HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 09/20/2005 (3) •
KENT
WA9NINOTON
ECONOMIC DEVELOPMENT CORPORATION
September 20, 2005
Boardmembers Present: Tim Clark, Ron Banister, Morgan Llewellyn
Others Present: Finance Director Nachlinger, Economic Development Manager
Torgelson, Secretary Brenda Jacober
Clark called the meeting to order at 3:00 p.m.
Approval of Minutes. Llewellyn moved to approve the minutes of September 28, 2004.
Banister seconded and the motion carried.
Election of Officers. Llewellyn moved to elect the same slate of officers as last year
(Clark as Chair, Llewellyn as Vice-Chair, Jacober as Secretary and Craig as Treasurer).
Banister seconded and the motion carried. It was noted that the Board members will
change in 2006 due to changes in the City Council.
Financial Report and Budget. Nachlinger distributed copies of the 2004 Financial
Statements and 2006 Budget Forecast. He noted that there is one outstanding bond issue
which will be paid off in 2012. He outlined the revenue and expenses and recommended
increasing expenditures by 2.5%next year,but allocating less than that for liability
insurance since an increase there is not expected. He added that an audit is not required,
saving$1,663. Llewellyn moved to accept the financial report and forward the budget to
the Mayor's Office for inclusion in the City's overall budget. Banister seconded and the
motion carried.
After a brief discussion of whether fiords will be available through 2012, Llewellyn
moved to review the allocation of liability insurance for the 2007 budget forward and
reduce that to a level sufficient to carry net assets of the Corporation through the term of
the outstanding bonds. Banister seconded and the motion carried.
Other Business. There was no other business.
Adiournment. The meeting adjourned at 3:10 p.m.
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Brenda Jacober, City, erk
EDC Secretary