All right.

We'll go ahead and call the meeting to order.

But everyone please rise for a moment of silent prayer, followed by the pledge.

I pledge allegiance to the flag of the United States of America.

Under God, indivisible with liberty and justice for all.

Okay, this is the July 27th, 2026 meeting of the Industrial Development Board of the Parish of St.

Charles, Louisiana Incorporated.

First item of business is the approval of the minutes of December 22nd, 2025.

So we'll have a motion by Mr.

Bosco.

Second by Mr.

Colon to approve the minutes to submit it.

All those in favor signify by aye.

Any opposed motion carried.

Next item is a review of the financial audit 2025 by Carr Riggs Ingram.

You can come up either to the table or the podium, whichever one you like.

Okay, I think this one's on now.

That was responsible for the 2025 audit.

You've all got a copy of the audit as well as, or you were sent a copy of the audit previously.

Right now you've got a copy of the presentation as well as some tax information.

I'm gonna run through the presentation first and then we can talk about the tax information for just a quick second.

Let's see.

The summary of information, it was a clean opinion, meaning no significant issues.

We had no control or compliance deficiencies.

We did have two improvement points.

One uh was the same as as last year, not an issue, but just a recommendation to formalize the review.

I know there is a review that at least him, if not a few of you do, with the uh bank information, the general ledger information pretty regularly.

It's not formalized that anybody actually does that review, so whether it's an email back to the finance department saying, you know, reviewed, approved, something like that, just some sort of documentation that it was reviewed.

Um so that was one recommendation, and the second was that we realized that the actual pilot payments, while they are treated correctly, they come into IDB and then out to the parish to then be distributed to the taxing districts.

Uh they weren't recorded in that detail in the general ledger.

So again, just for even more transparency, just as a recommendation to make sure that gets recorded.

I know that one pretty much is resolved because we've had conversations with the finance department, so they're making sure that that gets recorded uh as those come in.

Then we can there's a few graphs in here just to kind of show you where things are.

The first one is cash and cash equivalence.

Uh the cash remaining fairly steady, uh went up a little bit, the lamp investments went up a little bit.

The increase in both, I would expect to uh to see as well because of the it's basically an accumulation of the administrative rental fees that you get for those pilot programs.

Um you've got three now, so it's the administration fees that come in while you all have maintained minimal expenses, so your revenue is higher than your expenses, so your investments in your cash go up a little bit every year.

The next one is accounts receivable.

Again, there was a big crease, uh big increase a couple of years ago when one of one of the new uh pilots came on, and then it should stay pretty stable now until you get another pilot program or until one of these um ends.

And it's all there's no allowance for the receivables because it's all assumed to be collectable, and you haven't had any issues in the past with the collection of that.

The next one is revenue again, a little bit of a change a few years ago with the admin fee.

Uh little bit of change recently in interest income as interest rates go up, which is good if you're putting money in, not so good if you're borrowing.

But since you guys are putting money in, uh, the interest income has gone up a little bit, so that's the reason for those increases.

The expenses did have a bit of an increase from 24 to 25.

That was largely due to an increase in the audit fee.

Actually, we hadn't changed the audit fee.

It's still pretty significantly below our standard rates.

Um, but because of the relationship with the parish and the work that we do with the parish, we're able to keep it pretty low for you guys, but there was a little bit of an increase from 24 to 25.

So that's the increase you see in expenses there.

And then the last one is the net assets.

Uh with restriction and without restriction, net assets with restriction is zero because you don't have any funds that are restricted.

Uh, you're able to use those administrative fees that come in and that interest income how you see fit for the operations.

And without restriction, again, it's increasing each year, largely due to the accumulation of interest and the admin fees that you're getting again while keeping the expenses pretty minimal.

That's it for that report.

And then the other thing that we have that Mr.

V Al specifically requested this year, and and um it'll continue, and it's actually the parish finance department that put this information together.

Um what we did do was make sure that this information matches the audited amounts received.

So the audit report uh discloses and and has a footnote for the amounts that are received from the three pilot programs, and now this information gives you a bit of a breakdown.

You've got one for 2024 and one for 2025.

It's a breakdown on how those amounts received were then distributed to the various taxing districts.