On Friday, July 13, the Ardmore Development Authority met for a special meeting.
A key action taken was the approval of June 2018 financials. This month’s numbers reflect the end of year totals for fiscal year 2017-1018. Overall the ADA’s total income was $5,805,298.10 while the total expenses totaled $1,981,396.19, giving the agency a net profit of $3,823,901.91.
Ardmore Development Authority CEO, Mita Bates, explained the numbers.
“That’s great because we really have turned into a position where we’re making a little money,” Bates said.
She went on to mention the money the organization receives from mineral rights and point out that the numbers remain positive even when those numbers are not factored into the equation.
“We do know that in our case we have the good fortune of the mineral income,” Bates said. “If we reduce out the mineral income and the interest we’ve earned from that which total right at $2 million, we still end up with $1.7 million in profit.”
In closing, Bates summed up what all these numbers really mean.
“The good news is this money allows us to build up that savings account so if we do have a downturn in sales tax revenue or other things we do have some reserves available. So that’s a good thing.”