The Patrick County Economic Development Authority (EDA) received a clean audit on its financial report for the year ending June 30, 2022.
Member Ron Haley said the report concluded “the results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.”
According to the report by Robinson, Farmer, Cox Associates, PLLC, the EDA currently has $3,115,018 in total assets with $622,020 of it being total current assets.
Its current assets include $581,898 in cash and cash equivalents and $40,122 in investments.
The EDA’s non-current assets are $1,516,198 in capital assets like land and buildings and improvements and $976,800 in inventory industrial sites held for resale.
The report stated the EDA also has $1,598,820 in unrestricted funds and $1,516,198 in investment in capital assets.
“Given these limitations, during our audit, we did not identify deficiencies in internal control that we” considered material weaknesses, the audit stated.
In other matters, the authority:
*Heard an update on the Business Development Center (BDC).
Sean Adkins, the county’s economic director, said $2.6 million has been raised for the project so far including funds from the Virginia Tobacco Region Revitalization Commission, Appalachian Regional Commission (ARC), Department of Housing & Community Development (DHCD), and American Rescue Plan Act (ARPA).
“The price seems to keep going up too, but $2.6 million is not chump change,” Bill Clark, the board chairman said.
Adkins said he hopes to get a New Market Tax Credit (NMTC) to pay for the remainder of the project costs.
“Over the course of several years, depending on the tax credit, it goes away,” he said.
Adkins said the majority of the funds are specifically for the childcare center in the building’s downstairs area.
“We can’t do 80 kids obviously, but I think we can do 40-45 kids. There’s a couple of other options we’re still kicking” around, he said.
Clark said an area behind the building would be used for the outdoor play area.
*Approved the Dec. 14 meeting minutes as amended.
*Discussed the finance report.
*Paid the bills.
*Discussed grant applications.
*Discussed the congressionally directed spending updates.
Danny Foley did not attend the meeting.
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