04.15.2015 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd,, Suite 50
Prosper, Texas 75078
Wednesday, April 15, 2015 - 6:00 p.m.
Call to Order and Announce a Quorum is Present
Board President Jim Wicker called the meeting to order at 6:00 p.m. Board members present were Mayor
Ray Smith, Roger Thedford, Gary Jackson, David Bristol, Jordan Simms, Jim Wicker and Reno Jones.
PEDC Executive Director Robert Winningham, Economic Development Specialist Garrett Weaver and
Economic Development Assistant Sam Blatt were also present.
1. Comments from Citizens (The EDC may receive input from citizens only on topics that are not listed on
the meeting agenda)
There were no comments from citizens.
2. Approval of Minutes from the Regular Meeting on March 18, 2015
Ray Smith moved to approve the March 18, 2015 Regular Meeting Minutes. The motion was seconded by
Jordan Simms and was unanimously approved by all Board members present.
3. Approval of PEDC Financial Reports for March 2015 and Take Any Additional Action Necessary
Treasurer Reno Jones presented the March 2015 Financials. Jones noted a slight decrease in sales tax receipts
for the month but noted that revenue for the month was over $70,000 and expenses were $43,000, equating to
approximately a $27,000 gain for the month. Jones pointed out that the total cash balance for the PEDC is now
approaching $3 million.
Roger Thedford asked about a possible reason for the drop in sales tax receipts. Jim Wicker noted that it was
likely due to the two (2) month lag in sales tax receivables. Jordan Simms concurred and also noted that there
was a decrease in construction activity in the months of December and January that can probably be attributed to
the decrease in local sales tax collected.
Jones noted that there was an approximate $20 between the fund balances shown on the Audit Report from the
PEDC Financial Reports due to roll forwards from previous audit reports. He explained that Interim Finance
Director Kim Galvin fixed the discrepancy in the Financial Reports and that it should no longer be an issue
moving forward.
Roger Thedford moved to approve the March 2015 Financial Reports. The motion was seconded by Ray Smith
and was unanimously approved by all Board members present.
4. Consider and Act upon a Resolution Accepting the Independent Audit Report and Comprehensive
Annual Financial Report (CAFR) for the Fiscal Year Ended September 30, 2014, as presented by Cara
Hilbrich of Davis Kinard & Co., PC, Certified Public Accountants
Gary Jackson recommended that any PEDC financial commitments and contingencies should be noted as
footnotes in the Audit Report.
No action was taken.
5. Review of Investment Policy for Town of Prosper and Prosper EDC and Take Any Action Necessary
Treasurer Reno Jones presented the PEDC Investment Policy and noted that nothing has changed from how it
was adopted in previous years. Jones added that the majority of the investment funds are held at Independence
Bank.
PEDC Minutes —page 2
April 15, 2015
Ray Smith moved to approve the Prosper EDC Investment Policy as presented with no changes. The motion
l ~ was seconded by Reno Jones and was unanimously approved by all Board members present.
6. Convene into Closed Executive Session Pursuant to Texas Government Code, Section 551.087;
Deliberation of Economic Development Negotiations to Deliberate Commercial and Financial Information
and Economic Incentives relating to the following:
Board President Jim Wicker called the meeting into Executive Session at 6:10 p.m. to discuss:
Retail Development
Office Development
Board President Jim Wicker reconvened the meeting into Open Session at 7:51 p.m.
7. Reconvene into Open Session and Take Any Action Necessary as a Result of Closed Session Deliberations
No action taken.
8. Town of Prosper Report: Update on Various Activities and Projects by the Town
Mayor Ray Smith gave an update on various projects and issues pertaining to the Town of Prosper.
9. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events
PEDC Executive Director Robert Winningham presented updates on projects on which the PEDC staff is
working. Winningham noted that the PEDC is facilitating a "Business Leadership Forum" benefitting Prosper
High School seniors on May 14th at 1:00 p.m. and invited all Board members to attend.
10. Confirm Next Regularly Scheduled PEDC Board Meeting on May 20, 2015
It was determined that the next regularly scheduled Board meeting will be held on May 20, 2015 pending any
unforeseen circumstances.
11. Adjourn
The PEDC Board meeting adjourned at 7:55 p.m. with a motion from Ray Smith and seconded by Jordan
Simms. The motion was passed unanimously.
a
Jordan ms PEDC Secretary
Date