hotel and the downtown master plan illustrate MDC's commitment to regional development. The planned expenditures are strategically phased over multiple years, ensuring financial stability while enhancing community infrastructure and services.
Prudent Financial Management
MDC’s operating expenses are 17.5% of its total FY 2024 budget. Of those operating expenses, 77% are budgeted for business recruitment and maintaining MDC assets (buildings and business parks).
Infrastructure and Development Projects
The corporation has committed funds to multiple infrastructure projects that are critical to the city’s growth. These include improvements to transportation facilities, utility enhancements, and cultural developments. The financial commitment to these projects is managed judiciously to avoid overextension.
Financial Forecasts and Remaining Cash
MDC concludes each fiscal year with a healthy cash reserve, underscoring effective fiscal management and strategic resource allocation.
The Midland Development Corporation’s detailed financial strategy and projections reflect its commitment to sustainable development and fiscal responsibility. With solid cash reserves, consistent revenue, and well-planned expenditures, MDC is positioned to support Midland’s growth while ensuring financial stability for years to come.