EDC Special Meeting 9-4-2-205 5 PM

The City of Bandera held a special Economic Development Corporation (EDC) meeting on April 2, 2025, focusing primarily on financial and procurement matters. The board approved the 2023-24 audit, which was a clean audit but noted a material weakness regarding untimely bank reconciliations. They discussed implementing year-end closing procedures to address this issue. The board also approved Resolution 2025-00001 to update bank signatories for Bandera Bank and Techstar Bank. A professional services agreement with the City of Bandera for administrative services was discussed, with details on scope and reimbursement still being finalized; this agreement will also require city council approval. The meeting included a review of the proposed 2025-26 budget, emphasizing more realistic revenue and expense projections, including allocations for administrative costs, legal fees, land improvements, promotional marketing, and capital projects such as park restrooms and skate park safety upgrades. The board also discussed formalizing an ongoing agreement to pay half of the city's bond principal annually, which has been an informal arrangement to date.