Toward the end of the July 18th board meeting of the Southeast Arkansas Regional Intermodal Authority, the members were informed that an audit of federal funds prepared by a private accounting firm, needs documentation that proves the debts of the authority will be guaranteed by the cities of Monticello and Warren and the counties of Bradley and Drew. At this time the debt consist of a note payable to Commercial Bank in the amount of $64,147.19 and monthly interest on the balance owed, monthly utilities, bookkeeping services and other expenses relating to upkeep of the property. For the previous month, the expenses were $1449.51.
According to the financial report the two cities and two counties owe the authority a total of $302,239.34. It is divided as follows:
*Monticello-$22,986.02
*Warren-$58,798.93
*Drew County-$43,605.88
*Bradley County-$176,848.51
It should be noted that Monticello, Warren and Drew County have been making some annual contributions to the Intermodal Authority as approved by their respective legislative bodies, and Bradley County has, over the past several months, provided labor and equipment to conduct dirt work and maintenance work on the intermodal site, in lieu of cash payments. It should also be noted that any money provided by the cities and counties must be appropriated on a yearly basis by the city councils and quorum courts. Just because the intermodal authority incurs debt, does not make the city and counties libel for the expenses. This has been discussed over the years and has been reported by this new site.
The board was also told that they can expect funding in the amount of $75,000.00 sometime this year. The legislature has approved funding for several intermodal authorities within Arkansas.
Board members then voted to invite the auditor to attend the next intermodal meeting and further explain the need for documentation for the audit and to explain the repercussions of a qualified audit vs. an unqualified one.
During the discussion relating to the audit, Bradley county Judge Klay McKinney indicated he did not believe the Bradley County Quorum Court would approve a letter guaranteeing the debt and a representative on the board from Monticello made a similar statement regarding the city of Monticello.
A good portion os the meeting consisted of continued discussion and debate regarding the issue of the railroad crossing within the intermodal park. This has been ongoing for nearly two years. Either the road or the rail switch must be relocated due to railroad regulations. The debate has consisted of who owes for the additional expense and which route to take in correcting the problem. During the discussion, Board Chairman John Lipton, stated he has been in the dark during the process of trying to get the issue dealt with.
Nine board members were present for the meeting.
According to the financial report the two cities and two counties owe the authority a total of $302,239.34. It is divided as follows:
*Monticello-$22,986.02
*Warren-$58,798.93
*Drew County-$43,605.88
*Bradley County-$176,848.51
It should be noted that Monticello, Warren and Drew County have been making some annual contributions to the Intermodal Authority as approved by their respective legislative bodies, and Bradley County has, over the past several months, provided labor and equipment to conduct dirt work and maintenance work on the intermodal site, in lieu of cash payments. It should also be noted that any money provided by the cities and counties must be appropriated on a yearly basis by the city councils and quorum courts. Just because the intermodal authority incurs debt, does not make the city and counties libel for the expenses. This has been discussed over the years and has been reported by this new site.
The board was also told that they can expect funding in the amount of $75,000.00 sometime this year. The legislature has approved funding for several intermodal authorities within Arkansas.
Board members then voted to invite the auditor to attend the next intermodal meeting and further explain the need for documentation for the audit and to explain the repercussions of a qualified audit vs. an unqualified one.
During the discussion relating to the audit, Bradley county Judge Klay McKinney indicated he did not believe the Bradley County Quorum Court would approve a letter guaranteeing the debt and a representative on the board from Monticello made a similar statement regarding the city of Monticello.
A good portion os the meeting consisted of continued discussion and debate regarding the issue of the railroad crossing within the intermodal park. This has been ongoing for nearly two years. Either the road or the rail switch must be relocated due to railroad regulations. The debate has consisted of who owes for the additional expense and which route to take in correcting the problem. During the discussion, Board Chairman John Lipton, stated he has been in the dark during the process of trying to get the issue dealt with.
Nine board members were present for the meeting.
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