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EDC approves prior minutes and accepts November financial statements
Summary
The Economic Development Corporation unanimously approved minutes from Oct. 2 and Dec. 4, 2025, and accepted financial statements through Nov. 30, 2025, showing total cash of $929,000 and net worth of $960,000; the board approved a $25,000 transfer into a Texas‑class investment to chase higher interest.
The Economic Development Corporation voted unanimously to approve its Oct. 2 and Dec. 4, 2025 meeting minutes and accepted the financial statements for the period ending Nov. 30, 2025.
During a presentation to the board, Fred reviewed the statements: total cash of $929,000 and net worth of $960,000. He reported November revenues of $19,006.77 (about $16,000 in sales tax and roughly $2,009 in interest income) and said the EDC made a $25,000 transfer into a Texas‑class investment that now totals about $900,000 to take advantage of a higher yield (the Texas‑class account was earning about 3.92% while a sweep account yielded about 2.25%).
Board members asked clarifying questions about the accounts receivable balance and the timing of sales‑tax receipts; Fred explained that sales tax runs two months behind and the auditors will reconcile year‑end adjustments. A motion to accept the financial statements was made, seconded and carried with all present voting in favor.
No amendments or follow‑up tasks were recorded in the meeting minutes. The board also approved the earlier meeting minutes without edits.
The board did not discuss changes to the EDC’s investment policy or direct any staff to reverse the recent transfer. The EDC will receive further reporting from staff at upcoming meetings as needed.
