The Mono County Board of Supervisors convened the required annual meeting of the Mono County Economic Development Corporation (EDC) during its regular session and reviewed the EDC’s history and recent financial statements. County Counsel Chris Beck summarized the EDC’s purpose and told the board the corporation has been used for several county financing activities, including certificates of participation for solid waste, the Civic Center and jail lease financing.

“The Mono County Economic Development Corporation is a 501(c)(3) public benefit corporation,” County Counsel Chris Beck said, and he told the board the EDC was formed in February 2001 to provide assistance to the county for financing, refinancing, property acquisition, construction and land development. Beck said the county’s records show use of the corporation beginning in 2011, with notable financing activity in 2018 and 2022.

Beck presented the EDC’s standalone financial statements included in the meeting packet and noted changes in total liabilities and net position over the preceding five years: roughly $20.9 million in 2021, about $26 million in 2022 (around the time of the jail lease financing), roughly $25.8 million in 2023 and about $23.74 million as of the date of the statements in the packet.

Board members asked for more detail about the components of those liabilities and whether individual projects remain active. A county official referenced recent savings at Benton Crossing Landfill as one factor affecting liabilities. The board and staff agreed to return to the topic with more detailed roll‑ups from finance at a subsequent meeting.

Finance staff confirmed the status of the certificates of participation (COPs) discussed: “The solid waste certificate of participation is paid off,” Kim Bunn said. Board members were told the Bridgeport jail COP has a final maturity in 2042 and the Civic Center COP has a final maturity in 2048. Beck said the solid‑waste COP was recently paid off as part of a May 2025 refinancing.

The EDC’s financial statements in the packet have not yet been finalized by external auditors. County staff said the county’s 2025 audit is underway; external auditors are scheduled to perform field work in late October, and the audit likely will not be finalized until November or December. The board asked that the audited financial statements be brought back when the audit is complete so members can review the final numbers.

On procedural business, the board approved the draft minutes for a prior meeting by roll call vote, 5–0. No other formal votes were taken on EDC actions at this meeting; the board concluded the minimum annual meeting requirements for the EDC and discussed scheduling regular annual meetings in October unless new EDC debt is issued that would require a special meeting.

The board directed staff to provide more detailed financial roll‑ups and to return with audited EDC financial statements when the county’s external audit is complete. No new projects or bond issuances were approved at the meeting.

The meeting concluded and the board announced it would meet next week in Mammoth Lakes.