09/14/2023 Minutes - Laserfiche WebLink

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"III EC""' III �. DEVELOPMENT PMIENT C"��d,; RIP"�'„�Ir�'@a�hl€�II014 �.w¢�a�ui�a¢C: r"1e Discuss and Consider Approval of the Minutes of the Annual Meeting held August 15, 2023 Chairman Bray presented the August 15, 2023, meeting minutes for review and discussion. Mr. Roddy made a motion to approve the August 15, 2023, minutes. Mr. Terrell seconded the motion. Vote: 5 -ayes to 0 -nays Discuss and Consider Approval of the August 2023 Financial Statements Secretary/Treasurer Chase Coleman presented financial reports ending August 31, 2023. Mr. Coleman reported total assets of $9,494,754 and total liabilities of $2,267,252, with a total net position of $7,227,502.00. He presented that sales tax revenue for the month of August was $390,013 including sales tax revenue of $192,437 dollars and $180,000 for the Community Advisory Board program. After the deduction of interest expenses, the PEDC had a net income of $328,062. Mr. Coleman briefly discussed the income statement for the 11 months to date along with direct business incentives. He went on to note that the PEDC is operating ahead of budget, revenues are strong, expenses are within budget and so far, the PEDC is having a good year. Chairman Bray asked the board if there were any additional questions or comments regarding the Financial Statements as presented. No additional questions/comments followed. Mr. Fendley moved to approve the August 2023 financial reports. Mr. Terrell seconded the motion. Vote: 5 -ayes to 0 -nays Discuss and Consider Approval of the McClanahan and Holmes, LLP 2023 Audit Engagement Letter Ms. Hammond presented the engagement letter provided by McClanahan and Holmes, LLP for the 2023 audit for discussion and approval. Mr. Terrell made the motion to accept the Audit Engagement Letter as presented and to authorize Ms. Hammond to sign and submit the letter. Mr. Fendley seconded the motion. Vote: 5 -ayes to 0 -nays Report and Updates bV Executive Director Maureen Hammond LionsHead Specialty Tire & Wheel: Ms. Hammond provided an update on this project, stating that the LionsHead facility is continuing to make progress with the concrete pavement being poured and the start of foundation work beginning for the building. Ms. Hammond noted that the steel is expected to arrive in October. TxDOT: Ms. Hammond gave an update on the current construction process of TxDOT's new district headquarters at the Gene Stallings Business Park. She encouraged those who haven't driven by to please do so to witness the construction progress that is being made.