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EDC accepts FY2026 third-quarter finance report after accounting corrections
Summary
Finance staff reported adjustments to the FY2026 Q3 report: $4,980 added for project-management software, a $355,000 reduction in planned surplus use after correcting double-counted expenses, and an updated transfer to general fund to cover a 3% COLA; the board accepted the report.
The board reviewed and approved the fiscal year 2026 third-quarter finance report. Lauren, the finance presenter, said the packet reflects changes since the June 30 workshop, including adding $4,980 for project-management software and reducing consulting/professional services to offset that cost.
Lauren also said a review found certain expenditures had been double-counted, which resulted in reducing the previously proposed use of surplus by $355,000. She explained the transfer to the general fund was updated to include a 3% cost-of-living increase for covered salaries. A motion to accept the finance report was made, seconded and carried by voice vote.
Board members had no substantive objections to the adjustments and asked Lauren to continue to monitor line items and present any additional needed clarifications in subsequent reports.
