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<br />Discuss and Consider Aeproval of the Februa 20 2024 Meeting Minutes
<br />Chairman Bray presented the February 20, 2024, meeting minutes for review and discussion.
<br />Mr. Fendley made a motion to approve the minutes as presented. Mr. Roddy seconded the motion.
<br />Vote: 6 -ayes to 0 -nays
<br />Discuss and Consider Approval of the March 6 2024 S ecial Meeting Minutes
<br />Chairman Bray presented the March 6, 2024, special meeting minutes for review and discussion.
<br />Mr. Terrell made a motion to approve the minutes as presented. Mr. Coleman seconded the motion.
<br />Vote: 6 -ayes to 0 -nays
<br />Discuss and Consider Approval of the February 2024 Financial Statements
<br />Secretary and Treasurer Chase Coleman presented the approved financial reports ending February 29,
<br />2024. Total assets were reported to be $9,989,818. Mr. Coleman noted that this total primarily
<br />consisted of cash and real estate holdings in the industrial park. Total liabilities were reported to be
<br />$2,193,610, leaving the PEDC with a total net position of $7,796,208. Mr. Coleman continued with the
<br />income statement for the month of February, citing the reported total revenue as $237,224. Mr.
<br />Coleman paused the report to provide commentary stating that sales tax revenue totaled nearly
<br />$220,000, highlighting that this was a record to his knowledge. He concluded this portion of the report
<br />by stating that December was a strong month for spending in Lamar County. Mr. Coleman proceeded by
<br />presenting total expenditures and net income for the month.
<br />Mr. Coleman opened the floor to questions regarding the February financial report. There were no
<br />questions.
<br />Mr. Bray took a motion to approve the February financial report. Mr. Fendley made a motion to approve
<br />the financial report as presented. Mr. Homer seconded the motion.
<br />Vote: 6 -ayes to 0 -nays
<br />Discuss and Consider Approval of the 2022-2023 Audit Report as Presented b Brittan Martin of
<br />McClanahan & Holmes
<br />McClanahan & Holmes CPA Brittany Martin presented the 2022-2023 Audit Report to the PEDC Board.
<br />As of September 30, 2023, total assets came to $9,086,807. The total liabilities amounted to $2,289,972.
<br />The total net position was $6,796,835. Following Ms. Martin's presentation, Mr. Bray opened the floor
<br />to questions. There were no questions.
<br />Mr. Bray took a motion to accept the report. Mr. Fendley made a motion to accept the 2022-2023 Audit
<br />Report as presented. Mr. Coleman seconded the motion.
<br />Vote: 6 -ayes to 0 -nays
<br />Discuss and Consider Action on Report from Policy Review Committee on Proposed By -La
<br />Amendments
<br />Chairman Bray stated that some months ago, the Policy Review Committee was tasked with reviewing
<br />the organization's bylaws and ensuring a plan of succession was in place for board members. The
<br />committee's charge was to explore ways to give the organization greater flexibility in managing
<br />transitions and leadership development within the board.
<br />Page 2 of 5
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