Hot Posts

6/recent/ticker-posts

Amarillo EDC approves amended bylaws


The Amarillo Economic Development Corporation (AEDC) board convened today to discuss and approve amended bylaws, a move that follows the Amarillo City Council’s approval of significant changes to the organization’s Articles of Incorporation, now referred to as the Certificate of Formation.

Kevin Carter, President and CEO of AEDC, highlighted the structural importance of the changes. “The Certificate of Formation is your organizing document, the highest document in your organization. The bylaws, while not dictating specific policies, set forth the rules you have to follow,” Carter explained.

Key Changes to Bylaws

The new bylaws introduce measures to improve oversight and accountability in the AEDC's operations. Among the most notable changes:

Project Approvals: All projects undertaken by the AEDC must be individually reviewed and approved by both the AEDC board and the Amarillo City Council.

Budget Oversight: No line item in the AEDC budget can be reallocated without approval from the board and City Council.

Director Oversight: The City Council now has the authority to remove directors from the AEDC board at any time, with or without cause. The Council will also be responsible for filling vacancies.

Conflict of Interest Policy: Board members will be classified as local public officials and required to disclose any conflicts of interest through an affidavit. Directors with conflicts must abstain from voting on related matters.

Expense Reimbursement: Board members can be reimbursed for reasonable expenses related to their duties but must provide proof such as receipts or invoices. Daily travel allowances will not be reimbursed.

A Focus on Transparency

The emphasis on transparency was underscored by Mayor Cole Stanley during Tuesday’s City Council meeting. “It’s very important that you are showing monthly, biannually, and annually on your budget how much you’re spending, where the money’s going, and why,” said Mayor Stanley. “These [measures] speak to the issues we need to address to develop the appropriate relationship between the AEDC and our taxpayers.”

Next Steps

With the AEDC board’s approval of the amended bylaws, the changes now await final approval from the Amarillo City Council. Once ratified, these updates are expected to strengthen the AEDC’s governance and ensure greater accountability in its economic development initiatives.

The AEDC’s focus remains on fostering economic growth in Amarillo, and these measures are seen as a step toward aligning the organization more closely with public interests.

Post a Comment

0 Comments