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fSWAY 1 ,�r III �'"'�u, S Chairman Bray presented the January 16, 2024, meeting minutes for review and discussion. Dr. Hashmi made a motion to approve the minutes as presented. Mr. Terrell seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and Consider Approval of the January 2024 Financial Statements Secretary and Treasurer Chase Coleman presented the approved financial reports ending January 31, 2024. Total assets were reported to be $9,806,542 and total liabilities were reported to be $2,205,938, leaving the PEDC in a total net position of $7,600,604. Mr. Coleman continued with the income statement for the month of January, citing the reported total revenue to be $193,503, of which sales tax totaled $175,340 and interest earned totaled $18,163. Mr. Coleman provided commentary, stating that sales tax continues to be strong. Mr. Coleman proceeded by presenting total expenditures, reported to be $52,637, along with interest expense reported at $3,943, leaving the PEDC with net income for the month totaling $136,923. Mr. Coleman then referenced a line item for fiduciary funds, clarifying this line item to be the PEDC's EDA Grant and stating that the Board recognizes monthly expenses to this grant of $1,630 in January, resulting in the PEDC's net income totaling $135,293. Mr. Coleman opened the floor to questions regarding the January financial report. Dr. Hashmi asked a question regarding the amount of interest paid toward the PEDC's loan with the City of Paris. Mr. Coleman provided response, stating that he did not have those numbers available at the time. Ms. Hammond added to Mr. Coleman's response, stating that the requested information could be made available for Dr. Hashmi. Dr. Hashmi continued with an additional question, asking if the interest paid toward the loan with the City of Paris was a monthly expense, to which Ms. Hammond responded that it was being paid monthly. Mr. Coleman clarified that the aforementioned interest expenses of $3,943 included the interest paid toward the City of Paris loan. Mr. Bray gave commentary, stating that since the loan's inception, it had been beneficial to both parties involved. Mr. Roddy asked an additional question regarding the loan's maturity, to which Mr. Coleman responded that the loan would adjust at the end of the current year. Mr. Bray opened the floor to further questions related to the January financial report. There were no further questions. Mr. Bray took a motion to approve the January financial report. Dr. Hashmi made a motion to approve the financial report as presented. Mr. Fendley seconded the motion. Vote: 7 -ayes to 0 -nays Report and Updates by Executive Director Maureen Hammond Personnel update: Ms. Hammond expressed excitement in introducing the newest member of the PEDC team, Adam Cawthon. She explained that Mr. Cawthon would be joining as the Executive Assistant. Ms. Page 2 of 4