Council approves amended EDC bylaws; adds annual financial policies requirement

The Liberty Hill City Council on Aug. 27 approved amended bylaws for the Liberty Hill Economic Development Corporation (EDC), updating outdated language and adding a requirement that the EDC adopt financial policies annually as part of its budget process. The council vote was unanimous (6–0).
City staff reviewed proposed changes to the EDC bylaws, which removed redundant clauses requiring the treasurer to maintain books that the city already maintains and clarified that the city will continue accounting services. Staff also revised the section on audits to state that the corporation's financial statements shall be audited once each fiscal year by an outside independent auditing firm selected by the city. Josh Armstrong explained he added a provision requiring the EDC to adopt financial policies annually “in accordance with federal, state and local laws and applicable regulations.”
Council and EDC representatives said the changes were intended to modernize the bylaws and align EDC practices with the city's financial procedures. The EDC board and city staff will present draft financial policies to the EDC the following month, staff said. Councilmember comments emphasized that the updated bylaws are meant to create clarity and to streamline EDC–city financial administration rather than to impose punitive rules.
The council approved the amended bylaws with the edits discussed on the record; staff confirmed updates would include corrected certificate dates and conforming language for meeting notices under the Open Meetings Act.