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FHREDI changes accounting procedures

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By BILL ROGERS

Highlands Today

Published: September 22, 2009

SEBRING - Florida's Heartland Rural Economic Development Initiative will change its accounting procedures.

FHREDI's board of directors approved recommendations made by an ad hoc committee during the regional organization's annual meeting Monday at the Sebring Civic Center.

The committee presented its report, recommending that the financials for the upcoming fiscal year be reported on accrual accounting basis to make sure there is common ground for an audit review following general accepted accounting procedures.

The FHREDI staff had been operating on a cash basis to make revenue more understandable to the board.

The committee also suggested that staff present the financials as an agenda item at each board meeting to include budgeted/actual activity, and the treasurer meet with staff and a representative from the accounting firm at least quarterly to review FHREDI's financials.

The board spent more than 90 minutes talking about the budget. Highlands County Commissioner Jeff Carlson, who is a CPA in Sebring, was critical, saying this is the fourth year of deficit spending for FHREDI.

Board member Joey Hoover, who is an Okeechobee County commissioner, asked Carlson what are the consequences of that.

"We are running at a deficit and using savings to pay our bills," Carlson said. "Our savings is being depleted."

Several of the board members of the six-county organization are commissioners. They seemed to agree that the FHREDI budget is like a county budget, noting that budgets are working documents that are flexible.

After the lengthy discussion, the board voted 12-1-1 for the 2009-10 budget. Carlson voted against it and Dan Murphy, the executive director of the Highlands County Economic Development Commission, said he abstained.

The budget for next year totals $360,105. Lynn Topel, FHREDI's executive director, said she cut almost $100,000 from the 2008-09 budget.

Later in the meeting, Carlson became an officer. He will serve as vice chairman for the coming year.

Ron Neads of DeSoto County was voted in as the new chairman of the organization.

Neads commended Butch Jones for his service to FHREDI, saying he had done an "outstanding job." Jones, a Glades County commissioner, was the organization's chairman for nine years.

The DeSoto commissioner said he knows there has been some turmoil within the organization regarding its direction, but he told board members "we have to stay united."

In addition, Roger Hood, president/CEO of Heartland Workforce, is the secretary and Kathy Scott of Okeechobee County is the treasurer.

Bill Rogers may be reached at 386-5825 or wrogers@highlandstoday.com

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