Authority receives a clean audit

Published 4:16 pm Friday, May 27, 2011

The Development Authority of Bainbridge and Decatur County received a clean audit of 2010 financial statements.

During the regularly scheduled board meeting on May 19, the audit was presented by Megan Clement and Perry Henry representing Perry L. Henry, LLC.

At the end of 2010, the Authority had total assets of $2.99 million and $1.48 million in liabilities. Included among the assets of the Authority are $486,970 in cash, $277,371 in receivables, $586,933 in land and $1.64 million in capital assets.

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The Authority also approved the 2012 budget. Because the Authority receives funding from both Decatur County and the City of Bainbridge, and those entities operate on a mid-year fiscal cycles, the Authority must approve a budget well in advance of the actual approved year.

For 2012, the Authority budgeted $485,125 in revenue, consisting of allocations from Decatur County and the City of Bainbridge, a building lease to Meredian, and a building lease to Shaw.

Administrative expenses are budgeted at $209,950 and operational expenses total $74,575 for the 2012 calendar year.

After a short closed meeting, the authority voted to increase the salary of Rick McCaskill, Development Authority executive director, to $96,305 per year, a 3 percent increase.

In other business, McCaskill informed the board that site work preparation continues on the site where Corrections Corporation of America will construct a private prison. Workers from Decatur County recently completed the fill of an old pond on the parcel of land, located in Decatur County Industrial Park.

Olivotto Glass Technologies, owner of the old Lynch Systems buildings behind Stone’s Home Improvement off Calhoun Street, has signed a contract with local businessman Joe Battles of Quality Sign Company to demolish the old storage structure on the property. The building must go through an asbestos abatement before the demolition.

After the demolition of the condemned building, Battles would take over management of the remaining buildings with the intention of leasing the spaces.

The next scheduled meeting of the Industry Development Authority will be Thursday, July 21, at noon.