The SEED (Sweetwater Enterprise for Economic Development) Board of Directors met for their monthly meeting on Monday morning, July 9, 2012 at the Chamber of Commerce.
Among the action items from the meeting was the 2012-2012 FY (fiscal year) budget, which was approved. A sample budget had been discussed at the June meeting, with a complete budget prepared and proposed to the board by SEED Executive Director Ken Becker during this meeting.
Becker noted that some aspects remained unchanged from the previous year, while other items were included, such as SEED's involvement in more site selector shows. While not included in the budget, other amendments--which would be determined at a later date--include salary and the addition of 3D maps to their website.
Following the breakdown of the budget, a discussion was held between Becker and the board members. One concern arose--maintenance at the Industrial Park--and the board approved the inclusion of a $5,000 annual fee as part of the budget.
Approval was also given on the May 2012 financial statements, which were also reviewed by Becker. Included in the discussion was the continual increase of sales tax numbers, along with the status of unemployment numbers.
More approvals were given to the payment of accounts payable, as well as to the minutes of the June 2012 meeting. Also, during the Executive Director's report, board member Bill Johnson gave a financial update on EMA Electromechanics.
He noted that their audit report came back with a clean opinion, and he also gave a breakdown of EMA's balance sheet from their operations in Sweetwater. Both Becker and the board members were pleased to learn about the continued success of EMA in the past year.
Also in his monthly report, Becker informed the board of several matters--including his attendance at the TEDC (Texas Economic Development Council) meeting to be held this Wednesday through Friday. Work continues on the contract between SEED and Cape and Son, while SEED is also awaiting replies from their recent interactions with various oil field companies.