Mount Pleasant's redevelopment fund spent $918,632 in fiscal 2025, leaving $81,330

Mount Pleasant's redevelopment agency fund ended fiscal 2025 with an $81,330 balance, down from $622,441 a year earlier, according to the city's audited financial statements. ^[1]

The agency's governing body is the same as the city's, so the audit reports its finances as part of the city. ^[5]

Budget and actual

The fund's original fiscal 2025 budget planned $100,000 in revenue and $73,430 in spending. The final budget raised those to $801,176 and $836,466, including $690,766 of intergovernmental revenue and $728,377 for parks, recreation and public property. ^[2]

Actual revenue was $327,521: $225,617 in intergovernmental revenue, $82,183 in charges for services and $19,720 in interest. Actual spending was $918,632: $102,110 in general government and $816,521 in parks, recreation and public property. ^[2]

The fund also received a $50,000 transfer from the general fund. Its balance fell by $541,111. ^[4][1]

The audit lists the spending over the final budget as a compliance finding. Management's response attributes it to "a significant unexpected transaction in the RDA that came in after year-end." ^[6]

State-required disclosures

In a note required by the state, the agency reports no tax increment, no outstanding bonds or loans, $901,502 spent on site improvements and nothing spent on low-income housing assistance for fiscal 2025. ^[3]

At June 30, 2025, the fund held $180,279 in receivables and no cash, and owed $90,530 in accounts payable and $8,420 to other city funds. Its remaining balance is committed for the redevelopment agency. ^[1]