AUBURN - The Auburn Industrial Development Authority could use a financial shot in the arm, its auditing firm said Monday.

AIDA board members heard from Elain Buffington, a partner with Auburn-based Beard Miller Company LLP, which completed an audit last month.

Board members voted to approve the audit, which is required because the agency is a component of the city of Auburn.

While the audit found the financial records in acceptable form, Buffington said, the agency needs some operating funds.

“Your cash is depleting quite quickly,” Buffington said.

This means the agency needs projects, Mayor Timothy Lattimore said .

The agency's total fund equity decreased by 6 percent, or more than $13,850, since 2005. Cash and investments decreased $840,650, or 92 percent.

However, the authority's fiscal year ends in December, so the records do not reflect 2007 transactions, such as the revised payment in lieu of taxes agreement with Nucor. The authority does not receive appropriations from any local or state government to support its operations.

Chairman Charles Mace mentioned the possibility of increasing the agency's fee from .05 percent to 1 percent, but tabled discussions until next meeting when he expects more members to attend. Buffington suggested members keep the six companies with PILOT agreements on a schedule to prevent businesses from getting behind on payments.

Staff writer Jessica Soule can be reached at 253-5311, ext 267 or

jessica.soule@lee.net