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MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION REGULAR. MEETING February 12, 2003 The Paris EConomic Development Corporation. met in regular session on Wednesday, February 12, 2003, 3:00 P. M. at Paris Junior College, Applied Technology Building, Room 1206, 2400 Clarksville Street. President Jay Guest called the meeting to order with the following Directors present: Curtis Fendley, Mike Dunn, Don Wall, and Richard L. Severson. Also present were Ex-officio Members Bobby Walters, Executive Director Gary Vest, City Manager Michael E. Malone, City Attorney Larry W. Schenk, and City Clerk Mattie Cunningham. President Guest called for approval of the minutes from a previous meeting. A motion was made by Director Severson, seconded by Director Fendley, for approval of the minutes as. presented. The motion carried unanimously. President Guest called for the financial report for January, 2003. Gene Anderson, Director of Finance for the City of Paris, came forward advising the Board that they had been furnished a cash flow statement that he had prepared for the month of January, 2003. He said the formal statements had been included in their agenda packets. Mr. Anderson said he likes to report by exception and if there are unusual items, he likes to point them out to the Board, but if there are routine type expenditures, he does not spend much time on them unless the Board has a question. He said during the month of January, all of the expenditures were of a routine nature as seen from month to month. He did point out that under furniture and fixtures, there were some expenditures for things that went to the Depot. A motion was made by Director Wall, seconded by Director Dunn, for approval of the. financial report as presented by. Mr. Anderson. The motion carded unanimously. Resolution No. 2003-001, appwving the.audit prepared by McClanahan & Holmes for the Paris Economic Development Corporation for the fiscal year ending September 30, 2002, was presented by City Ahomey Schenk. Mr. Anderson came forward stating that one of the most important things in thb au. dit is found in the auditor's report, which is the third page of the audit. He read the following opinion, "The general-purpose financial statements referred to above present fairly, in all material respebts, the financial Position of Paris Economic Development Corporation as of September 30, 2002, and the results of its operations and its cash flows for th e year then ending in conformity with accounting principles generally accepted in the United State of America." Mr. Anderson said that is an unqualified opinion. There were no findings of a reportable nature. Mr. Anderson asked the Board Members to turn to page six of the audit and item two which concerns deposits and investments. He advised that one of the things the auditors noted is that part of the money that the PEDC has was either uninsured in the bank or not collateralized in the bank. Mr. Anderson said the action on the agenda will give him the authority to fix that situation and prevent it from happening in the future.