KEDC Executive Committee
October 17, 2007
Hyatt Regency Downtown, Lexington, Kentucky
Members
Present
Mr. Coy Samons, Executive Committee
Chairman, Paintsville Independent Schools
Mr. Steve Butcher,
Ms. Kelley Crain, Fleming County
Schools
Mr. Tim Eaton, Pulaski County
Schools
Mr. Larry Hammond,
Ms. Linda Hatter, Casey County
Schools
Mr. Burt
Hensley, Estill County Schools
Mr. Charles Mitchell, Menifee County
Schools
Mr. Tim Moore, Mason County Schools
Members
Absent
Mr. Mark
Blackburn, Martin County Schools
Mr. Dennis Byrd, Williamsburg Independent Schools
KEDC Staff
and Others Present
Mr. Stan Riggs, Executive Director
& Board Secretary
Ms. Tammy Vonderheide, Business
Manager
Ms. Terri White, Executive Assistant
/ Webmaster
Mr. Joe Dan Gold, Morgan County
Schools
1. Call to Order/Confirm
Presence of Quorum (>50% requires 6 of 11 members)
The meeting was called
to order by KEDC Executive Chairman Mr. Coy Samons with nine (9) members
present.
2.
Actions With Discussion
2.1. Approval
of Minutes
The minutes were approved on a motion by Mr. Tim Eaton, seconded
by Mr. Steve Butcher.
Recommend approval of the minutes of the
September 19, 2007 Executive Committee meeting.
2.2.
Approval of Board Business Session Action Items
The Board Business Session Items
were approved on a motion by Mr. Steve Butcher, seconded by Mr. Tim Moore
Recommend approval of the recommended Action Items in
the separate Business
Agenda.
3.
Actions with Discussion
The recommendation for KEDC to establish a $500,000 line of
credit was approved on a motion by Mr. Tim Moore, seconded by Mr. Tim Eaton.
3.1.
Line of Credit
Recommend authorization to establish
and be the signatory for a $500,000 line of credit with First & Peoples
Bank of Russell, Kentucky to cover cash flow needs due to the large amount of
receivables. The current receivables of
$1,205,000 include $340,000 due from the state Adult Ed programs plus approximately $600,000 due from USF funded technology
projects. Adult Education was three and
one/half months into the year when they paid us last year and we are again
three and one/half months into this year and we have not received any AE
funds. The USF has historically been
very slow in paying KEDC and the districts funds due for completed
projects. Our carryover balance normally
covers our cash flow needs but the line of credit is needed to assure that
payrolls are met and that we can pay our bills.
Our cash balance as of October 15 is approximately $57,000 and we are
holding vendor bills unpaid. The October
31 payroll will require more than $100,000.
4.
Communications and Items for Review and Discussion Only
4.1. Discussion of Issues with Adult Education Program
Funding delays; no indirect cost provision; not a K-12 program (mission
drift or drain).
5.
Adjourn
There being no further business, the meeting was adjourned
on a motion by Mr. Steve Butcher seconded by Ms. Linda Hatter.
KEDC
Executive Committee
October 17,
2007
______________________________
Mr. Coy Samons
Chairman, KEDC Executive Committee