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EDA approves fiscal services memorandum establishing 1% administrative fee for external funds
Summary
The Economic Development Authority approved a fiscal services memorandum of agreement with Albemarle County that establishes a 1% administrative fee on external funds routed through the EDA and outlines core county fiscal and legal services.
The Albemarle County Economic Development Authority approved a fiscal services memorandum of agreement (MOA) that sets a 1% administrative fee on incoming funds received by the EDA when those funds are external to Albemarle County, and defines the core services the county will provide.
County finance staff presented the agreement as a separate fiscal services contract outside the MOU between the EDA and the Board of Supervisors. The county's assistant chief financial officer, identified in the meeting as Andy, and Morgan Riggs summarized the MOA and an accompanying operational guide that lists specific fiscal management services, legal support by the County Attorney's Office and optional services the EDA could request.
Morgan Riggs said the operational guide is intended to be updated as needed and that the 1% fee aligns the EDA's fiscal services arrangement with county standard practices. The presenters described the MOA as the final step in a yearlong coordination process that began with a joint meeting of the EDA and Board of Supervisors and subsequent feedback sessions.
An EDA motion approved the fiscal services MOA and directed staff to transmit the agreement to the Albemarle County Board of Supervisors for consideration. The presenters and EDA members noted that the Board of Supervisors will review the MOA; if the Board makes no changes, the EDA's approval becomes final. The EDA's vote was recorded as in favor and the motion passed; the transcript does not include a roll-call tally in the public record provided.
