Meridian EDC examines finances in prep for upcoming budget

• Meridian EDC examines finances in prep for upcoming budget

The Meridian Economic Development Corporation’s Board of Directors examined its current financial position in preparation for building its budget during its regular meeting on Thursday, April 18.

The board also received input on the MEDC’s online presence, including creating direct links to the website and possibly updating the city’s site for easier navigation.

In addition, the board discussed MEDC’s new office design, reviewed the local events around the solar eclipse, and heard more about the Meridian Public Library’s renovation plans and fundraising efforts.

Dianne Mobley, a volunteer with experience as a certified public accountant, reported that she had collected the MEDC’s financial statements from 2006 to present from the City of Meridian and was in the process of clarifying items like loan forgiveness and project costs.

To date, the MEDC had $91,740 in a certificate of deposit and $10,995 in its checking account, she said.

Mobley said that she is waiting for the city’s sales tax revenue report, the release of which is delayed due to Meridian City Hall undergoing its annual audit.

Mobley suggested that the MEDC create and manage its annual budget in an Excel spreadsheet because QuickBooks was not user-friendly, having gone to a cloud-based interface system with higher fees.

The board tabled discussion and action concerning its banking services for a future meeting in executive session.

Board re-shuffling During the meeting, the board accepted Michael Woerner’s resignation as the MEDC’s treasurer; he will continue to serve as the board’s secretary.

The board also approved MEDC Director Don Pool as the new treasurer, who will receive assistance from Dianne Mobley during the transitional phase.

MEDC President Jerry Mobley explained that to abide by the MEDC’s bylaws, the board needed two different board members to fill the secretary and treasurer roles.

The president added that he will accept recommendations for a new board member for consideration and action at a future meeting because director Chad Cochran had recently resigned from the board due to time constraints.

New MEDC employee

The MEDC”s April meeting was Brook DeZavala’s first as the organization’s new business development coordinator.

“We are looking forward to working with Brook,” Teresa McMahon, Meridian Chamber of Commerce Executive Director, said.

During the meeting, DeZavala reported on updates to the MEDC’s website and new posts to its new Facebook page, the latter of which she created in the first two weeks of her employment.

DeZavala and the board also discussed uploading the MEDC’s “business wish list” as well as photos of the organization’s completed projects on the website in the future.

DeZavala informed the board of an upcoming conference she would be attending to receive accreditation in Tyler, Texas.

New office

MEDC Vice President Paul Hardcastle reported that the MEDC’s new office should be open and operational by June 2024.

The MEDC’s office will be located on the first floor of the Masonic Lodge Building in historic downtown Meridian.

Hardcastle said that the contractors will be replacing the front windows and interior doors of the office.

The board discussed using the new office for its own special meetings as well as entertaining business owners with a high potential of relocating their operations to Meridian.

DeZavala also gave input on her preferences for new furniture in MEDC’s new office.

Chamber update

Teresa McMahon deemed the Chamber’s activities for the total solar eclipse a success.

McMahon noted that while huge crowds never materialized in Meridian for the day of the eclipse, those visitors who showed up gave positive feedback of the town in the days prior.

“[The visitors] were so nice and so impressed with Meridian,” she said. “They said they would definitely talk about Meridian and how well we were received.”

The visitors came from Holland, France, Pennsylvania, New York, and Las Vegas, she said.

The board approved granting the Chamber $2,115 for outstanding expenses related to its eclipse event, specifically portable restrooms.

The board had previously approved $5,000 to the Chamber for the eclipse event, $2,390 of which the MEDC had already allocated.

Teresa McMahon noted that the Chamber is collecting unused solar eclipse glasses for children in the path of the next eclipse in South America.

Library renovations

Meridian Public Library board member Dianne Mobley gave a short presentation on the progress of the library’s fundraising campaign.

She explained that after January 2024, the group raised $35,000, with $15,000 more raise before receiving the MEDC’s $50,000 matching grant.

When asked, Dianne Mobley declined to accept the MEDC’s funds at this point in the renovation.

“We have some money to raise,” she said. “We have some great plans, if anybody wants to go by the library and see them.”

Mark McMahon, a local engineer assisting with the renovation plans, estimated that the remaining costs of finishing the building’s interior will run between roughly $125,000-175,000.

He said the cost for the building’s facade could run up to $30,000.