· Related development
Council tables AEDC budget and directs an internal audit of three years of AEDC finances
At its September 10, 2024 meeting the council tabled approval of the AEDC's 2024/2025 budget until the AEDC had new policies in place and directed the City's internal auditor to audit the AEDC's finances for the past three years. Mayor Cole Stanley cited Texas Local Government Code Sec. 501.073(a), under which the authorizing unit approves a development corporation's programs and expenditures.[1]
Cole StanleyAmarillo Economic Development Corporation (AEDC)
What the sources say
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On September 10, 2024 the council tabled approval of the AEDC's 2024/2025 budget until the AEDC had new policies in place and directed the internal auditor to audit the AEDC's financials over the past three years; the audit began September 11. Mayor Stanley said the council's issue was that it is the AEDC's authorizing unit and state law requires it to oversee the corporation.[1]