Industrial Development Authority audit finds no problems

The Industrial Development Authority of Cape Girardeau County unanimously approved the findings of its annual audit during its board meeting Monday at the Cape Girardeau Chamber of Commerce.

Jeff Stroder, an accountant with Beussink, Hey, Roe and Stroder, submitted the audit to the board. The audit found no problems in the authority's finances.

Board president John Thompson had a small concern over bond interest rates.

"The current low interest rates for bonds aren't a real problem, but the Fed says we can look forward to them lasting into 2015. I wonder how low they can go," he said.

Thompson added that the Industrial Development Authority is in business to reinvest its funds in the community and not fill its own coffers.

"Our mission is economic development," he said. "We're not here to squeeze every last dime into our holdings. We're here to assist business entities in obtaining industrial revenue bonds. Through those bonds, we provide financing for the expansion of industries and job opportunities within Cape County."

The Industrial Development Authority was created in 1979 as a quasi-public not-for-profit corporation.

Pertinent address:

1267 Mount Auburn Road, Cape Girardeau, MO