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LCDA spends more than it brings in

Expenditures still less than projected

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POSTED: September 26, 2013 9:00 a.m.

The Liberty County Development Authority reviewed its year-end financial report for fiscal year 2013 and monthly financial reports for July and August for fiscal year 2014. The authority’s fiscal year runs July 1 through June 30.
The end-of-year financial report for the general fund showed that the LCDA spent less than it had projected it would spend, but ended up spending more than was brought in. The general fund’s estimated revenues for the year that ended June 30, 2013, were $4,803,464, but actual revenues were $5,212,275, a difference of $408,811. Estimated expenditures were $5,508,621, but actual expenditures were $5,293,663, a difference of $214,958.
The authority used the general fund to cover the $81,388 deficiency between $5,212,275 in revenues, and $5,293,663 in expenditures for the 2013 fiscal year.
So far, the authority appears to be conservative in its expenditures for the new fiscal year.
On July 1, the fund balance for the authority’s general fund was $3,680,638. On July 30, it was $3,648,436, a difference of $32,202. On Aug. 1, the LCDA’s general fund showed a balance of $3,680,638. On Aug. 31, it was $3,621,114, a difference of $59,524.
Kay Proctor, financial consultant with certified public accountants Thigpen, Lanier, Westerfield & Deal, presented the authority’s financial statements. Carmen Cole, director of administration and finance, stressed the amounts for revenues and expenses reported by the authority’s CPA firm are “unadjusted numbers and may be modified during the close-out of the year.”
The authority’s revenue sources include the 2 mills it receives from property taxes as set by the state, along with charges for services, investment earnings, rental income and timber sales. Expenditures included general government and industrial development, debt service (principal and interest with fiscal charges) and intergovernmental (MidCoast Regional Airport) expenses.
In other authority business:
• The LCDA approved a request by FLOQUIP, a subsidiary of SNF, to erect a gate to secure its location, thereby closing a portion of the road leading to it in the Midway Industrial Park.
“They are looking at significant expansion, significant job creations,” LCDA CEO Ron Tolley said.
The company would be required to install a turnaround, and the authority would retain ownership of the road.
• The authority agreed to rebid a clearing and grading project for Tradeport East. Cole told authority members the organization’s evaluation committee recommended rejecting the bid proposal from McLendon Enterprises Inc. During a review of the firm’s bid, the committee found it was deficient because required documentation was missing, she said. The company failed to include an executed non-discrimination statement to meet the minority/woman business-enterprise policy the authority revised in April. One other bid was received after the deadline and therefore was deemed “non-responsive” and not opened, Cole said.
The LCDA generally holds meetings at 8:30 a.m. the fourth Monday of the month.


 

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