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RIDGWAY â€“ The North Central Regional Planning Development Commission is holding just over $5 million in total assets, a nearly $2 million dollar drop from last year, with expenses over $7 million and liabilities over $6 million. This according to a state audit of the organization's financial records dated March 22.
North Central distributes government grant monies to communities, industry, economic growth, workforce quality, and business opportunity in the six counties they serve.
At a recent meeting of the board, Executive Director Eric Bridges depicted a somewhat bleak and uncertain financial future facing the organization, with state reimbursements for its funding of area programs increasingly bogged down in bureaucratic red tape and looming cuts at the federal level due to federal budget sequestration expected to "trickle down," reaching them by the first quarter of the upcoming fiscal year.
In an attempt to make up for the lag between money going out and money coming in, the board approved a motion to increase a credit line from $270,000 to $400,000.
The move was made so the organization can continue to meet expenses central to its functioning, like payroll, bills, and rents while waiting on state dollars.