Dilley councilors learned last week that a decision to invest money into escrow accounts has proven lucrative for the city government while putting critical infrastructure projects into action.
Under the direction of City Administrator Henry Arredondo, councilors invested millions from a bond sale into an escrow account during the 2022 fiscal year.
Arredondo said the account balance was $7.4 million at the closure of the fourth quarterly report of 2023. According to the city administrator, the account generated $94,000 in interest, but there was a withdrawal of $59,000.
From January to March the account accrued $95,000 in interest, had no withdrawals and closed the first quarter with a balance of $7.5 million.
“This is for the prison wastewater construction project, which are bond funds held in escrow,” Arredondo said during the Tuesday, May 14, meeting. “We will continue to do this until we begin construction. Whatever does not get utilized does come back to the city. It is generating income for the city of Dilley.”
