PRESS RELEASE: Duncan Area Economic Development Foundation’s Transparency Speaks For Itself

June 6, 2024

DUNCAN, OKLAHOMA – In response to criticism from a City of Duncan elected official, Lyle Roggow, Duncan Area Economic Development Foundation (DAEDF) President issued the following statement: “Transparency and accountability are the cornerstone of every successful entity. Duncan Area Economic Development Foundation has maintained high levels of both since its inception and growth into the organization it is today.”

DAEDF is funded through a variety of sources.  These include income generated from leasing real estate, grants, gifts, and membership dues. Additionally, DAEDF receives City of Duncan sales tax revenue specifically to support economic development projects. This began with a half-cent sales tax from 1994 to April 2014 and has since transitioned to a quarter-cent sales tax.

All funding, including sales tax dollars, undergoes a rigorous annual audit, consistently receiving clean reports. A system of checks and balances was established alongside the sales tax to ensure the responsible use of these funds for economic development projects. This system involves several key steps:

• Joint Review: Both the DAEDF Board and the Duncan City Council must approve any funding requests before DAEDF can allocate resources.
• Secure Funds: Sales tax money remains securely held in accounts controlled solely by the City of Duncan.
• Pre-Approved Spending: The City of Duncan must approve all economic development project expenses upfront. DAEDF then utilizes its own funds to cover these approved costs.
• Clear Reimbursement: Once projects are completed, DAEDF submits invoices to the City Council for approval at their biweekly meetings. Upon approval, the City of Duncan reimburses DAEDF from the dedicated sales tax account.

DAEDF related sales tax expenditure is a matter of public record and can be accessed at any time by any individual or entity through City of Duncan under the Open Records Act. DAEDF was also independently assessed by RegionTrack, an Oklahoma City based economic research firm specializing in regional economic forecasting and analysis, in 2022. The results of this assessment can be requested from DAEDF and contain a breakdown of DAEDF’s activities, expenses, and results spanning almost three decades.  As noted in the report, financial audits of DAEDF are available for more than two decades and “provide full detail on the financial condition, transactions, holdings, and stability of DAEDF.”

According to the report, DAEDF incentives and economic development activities have generated economic activity in the area economy, spurred significant construction activity, and stimulated ad valorem taxation through city utility usage. Additionally, DAEDF has significantly and positively impacted Duncan and surrounding counties through measurable spillover activity.

“By taking sales tax dollars and self-generated funds and investing them in primary industries, DAEDF has majorly contributed to stabilizing the workforce base in spite of the cyclical nature of oil and gas industry jobs that abound in our area of the United States,” stated Roggow. “Sales tax dollars have been put to good use over the past 30 years based on the measurable outcomes we see from independent assessments of our organization. Every dollar has been spent in a transparent, above-board fashion and the community can rest in that knowledge because it’s easy to verify how funds have been spent.”

About Duncan Area Economic Development Foundation

Duncan Area Economic Development Foundation (DAEDF) was started in 1993 when business leaders decided to diversify the community's industry mix. A dedicated sales tax passed by the citizens allowed the program of work to begin. DAEDF is involved with workforce, STEM, internship activities, a business incubator, and business attraction and retention. 

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