12-05-2022 Minutes - Laserfiche WebLink

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PEDC Board Meeting Minutes Monday, December 05, 2022 Page 2 of 4 Discuss and Consider Approval of the August, September, and October 2022 Financial Statements Ms. Hammond reported on August, September, and October 2022 financials. She began with a brief recap regarding the delays in receiving the financials, citing software issues within the City’s finance office and the compilation of year-end financials. Ms. Hammond stated that for September, total assets were about $8.8 million. Roughly $3 million of it was cash and cash equivalents with $2.1 million in investments and the remainder in taxes receivable and land holdings. For September, there was a recognized sales tax revenue of $161,892, which is $6,000 ahead of the previous year. FYE 2022, Ms. Hammond reported that the organization recognized $1.89 million in revenue and roughly $1 million in expenses. Ms. Hammond went on to state that the PEDC ended the year with revenues coming in 11% over budget and expenses coming in under budget. She concluded remarks by noting the recent land purchase acquisition was not reflected on the current balance sheet. Following presentation of October financials, Chairman Bray commented on sales tax in comparison to last year’s sales tax income collected. A brief discussion ensued. Following discussion, Dr. Hashmi made a motion to approve financials for the months of August, September, and October. Mr. Roddy seconded the motion. Vote: 5-ayes to 0-nays Discuss and Consider Approval of a 401(k) provider and administrator Ms. Hammond began by reminding board members that, earlier in the year, she was asked to explore retirement plans for the organization to include all PEDC employees. She added that, historically, this has only been offered to the executive director. Ms. Hammond then referenced her memo in the board packet. She reported that based on plan research, the best overall option based on our employment structure is a 401(k)-plan engaging the following providers with the initial cost structure below: Dyatech as the Third-Party Administrator - $125 Setup Fee - $375 Annual Fee American Funds as the Recordkeeper - $500 Installation/Setup Fee - $750 Annual Fee plus $20 per participant Total Setup Fees: $625 Total Annual Fees: $1,185 She added that the Board approved a 10% employer contribution for all employees as part of the approved 2022-2023 FY Budget in anticipation of starting a plan. Following discussion, a motion was made by Mr. Fendley to authorize the executive director to move forward with a 401(k)-plan using Dyatech as the third-party administrator, American Funds as the recordkeeper and to authorize the execution of related agreements with each company. Mr. Terrell seconded the motion. Vote: 5-ayes to 0-nays