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PEDC Board Meeting Minutes Tuesday, March 21, 2022 Page 2 of 4 Discuss and consider ;ipj2LqyaI of the December 2021„ january 2022, and February 2'022 financial statements Mr. Coleman opened with stating there were three months of financials due to a recent loan with the city, our recent land purchase, and paying down debt. These events led to a reorganization of our financials to reflect proper itemization and allocation of recent changes. Mr. Coleman first reported on financials for December 2021. He stated for the month of December our statement showed total assets of $9.3 million. Of the $9.3 million, $3.5 million was reported in cash, $2 million in investments, and $3.3 million was in real estate holdings. Total liabilities were $3.68 million, leaving a net cash position of $5.6 million. Mr. Coleman completed review for the month of December stating that the sales tax revenue was $144,288, with a total net -income of $91,405. For the month of January 2022, Mr. Coleman stated the statement reflected total assets of $8.3 million. He added that total liabilities decreased to $2.5 million, leaving a net cash position of $5.8 million. To conclude the discussion of January's financials, Mr. Coleman relayed sales tax revenue for the month was $150,200, with a total net -Income of $109,820. During the month of February, Mr. Coleman reported total assets were $8.4 million and total liabilities were $2.4 million, with a total net cash position of $5.9 million. He stated that the sales tax revenue for February was $182,999, with a total net -income of $155,573. Mr. Coleman concluded by reviewing the five-month financial overview ending February 28, 2022. Total revenues were $788,757 with total operating expenses equaling $248,398. Additionally, he added that with the recent large principal repayments, the financials are reflecting large cash outs, but not showing cash inputs with the additional financing activity. This makes it appear that we are carrying a deficit balance of $710,835 when it shouldn't be. Mr. Coleman noted suggestions to adjust and properly reflect new financing with the city and reflect positive balance. He closed by stating that it was a strong year for sales tax revenue and expenses are in line with expectations. Dr. Hashmi and Mr. Bray made suggestions for future financial statements to include a figure for the year-to- date percentage over or under budget along with condensing expenses into the major line items to assist in ease of review for members of the board. Dr. Hashmi inquired about recent debt reduction savings on interest from recent loan payoff. Mr. Coleman responded stating the bank loan's interest rate was 3.75%, while the city loan is 2.14%. He stated that it put the PEDC in a better financial position with the overall amount in interest savings. Dr. Hashmi made the motion to approve all three months of financials. Mr. Fendley seconded the motion Vote: 7 -ayes to 0 -nays. Receive and discuss s eculative building resentation iven b Executive Director Maureen Hammondand Mr. Carlos A. dgSaracho Princi al of Alliance Architects, Mr. Bray proposed tabling item until the next board meeting, as Mr. Saracho was unable to attend the meeting due to inclement weather. Dr. Hashmi made the motion to approve. Mr. Coleman seconded the motion. Vote: 7 -ayes to 0 -nays. Receive and discuss u date on ioint branding roiect by Senior Vice President Ed Barlow and Director of Prolect Mana ement Sam Preston with North Star Place Branding + Marketing