news & events
Two historic Phelps County banks completed a merger January 2 that both hope will strengthen the financial more...
You know the old adage, “’Tis an ill wind that blows no one good”? The drought may more...
Scores of military veterans and their spouses came together with more than 17 potential employers more...
Earning Public Trust
As the administrative entity responsible for investing a one-quarter cent city sales tax, the Phelps County Development Corporation is required to account for the income received and expenditures made from the account known as LB840. In February and August of each year, PCDC reports to the Citizens Advisory Review Committee. The watchdog committee ensures that PCDC is meeting the citizen’s expectations in its use of LB840 and reports to the Holdrege City Council on its findings.
LB840 vs. General Funds: Which Fund Does What?
PCDC keeps a separate set of records, the “general account,” to detail the income from investors and the associated expenditures. The Board of Directors has typically, used general funds to support the administrative and operational expenses necessary for carrying out the strategic plan. The LB840 fund is used for programs and projects, the revolving loan fund, and the development and marketing of land and buildings.
Confidentiality vs. Transparency
On certain occasions PCDC board members and staff must maintain a level of confidentiality. Anonymity is often demanded when a new recruit considers Phelps County as a new location. And, loan applicants‘ social security numbers, credit scores, and other proprietary information are protected .
It is not that way with the financial statements of the organization, though. The Board of Directors takes its fiduciary responsibility seriously and strives for a high level of transparency with our investors and the citizens of Phelps County. Not only are the officers actively involved in the segregation of duties, minimizing the risk of theft by an individual, but also has an audit performed by a third party each year.