06-Minutes from PEDC, Fire & Building, HPC, B of A, Paris Public Library minutes

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Paris Economic Development Corporation Meeting Minutes February 9, 2010 Board Members Staff Present: Dan Smith Present: Steve Gilbert Rick Poston Shannon Barrentine Chad Brown Rachel Schory Pike Burkhart, Sr. Ex-officio Members Present: Mindy Moree Kevin Carruth Jesse Freelen Kenny Dority Pam Anglin Guest Present: Connie Beard Dan Smith, President, called the meeting to order at 4:05 p.m. Minutes from the January 12 and 28, 2010 meetings were approved unanimously as submitted on a motion made by Chad Brown seconded by Rick Poston. Financial report for December 2009 was approved unanimously as submitted on a motion made by Pike Burkhart, Sr., seconded by Rick Poston. Chad Brown made a motion to change the agenda item order to aecommodate Tom Hensel, Auditor; seconded by Dan Smith. Motion carried. Mr. Tom Hensel, CPA of McClanahan and Holmes CPAs perfonned the audit of PEDC funds for the 2008-2009 Fiscal Year. He noted that most line items remained the same as last year with the exception of additional property purchased for the Industrial Park and $400,000 eannarked for incentives, not yet paid. Dan Smith asked him if there was still concern regarding fund balances in excess of the FDIC amount? Mr. Hensel stated that the FDIC limits had changed and there was no major concerns regarding the fund balances. Dan Smith asked if the excess balances in the accounts were covered by the city of Paris' depository contract? Mr. Hensel stated that the funds were not included with the city's due to different IRS ID numbers for each entity. Steve Gilbert stated that he had talked with Gene Anderson, Finance Director for the City of Paris, about fund balances and cash flow management. Mr. Anderson told him that previous PEDC Executive Directors required the funds to be very liquid so that access to them could be provided easily. Mr. Anderson added that he could put a portion into longer term investments to generate more interest income if directed to do so by the PEDC Board. Steve stated that he would get with Mr. Anderson to create some options of investment for the Board to consider at a future meeting. Mr. Hensel added that all accounts met with the GASB 34 accounting requirements. Motion to approve the final version of the 2008- 2009 Fiscal Year audit was made by Pike Burkhart; seconded by Rick Poston. Motion carried. Steve Gilbert led the Board into discussion of authorizing Southwest Securities and Bond Counsel to proceed with issuance process to sell the Taxable Sales Tax nLlb(,11