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Economic Development Corporation defends results as council seeks clearer communication after $1 million matter
Summary
The Beaufort County Economic Development Corporation reviewed multi-year job and investment figures and said it expects no county funding increase; council members pressed the EDC for better communication after a board action involving a $1 million state grant and an audit classification corrected by the EDC.
John O'Toole, executive director of the Beaufort County Economic Development Corporation (EDC), presented the organization's strategic-plan outcomes and historical metrics, including job creation and capital investment figures the EDC attributed to projects it assisted. O'Toole said the EDC is requesting no increase in county funding for the coming fiscal year and expects to operate on just under its current funding level (about $400,000) while continuing site-development and incentive work.
Council members raised questions about recent EDC activity and an audit issue involving the accounting classification of a land purchase. O'Toole said the EDC corrected an account classification (an asset vs. contingent asset listing) after auditors identified the issue and that a letter from the EDC's chair and treasurer was circulated; he agreed to re-send the audit correspondence and meet with council quarterly.
Members also questioned a proposed $1,000,000 transfer of state grant funds and the sequence of board actions that led to public concern. O'Toole said the money remains in place and that the EDC is pursuing a three-party agreement with a land trust and the state to protect the county from future liability; he said the EDC will provide documentation and tighter communications to the council and staff. Several councilors asked the EDC to resume quarterly briefings to council and to provide specific job-and-wage breakdowns for recent projects.
