EDA Finance Committee gives update for end of fiscal year
At the Front Royal-Warren County Economic Development Authority’s (EDA) monthly meeting last week, the finance committee issued an update on the organization’s finances with the new fiscal year quickly approaching.
Finance Chair Jorie Martin reported the EDA will end the fiscal year with a positive bank balance. The fiscal year 2018 and fiscal year 2019 audits, as well as the solar panel removal, are proceeding on schedule.
The EDA has reduced its total loan balance during fiscal year 2020 by $2 million. This was achieved through the EDA’s sale of three properties. In addition, the EDA negotiated an interest rate reduction on a line of credit.
Martin reported considerable improvement in payments and collections in the Rural Business Enterprise Loan (RBEL) program during fiscal year 2020 as well. In May of 2019, only 56 percent of loan clients were up to date on their payments. As of June 2020, 70 percent of clients were on time.
The board approved Martin’s motion to cancel the EDA insurance policy covering the Avtex property and EDA office building at 400 Kendrick Lane currently held by Stoneburner-Carter Insurance. The motion also authorized the EDA to enter into a policy with Grange offered through McGreevy Insurance. The new annual policy provides more in-depth coverage at a lower cost, saving taxpayers approximately $1,000.
For more news from across the Shenandoah Valley, click here.
News_one 400 kendrick lane, mcgreevy insurance, stoneburner-carter insurance, eda finance committee, jorie martin, positive bank balance, reduced total loan balance, rural business enterprise loan program, rbel, EDA office building, Front Royal-Warren County Economic development Authority, Avtex