Speaker numbers apply only to this recording.
The Local Development Corporation (LDC) met on September 29, 2026, at 10:45 AM to approve the minutes from the previous meeting, adopt the fiscal year 2027 budget, and readopt the investment policy. The meeting was called to order by the chair, and all actions were approved unanimously with no opposition.
Good afternoon. I'm calling the meeting of the local development corporation to order. And the first order of business today is I need approval of the minutes for the June 23rd. I have a motion and a second. All in favor, please signify by saying aye. Thank you. We will now have a uh briefing uh on the financial report for the period of October 2025 through August 2026 from Ori Fernandez. Thank you, Ori. Respectfully, I'll touch upon that in the budget presentation. So we just need approval on that. Okay. All right, very good. Now can we can move to the uh budget presentation? And Ori Fernandez, would you give us uh your briefing so we can uh have a motion to approve the resolution to approve the budget? Okay, I'm gonna skip over to slide five where the expenditures and the meat of the budget sat. If you look at the projections for fiscal year 27, the total expenditures are just about 3.8 million with our net income at 3.6 million. We do expect to have revenues just under 200,000 that includes interest and gas uh royalties. So our fund balance projections for uh this fiscal year, this upcoming fiscal year. If you look at our cash balance, if you go um just above that on the cash reserve, we have about 1.8 million, but our cash balance is gonna be just over half a million. A lot of that funding is tied into a project that's still under consideration, which is Barry Stallcutt. Yep. If that one happens not to happen, then you have 3.2 million in addition to the five, so you'd have about 3.7 million. So I just wanted to make that clear. Other than that, we're respectfully recommending that uh the LDC board approve the fiscal year 27 budget. Move to approve. Oh, so hearing no questions, we have a motion and a second to approve uh the budget. All in favor, please signify by saying aye. Aye. Any opposition? Thank you. Resolution is approved. And now we need um we need we look need to look at the readoption of an investment policy for the corporation. So uh Ori take it away again. Yes, ma'am. So under section 14 of that investment policy, the board has to review it, and then we have to present any changes. We do not have any changes to present or amendments. Okay, so we're respectfully requesting that y'all please readopt the investment policy without any changes proposed. Okay, do I have do I have a motion? So move. Do I have a second? It's been moved and second uh that we uh readopt the investment policy. All in favor, please signify by saying aye. Aye. Any opposition? So I don't think uh we need to move into an executive session for anything. And so uh is there a request for any future agenda items. Hearing none, we are adjourned. Okay.