KACO Insurance and the DLG Budget
By PJ Martin
Editor
The Herald-News
The Edmonton – Metcalfe Industrial Development Authority (IDA) held its June meeting on Monday, June 16th, with the following members present Chairperson Lisa Boswell, Donna Caffee, Luke Wilson, Jerry Garmon, Terry Garrett, and Matt Gallagher. Others in attendance were Secretary/Treasurer Alley Bragg, Mayor Doug Smith, and PJ Martin from The Herald-News.
The minutes from the meeting on May 20th were approved with no changes followed by the approval of the minutes from the June 2nd meeting with no changes.
Secretary Bragg presented the financial report for the period of May 20th to June 16th noting that the interest of $2.58 was added and her paycheck for bookkeeping of $148.75 was written, leaving a balance of $21,494.20.
A motion to accept the financial report was made by Donna Caffee, seconded by Luke Wilson, and approved.
“As you can see, Chad has not made his payment yet this month, he called me today. He plans on making the payment on Wednesday,” explained Boswell.
As a contingency, Boswell asked if the board wanted to make the full payment of $10,941.90 to ESB as usual this month or if they wanted to make the basic payment of $6,866.79.
Bragg explained that Pennington (Chad) is to pay the full payment for June and the board’s payment of $6,866.79 isn’t due until June 28. The agreement was to roll the payment over to ESB as usual.
“I just wanted to be sure I’m clear, right? And that’s what should be coming in on this next payment before it drops.”
Next, the item on the agenda was the renewal of the Kentucky Association of Counties (KACO) All Lines Fund (KALF) providing insurance. The premium is due August 1, and the coverage is for the fiscal year July 1, 2025, through June 30, 2026.
Caffee made a motion to pay the premium before the due date to save 1% and Gallagher seconded the motion which was approved.
Bragg stated, “Then next we have the budget for 2026 This is just a rough draft on the right side, on the left side was our budget for 2025 and I just wrote in parentheses what each statement is. The only thing I didn’t have was the cash balance, and I’ll have that June 30…”
“If you all approve this today, then I’ll bring back in July, the official copy.” Explaining that she will be able to key it in and print it off after its approval.
After a couple of simple questions, the budget was approved unanimously.
“When will we get the RDAPP funds?” asked Gallagher. Boswell answered, “I’ve requested it. It is, it’s in the works. I guess when they decide to release it, because it’s been passed so state releases and the county releases two years’ worth.”
Boswell stated that she had not typed up the by-laws and that could be held over until the July meeting.
As for getting an attorney to create the agreement between the board and Chad Pennington for the Stave Company’s new payment plan, Boswell relayed, “I’ve talked to Brian Pack, and he is not in a position to do this for us. I talked to another attorney, and they were not in a position to take care of this for us.”
“Both of them gave me the name of the same attorney, and it is Rich Alexander, so I am needing to know if everyone is good with asking him.”
Gallagher made a motion which was seconded by Garrett, and then Garmon asked, “We’re going to eat the cost on that then?”
Boswell answered, “We do the cost on our end, and he’s going to take care of the cost on his end.”
The motion was approved.
The last item of business was Boswell’s request to reschedule the July meeting as she will be away on family business. The options were to meet on Tuesday, July 22nd, or the following Monday, July 28th. A motion was made to move the meeting to the following Monday.
With no other items on the agenda, the meeting adjourned. The next meeting is scheduled for Monday, July 28, 2025, at 2 p.m. at Edmonton City Hall.
