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Intermodal Update – Financial Update

November 30th, 2012 by
According to SalineRiverChronicle.com, the Southeast Arkansas Intermodal Authority Board met recently,with six board members present.
 
Bob Milton covered the financial statement and provided an update on all bills payable and the status of grant funds.  He informed the board that over $600,000.00 of grant money is pending.  He indicated that the authority has now borrowed a total of $400,000.00 and owes accrued interest in the amount o $3401.99.  The board agreed to pay the interest and pay whatever they can on the loan as funds are received.
 
A report was provided by Garver Engineers on the status of each construction contract.  Good progress was reported on each one.
 
There was considerable discussion relating to the future availability of sufficient electricity to the intermodal site, and the commitment of C&L electric to provide services.  Board members were told it is essential to know the exact commitment of C&L, what services can be provided and who will be required to pay for new construction of electrical capabilities.
 
Garver Engineers told the board they were near the end of their budget for project oversight and would need additional funding.  The board was told the Highway Department is looking into how to secure additional funds.
 
A report was given concerning a statewide meeting conducted of all intermodal authorities from throughout Arkansas.
 
The board also discussed the issue of the ability of the cities and counties to continue providing the local matching funds required by the various grants being utilized by the Authority.  Board member Roger George stated that Bradley County does not have sufficient funds to continue paying.  Bob Milton, the Authority’s accountant, informed the board that he has not been reimbursing the cities and counties their portions of the grant reimbursments in order to maintain cash to pay bills.  He is crediting the local governments for future payments.

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