By David Diaz
Texas Border Business
The Edinburg Economic Development Corporation, which uses the one-half cent economic development sales tax for creating jobs and improving the quality of life in the city, has received the best national rating for how it handles and protects public money, according to a state-required independent annual audit.
The audit covers a one-year period of financial activities by the Edinburg EDC for Fiscal Year 2015 (October 1, 2015 through September 30, 2016).
In general, an audit is a systematic examination and verification of an organization’s books of account, transaction records, other relevant documents, and physical inspection of inventory by qualified accountants (called auditors). (Read more at http://www.businessdictionary.com/definition/audit.html.)
“This very important report on the Edinburg EDC, which is led by Mayor Richard García as President of our five-member Board of Directors, also found in its 36-page detailed analysis that our ‘finances remain healthy’ and ‘2017 to be year of continued growth,’” said Gus García, the Executive Director of the Edinburg EDC.
The audit, prepared by Reyna & Garza CPA, LLC of Edinburg, was publicly released, discussed and approved on Tuesday, April 25, 2017 at the regular meeting of the Edinburg EDC Board of Directors, which gathered in open session in the executive board. Fiscal year 2017 (October 1, 2016 through September 30, 2017) “is projected to be a year of continued growth.
Both public and private development in building and infrastructure activity will serve to broaden the city’s tax base and provide continuing employment opportunities for the residents,” the audit stated. Reflecting the city’s long history of annual economic gains – and specifically for the Fiscal Year 2015 audit – Reyna & Garza CPA, LLC further stated that “in 2016, the Edinburg EDC experienced an increase in sales tax revenue from 2015. As a result, the Edinburg EDC finances have remained healthy and strong. Cash reserves are in place in accordance with the Investment Policy in secured investments.”
The Edinburg EDC Board of Directors is comprised of Mayor Richard García as President, Harvey Rodríguez, Jr. as Vice President, Elías Longoria, Jr., as Secretary/Treasurer, and Richard Ruppert and Dr. Peter Dabrowski as Members. Mayor Richard García and Edinburg EDC Executive Director Gus García are not related.