EDA Financial Future Uncertain at Town Meeting
August 30, 2019
FRONT ROYAL – The Front Royal Town Council hosted a joint meeting between the Council, Front Royal Economic Development Authority and the Warren County Board of Supervisors on Tuesday. During the meeting the EDA laid out their current and future financial prospects.
New EDA Executive Director Douglas Parsons explained that the EDA is handling what it can.
“We are able to meet our current obligations,” Parsons said. “There will come a point in time, however, when we may run into a wall and we may not be able to meet our principal and interest obligations on debt service.”
One issue the EDA is facing is figuring out just how much money they have to currently work with.
“The problem at the EDA is that the funding was in a variety of pots,” EDA Chairman Ed Daley said.
The economic group has been working since the beginning of 2019 to detail where the funding was coming from, and how to organize it in the future. Daley confirmed that the EDA will be able to complete its overdue 2018 audit on September 10.
The financial restructuring of the Authority stems from the results of a civil lawsuit and following criminal investigation for alleged embezzlement against former EDA Executive Director Jennifer McDonald.
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