|San Jacinto News-Times - Local News
Stories Added - April 2010
Copyright 2010 - Polk County Publishing Company
EDC gets new board members
San Jacinto News- Times
SHEPHERD – Two new members and three auxiliary members were appointed to the Shepherd Economic Development Corporation’s board recently by the Shepherd City Council. Darlene Pharris and Earl Brown were appointed to fi ll the vacant seats on the board, while auxiliary members include Bill Franklin, Bill Rudolph, Michelle Minton and Eddie Ray Charles. Shepherd Mayor Pat Lunsford requested that Shepherd City Attorney Larry Forester conduct legal training for members of the EDC board to make sure they are aware of the laws governing the corporation. “They are all new and no one knows anything about the EDC,” Lunsford said. The Economic Development Corporation’s (EDC) budget was approved. Forester said it is normally approved at the start of the city’s fi scal year but it had been forgotten at that time. The EDC has assets totaling $264,098; liabilities totaling $3,134 and a fund balance of $260,964 for a total in liabilities and net assets amounting to $264,098. The EDC’s sales tax revenues total $65,459; operating expenses total $53,661; operating income is $11,798; total non-operating revenues amount to $4,420 with a change in net assets totaling $16,218. The EDC had a beginning fund balance totaling $244,746 and an ending fund balance totaling to move city utility lines running under Hwy. 59 near the entrance to Rolling Hills Subdivision. Forester read a report from Blyle Engineering stating that Williams Brothers Construction received the contract for the construction.