EDC receives clean audit, industry impact report presentation

The South Western Kentucky Economic Development Council received a clean audit report, and Executive Director Carter Hendricks presented an industry impact report at Monday’s meeting.

Ashley Wofford from Calhoun and Company, PLLC prepared the financial statement audit report for fiscal year 2024-25. In the report, financial statements were examined to ensure that the council is reporting accurately and following regulations.

Wofford says the audit was clean and there were no misstatements found.

Following the audit report, Hendricks presented a three-year regional industry impact report, which was prepared by Boyette Strategic Advisors based in Little Rock, Arkansas. The report focuses on the impact of 13 companies that announced plans to expand or establish facilities in the region between 2022 and 2024.

The 13 companies include Huhtamaki, Rural King, Casey Jones Distillery, Novelis, Buc-ee’s, Kitchen Food Company, Delavan, Toyota Boshoku, Ascend Elements, Altria, Cinis Fertilizer, Summertown Metals and White Drive Motors and Steering.

The initial investments of those developments total nearly $2.8 billion; supported the creation of over 9,400 jobs; contributed over $981 million to the regional economy; produced around $605 million in labor income and generated around $70 million in state and local taxes. However, Hendricks says some of those investments have not been made yet.

The full report is available at southwesternky.com.