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Development Authority reports Community Bank balance, attorney fees and closed accounts
Summary
The authority’s treasurer reported that most accounts have been closed and provided details on attorney fees and reimbursements tied to a recent closing.
The Development Authority’s treasurer reported that the authority’s only active bank account is at Community Bank and that other accounts have been closed. He said a recent closing produced reimbursements that covered a portion of legal costs.
Treasurer Payne reported attorney fees and invoices related to ongoing matters. He said attorney fees totaled about $27,007.25 and that outstanding invoices for February and March were roughly $2,006.85 and $2,007.06 respectively; portions of those fees were reimbursed through proceeds from a closing. The minutes record a cleared check to the county for insurance reimbursement and closing and attorney costs.
Payne offered to circulate copies of the invoices for board review. No additional budgetary action was taken during the meeting; the financial update was provided as an administrative report and the board had no additional questions recorded in the minutes.
