By BRIAN SMITH
Officials gave an update on making the Weatherford Economic Development Authority a city department at a Thursday WEDA board meeting.
WEDA Executive Director Dennis Clayton said becoming a city department, which was approved by the city council earlier this year, will take effect Oct. 1 with the start of the new fiscal year. The non-profit business corporation should wrap up its commitments in 30-60 days. Clayton said once that is complete, papers to dissolve the corporation will be filed with the Secretary of State’s office. Within three to five months after that, a report will be filed with the IRS that the corporation has been dissolved.
Clayton said at present there is roughly $70,000 in the corporation fund balance, which will drop because of one more month of payroll. According to a staff report, the remaining funds will be deposited into the city’s general fund. Clayton submitted his budget to city officials and saw about $50,000 of it cut by eliminating his administrative assistant, which Clayton said he had been doing without since February. The annual WEDA budget now stands at $185,254.
Board member Ken Davis asked if there will be a final audit of the corporation, and Clayton said he would look into doing one. Assistant City Manager Sharon Hayes said the city will start its audit process in the coming weeks and encouraged WEDA to have one done.
In other activity, board members approved spending $5,000 for a new aerial map of the city, which is done every three years. Clayton said 300-500 maps are printed and distributed to prospective relocating companies and existing businesses to aid with economic development.
The board also named Weatherford Regional Medical Center CEO David Orcutt to its Business Leadership Committee, which the former hospital CEO also sat on. Clayton, who chairs the board of the WRMC, said having the CEO of one of the city’s largest employers is important.