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<br />Discuss and Consider Approval of the December 5, 2023, Combined Meeting Minutes
<br />Chairman Bray presented the December 5, 2023, meeting minutes for review and discussion.
<br />Mr. Terrell made a motion to approve the minutes as presented. Mr. Roddy seconded the motion.
<br />Vote: 5 -ayes to 0 -nays
<br />Discuss and Consider Approval of the September, October, November, and December 2023 Financial
<br />Statements
<br />Secretary and Treasurer Chase Coleman recalled the approved financial reports ending September 30,
<br />2023, and October 31, 2023, highlighting the fiscal year 2022-2023 budget. He began by reporting the
<br />September statement, the report for the fiscal year end. The income for the fiscal year 2022-2023 was
<br />$2,471,827 compared to the budgeted amount of $1,700,000. The expenses for the fiscal year 2022-
<br />2023 totaled $1,801,746 compared to the budgeted amount of $2,300,000. Mr. Coleman provided
<br />commentary, expressing that the PEDC had a good year with revenue over budget and expenses under
<br />budget. Mr. Coleman completed the September financial report by stating that the PEDC purchased land
<br />with a portion of the excess revenue and opened the floor to questions regarding the September report.
<br />With no questions regarding the September or October financial reports, Mr. Coleman proceeded by
<br />reporting the financial report ending November 30, 2023. Total assets were reported to be $9,960,213
<br />and total liabilities were reported to be $2,267,202, leaving the PEDC in a total net position of
<br />$7,693,011. Mr. Coleman reported total revenue being $507,744, and total expenditures for the month
<br />totaled $44,964 which left a total net income for the month being $458,793. Mr. Coleman opened the
<br />floor to questions regarding the November financial report.
<br />With no questions regarding the November financial report, Mr. Coleman proceeded by reporting the
<br />financial report ending December 31, 2023. Total assets were reported to be $9,685,720 and total
<br />liabilities were reported to be $2,254,918, leaving the PEDC in a total net position of $7,428,637. Mr.
<br />Coleman reported total revenue being $183,963, with sales tax revenue totaling $165,733, and interest
<br />earned totaling $18,230. Total expenditure for the month totaled $63,297, with interest expense
<br />totaling $3,965, which left a total net income for the month being $116,701.
<br />Mr. Coleman opened the floor to final questions over the financial reports. There were no questions
<br />regarding the financial reports for the months September through December 2023.
<br />Dr. Hashmi moved to approve the September, October, November, and December 2023 financial
<br />reports. Mr. Homer seconded the motion.
<br />Vote: 6 -ayes to 0 -nays
<br />Report and Updates by Executive Director Maureen Hammond
<br />EDA Grant for NW Industrial Park: Ms. Hammond recalled the previous board meeting held on
<br />December 5, 2023, where the PEDC board accepted the bid from J&L Paving as the most qualified and
<br />lowest bidder. The acceptance of the bid required concurrence from the Economic Development
<br />Administration (EDA), which was received earlier that afternoon. Ms. Hammond concluded the update
<br />by stating that a pre -construction meeting is expected to take place in early February, with construction
<br />beginning in late March or early April, weather permitting.
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