February 5, 2002 (WECDC Minutes - Laserfiche WebLink

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MINUTES OF A MEETING OF THE BOARD OF DIRECTORS OF THE WINDSOR-ESSEX COUNTY DEVELOPMENT COMMISSION HELD ON TUESDAY FEBRUARY 5, 2002 AT 4:00 P.M. AT THE CABOTO CLUB, 2175 PARENT AVE., WINDSOR There were present: Mike Walker (Chair), John St. Aubin, Roy Henly, Pat Soulliere, Keith Andrews, Ross Clarke, Marty Solcz, Paul Bondy, by invitation Cathy Lynd and Tom Clark of KPMG, and Sandi Smith 1. DISCLOSURES OF INTEREST -None MINUTES It was moved by R. Henly, seconded by M. Solcz and carried that the minutes of the November 6, 2001 Board of Directors Meeting be accepted as distributed. DRAFT AUDITED FINANCIAL STATEMENT Tom Clark and Cathy Lynd from KPMG presented the draf~ audited statement as of December 31, 2001. Tom reported that the Statement of Revanue shows previously appropriated funds that were used for Promotion and Computer Technology. Revenues from the City and County were as budgeted and actual figures from MEDT shows an increase of $7,000. There were questions with regard to Border Buildings Inc. and its inception. Paul Bondy explained that BBI was formed in the 1960's to acquire, sell and lease land and buildings to encourage the location of industry in Windsor-Essex. Donations of building materials and in-kind services had fostered its establishment. When a purchase did not transpire, the monies were invested, to be applied to the eventual purchase of our own (WECDC) building. BBI Financial Statements will be available atter the annual meeting. Board members showed interest in obtaining additional information on BBI, and in that regard, perhaps Murray Elder could attend a future meeting. It was moved by J. St. Aubin, seconded by M. Solcz and carried that we approve utilization of the 2001 Reserves of $81,401. It was also moved by M. Solcz, seconded by P. Soulliere and carried that we accumulate the net revenue of $35,840. into the 2002 Reserves. It was then moved by R. Henly, seconded by K. Andrews and carried that the draf~ audited statement be approved as presented. NEW BUSINESS a) Budget - Chair of the Finance Committee Keith Andrews suggested that we review the entire budget process, which would include pre-planning by Board and staff prior to budget negotiations and that we include a formal business plan.