All About Audits
Graphic | completecontroller.com
By PJ Martin
Editor
The Herald-News
The Edmonton – Metcalfe Industrial Development Authority board met on Monday, February 24th for their regular monthly meeting. Everyone was in attendance.
The board approved the January 27th meeting minutes without any changes.
Secretary/Treasurer Alley Bragg read the financial details for the period of January 27th through February 24th. The ESB interest amount of $2.60 was added to the account. Pennington Stave Company paid their monthly loan amount of $10,941.90 which was then paid on the ESB loan, and that leaves a balance of $21,782.35.
The financial report was approved.
Bragg presented the audit information that was held over from the last meeting. “So, at our last meeting, we talked about doing yearly audits that our auditor, Jeff, requested that we do the audit yearly. It would cost us 1,500 per year as of now. The confusion of the last meeting was we had actually paid for a three-year audit, not four years. Because we had triggered an audit, because we had spent, we had a total receipts and total expenditures of $500,000 or more. So that triggered that audit specifically. And it was three years, not four years. So, the four years would have been the 6,000 that we had put back and forth about, okay, so he is saying that it would be cheaper to do it while he does the city audit, because he’ll just, he’s already pulling that stuff, and it could be more costly. He has to go back four years.”
“…if we leave it like it is, then we’re going to pay potentially more down the line if they got to go back…and I can upload it onto the DLG website every year too.”
Chairperson Lisa Boswell stated, “Wouldn’t that be cleaner for us yearly? I would think, because it keeps everything fresh too,”
A motion to approve the audit yearly was made, seconded, and approved. The next audit is for Fiscal Year 23-24
Boswell asked Judge/Executive Larry Wilson if the TVA funds had been requested from the state and he replied he would ask the treasurer and notify Boswell when the funds are received. Boswell will need to attend the fiscal court meeting and formally request the TVA funds.
No other business was presented so the meeting adjourned.
The next meeting of the IDEA board will be March 17th at 2 p.m. at City Hall.
