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PEDC Board Meeting Minutes Tuesday; July 19, 2022 Page 2 of 5 • Chairperson - Mr. Fendley made a motion to appoint Josh Bray as Chairperson. Dr. Hashmi seconded the motion. Vote was 7 -ayes to 0 -nays. • Vice Chairperson - Dr. Hashmi made a motion to appoint Curtis Fendley as Vice Chairperson. Mr. Coleman seconded the motion. Vote was 7 -ayes to 0 -nays. Secretary -Treasurer - Mr. Fendley made a motion to appoint Chase Coleman as Secretary -Treasurer. Mr. Roddy seconded the motion. Vote was 7 -ayes to 0 -nays. Discuss and Consider Approval of the Minutes of the Regular Meeting held June 21, 2022 Mr. Terrell made a motion to approve the June 21, 2022, minutes. Mr. Homer seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and consider approval of the June 2022 financial statements Mr. Coleman reported on financials for June 2022. He stated that for the month of June, total assets were at $8,800,608, consisting of an estimated $5 million of cash and investments, $330,000 in taxes receivable, and $3.3 million was the investment in the industrial park. Total liabilities were $2,428,938 from a loan with the City of Paris. This left a net position of approximately $6,373,917. Mr. Bray briefly interjected regarding cash yields and asked the treasurer for additional clarification on cash and cash equivalents. Mr. Coleman concurred and will report findings to Chairman after review. Mr. Coleman resumed discussion on the income statement, stating total revenues for the month were $161,096 and expenses were $55,599, after the interest deduction expense of $4,353 left a net position for the month of $101,144. He stated no extraordinary expenses were noted, but one amount for $22,891 for land development at the industrial park. Mr. Coleman asked Ms. Hammond for clarification; Ms. Hammond followed up by stating the expenses were towards various engineering projects within the industrial parks in an effort to get properties site ready. No additional inquiries followed. For the nine months ending June 30th, 2022, total revenues were $1,406,948, he went on to state the PEDC is currently ahead of budget and if the current trends continue at the end of the Fiscal Year, the PEDC will be an estimated $175,000 ahead of budget. Mr. Coleman expressed that it has been a very strong year with sales tax revenue and total operating expenses were $457,347. That gives an excess revenue over expenses of $949,601. He went on to note that it is still pending review and confirmation of year-to-date financial numbers due to recent transactions that have occurred. Mr. Coleman concluded the financial report review by stating that the organization's year-to-date revenues are strong and stated the balance sheet looks good thus far. Mr. Homer made the motion to approve financials for the month of June. Dr. Hashmi seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and Consider Approval of Amended PEDC Bylaws Ms. Hammond opened by stating she and Mr. Homer presented the amended bylaws at the July 11th City Council meeting which was followed by approval and signatures.