Big Spring EDC receives 2019-20 Audit Report, project updates

The Big Spring Economic Development Corporation met for a regular meeting on Tuesday evening, inside the EDC Board Room.

A presentation of the 2019-2020 Annual Audit was provided by David Copeland with Bolinger, Segars, Gilbert & Moss, LLP at the beginning of the Tuesday meeting. Overall the audit was routine and showed no misstatements throughout the year.

Overall the audit reflected the majority of funds dispersed the past year went to funding the Reliever Route Access Road project and the Main Line Rehabilitation Project. Those distributions decreased the overall net position for the year. Overall assets did increase this past year with the issuance of sales tax notes - totaling $5.5 million - for the reliever route access roads.

The audit reflected that at the end of the Fiscal Year which closed on Sept. 30, 2020, the cash and cash equivalents totaled a little over $7,761, 334, along with $4 million in Texpool and $2.9 million in the bank.

Copeland said the audit reflected $4.3 million in expenses, of that was economic development totaling $3.3 million, which included the conclusion of the Main Line Rehab project for $1.7 million and $1.4 directed to the beginning of the reliever route. In addition there was $2.4 million in sales tax revenue received. There was a deficit ending the year of $1,870,000. Copeland stated that the EDC was in a very good financial position.

Once the presentation concluded, Pascal Odam made a motion to approve the audit with a second from Bobby McDonald. The audit was received and approved with a 4-0 vote.

The Annual Audit will also be presented to the City Council of Big Spring on March 23, during the regular meeting.

As part of the Director's Report, Mark Willis, Executive Director of the BSEDC gave a high level overview of recent activity in the community and economic development opportunities. A proposal for City incentives was