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EXAS � O' MIC IDEVEILOPM t C � I� OR STI rip ra 115 rr :rrir Reach rac 1 i f"'j .jl°„ Discuss and Consider Approval of the September and October 2024 Financial Statements Secretary and Treasurer Chase Coleman presented financial reports ending September 30 and October 311 2024. Total assets were reported to be $9,804,171. Total liabilities were reported to be $2,852,012, leaving the PEDC with a total net position of $6,952,159. Mr. Coleman noted that total cash and equivalents were reported to be approximately $1,700,000, which included the PEDC operating expense account and EDA Grant account. He explained that a reimbursement from the Treasury Department of approximately $575,000 was not reflected in this report, and that the PEDC would be requesting to have this total adjusted. Mr. Coleman continued with the income statement for the month, citing the reported total revenue as $207,983. He concluded the financial report for the month of September by presenting total expenditures and net income for the month. Mr. Coleman continued by providing a brief report on year-end encompassing the last twelve months. Total revenues were reported to be $2,703,058. Total expenses were reported to be $1,508,547, leaving the PEDC with a total net income of $745,603. He provided commentary, noting that both revenue and net income for the fiscal year were well ahead of budget, while expenses were well under budget. Mr. Coleman concluded his report by stating that 2024 was a good year for the PEDC and that, upon review, there appeared to be no discrepancies in the year-end financial statements. Mr. Coleman opened the floor to questions regarding the September financial reports. There were no questions. Mr. Fendley made a motion to approve the September 2024 financial statements as presented. Dr. Hashmi seconded the motion. Vote: 7 -ayes to 0 -nays Dr Hashmi made a motion to approve the October 2024 financial statements. Mr. Coleman seconded the motion. Vote: 7 -ayes to 0 -nays Discuss and Consider Action on Interlocal Agreement Between PEDC and Ark -Tex Council of Governments Ms. Hammond reminded the board that the Ark -Tex Council of Governments (ATCOG) handled administrative responsibilities for the EDA grant secured by the PEDC in 2023. She noted that, in an effort to pursue additional grant funding for infrastructure improvements to additional PEDC properties, she was seeking to renew the interlocal agreement between the PEDC and ATCOG for grant management and administrative services. Ms. Hammond explained that an agreement with a Council of Governments would allow full project disclosure and eliminate the procurement services required for grant writing. Mr. Bray opened the floor to questions regarding the interlocal agreement between the PEDC and Ark - Tex Council of Governments. There were no questions. Dr. Hashmi made a motion to approve the interlocal agreement as presented. Mr. Roddy seconded the motion. Vote: 7 -ayes to 0 -nays Page 2 of 4