The South Webster Industrial District board, or SWID, conducted its first meeting of the year, namely to discuss the roofing of the Spec building sold in November 2015, and the budget.
The property was sold to American Rubber Products, but the building still needs some roof repair. Board President Hunt Powell says the roof has been leaking, and board member James Madden says the building needs a new roof.
“Ultimately, there’s no answer other than a new roof,” he said. “It can be fixed if you want it to be fixed.”
They decided to use up to $10,000 to repair the roof and to add the $10,000 under expenses to the 2016 budget to account for it.
In other news, they adopted the amendments to the 2015 budget, showing an income of $845,629 from the sale of the Spec building, with an additional $1,071.67 from the refund on the building’s insurance policy.
Henry Bridges, SWID secretary treasurer, says their expenses were fairly normal. Drafts from Entergy, the City of Minden, McInnis Insurance Agency, Rusty Holtzclaw for mowing, and advertisement for the sale of the Spec building totaled $2,201.09. The balance at the end of the quarter for 2015 was $847,257.49.
“We had to extend the insurance policy while we were waiting on the closing,” Bridges said, “and we paid the premium each time.”
Bridges explained they pay Entergy for the lighting of the sign at the entrance. Most of the expenses will go away now that the building has been sold.
Currently, in SWID’s money market account, the balance at the end of the quarter was $91,649.91.
A few changes were made to make sure the 2015 budget balances, some expenses and some income, taking into account the interest on their income and the sale of the building.
The board also approved the 2016 proposed budget, and Bridges says he doesn’t expect to spend much, and interest will be a little more in the money market account.
Expenses for 2016 include liability insurance at $2,648, KCS right of way charge of $750, miscellaneous expenses such as post office, check expenses, etc., of $200, and utilities at $550. Total expenses are set at $4,148.
Income from interest on the money market account is expected to generate $2,400.
Even though the checking account shows a balance of roughly $840,000, their expenses are still greater than their revenue.
The board voted to authorize Bridges to engage Jamieson, Wise and Martin CPAs to handle their annual audit. Since the district’s income was more than $50,000 in 2015, the Louisiana Legislative Auditor’s Office requires them to have an independent audit. If the income is under $50,000, then they must still report their income and expenses to LLA, but they do not have to have an independent audit.
SWID is a quasi-public body, which according to law is a type of corporation in the private sector with government backing.