HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 12/12/2006 (3) •
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KEN T
W�9MIMOTON
ECONOMIC DEVELOPMENT CORPORATION
Special Meeting
December 12, 2006
Board Members Present: Tim Clark, Deborah Ranniger, Debbie Raplee,
Morgan Llewellyn
Others Present: Finance Director Bob Nachlinger, Board Treasurer
Cliff Craig, Senior Accountant Paula Barry
Clark called the special meeting to order at 3:40 p.m.
Financial Budget and Report. Craig explained the financial report and noted that the
net assets are much the same as the previous year. He said liability insurance was moved
• to the general liability fund and that the EDC is covered under the City's umbrella policy,
which results in a savings of$5000 a year. He indicated that the revenues and
expenditures are about even, and said the only expense is an audit every few years. Craig
noted that some investments in the state pool were sold and the cash was used to pay for
liability insurance and other expenses. He explained the forecast, noting that staff
expenses were increased by 5%, administrative fees were carried over, and that an audit
is not required in 2007.
It was clarified that the EDC is not included the City budget, since it is covered under the
City's insurance policy and since the Board has no liability.
Raplee moved to accept the financial report. Ranniger seconded and the motion carried.
The meeting adjourned at 3:47 p.m.
jBrendaJac�ober, C C
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City Clerk
Board Secretary