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<br /> <br /> interest earned in the I & S Fund and the fact that the annual payment has <br /> decreased by a few thousand dollars and he had not reduced the monthly transfer <br /> amount of $40,000.00. Mr. Anderson said that he will eliminate that surplus <br /> by not making any transfers to that fund until the excess amount is absorbed as <br /> you cannot transfer money out of the Interest and Sinking Fund because that is <br /> a violation of the law. He said that when the surplus was eliminated, he would <br /> then pick back up and match the transfer to that specific year's revenue <br /> requirements. He said he can go ahead and transfer that over and will do that. <br /> <br /> Mr. Anderson reviewed with the Board the sales tax report including April and <br /> May collections. He noted that collection's were going up and down. He said <br /> that through May, PEDC has collected 4.6% over what was collected at the same <br /> point last year. <br /> <br /> Mr. Anderson reviewed the cash flow statement and that there were no unusual <br /> expenditures that were not explained. Mr Anderson asked the Board Members <br /> to look at the cash out line item and pointed out that he made a payment on the <br /> Business Park Master Plan of $18,580.00, which is an out of the ordinary type <br /> expenditure, but other than that, it was pretty much routine expenditures for <br /> operating expenses and salaries. <br /> <br /> Mr. Anderson went over the current commitments of the PEDC for the benefit <br /> of the new members. <br /> <br /> After further discussion, a motion was made by Director Severson, seconded by <br /> Director Dunn, for approval of the financial report. The motion carried 5 ayes, <br /> 0 nays. <br /> <br /> President Wall called for the Director's Report. <br /> <br /> Mr. Vest came forward stating that since the last meeting, the response to <br /> advertisements has been very minimal because they are not doing any <br /> advertising. <br /> <br /> <br />