Simply Finances
By PJ Martin
Editor
The Herald-News
The Edmonton – Metcalfe Industrial Development Authority (IDA) held its July special-called meeting on Monday, July 28th, as it was a different date than normal. The following members were present: Chairperson Lisa Boswell, Luke Wilson, Jerry Garmon, Terry Garrett, and Matt Gallagher. Others in attendance were Secretary/Treasurer Alley Bragg, Mayor Doug Smith, Judge/Executive Larry Wilson, and PJ Martin from The Herald-News. The only board member absent was Donna Caffee.
Chairperson Boswell brought the meeting to order. The minutes from the meeting held on June 16th were approved with the motions made by Garmon and seconded by Wilson.
Secretary Bragg presented the financial report for the period of June 18th to July 28th, noting that the last full payment was made by Pennington Stave of $10,941.90, and the bank payment was then made to ESB of $6489.18 principal and $4,452.72 interest. The account was credited $1.72 for interest on June 30th.
“July 24, the DLG 2026 registration fee of $250 was paid electronically. We have to pay that every year. On 7/24, we had the KACo insurance payment of $6261.75, which I mailed on 7/24,” stated Bragg.
Then on 7/24, Pennington Stave Company paid the new amount of $6,866.70, which Bragg then paid to ESB for the loan, leaving an account balance of $13,378.54.
A motion to accept the financial report was made by Gallagher, seconded by Garmon, and approved.
Bragg then added, “Alright, end of year, okay, that’s on the front page of your bank account ledger at the bottom right-hand corner. It has the end-of-year actual broken down in my little chart. I just need a motion to accept that, and I will enter it on the DLG website. After you all approve it,”
The motion to approve the year-end actual budget was made by Gallagher, seconded by Wilson, and approved.
Bragg then noted that she had provided the members with a copy of the FY 2025 budget in the meeting reminder email.
Chairperson Boswell then provided an update on the amendment with Chad Pennington, “So after much back and forthing, and then I was gone, it is signed. I just need Rich Alexander’s (attorney) signature. Hopefully, I can take it into or meet up with him tomorrow, get him to sign it, and then I’ll have it recorded.”
Boswell stated, “…and I gave Chad the complete from the beginning current. He has the complete copy, and I have the complete copy of everything to do this particular if anybody wants to see it or review it. You are more than welcome.”
“Any questions, because this is a special call meeting, we cannot take on any new or additional work,” Boswell stated.
The motions were made to adjourn.
The next meeting is scheduled for Monday, August 18, 2025, at 2 p.m. at Edmonton City Hall.
