TAHLEQUAH, Okla. — The Cherokee Nation Tribal Council voted to allow Cherokee Nation Businesses to renew its revolving line of credit for another five years for substantially better terms.
CNB’s line of credit is used for short-term working capital as well as long-term capital expenditures. The company reduced its line of credit to $100 million from the previous line of more than $200 million. The reduction is due in part to CNB becoming more financially solvent and self-sufficient, with more solid cash flows than ever before.
"Strong leadership in the government and at CNB has led to new opportunities,” Cherokee Nation Tribal Council member Chuck Hoskin Jr. said. “We've seen a steady increase in jobs for Cherokees at CNB, increased profits and increased revenues for the tribe. In view of this progress, it is no surprise CNB was able to negotiate the best credit agreement in its history. We are in a stronger position than ever for growth."
Doug Evans, chief financial officer for CNB, said CNB’s impressive growth over the past year has reduced its need for additional credit. CNB owns companies in the gaming, hospitality, information technology, personnel services, distribution, manufacturing, telecommunications, environmental services and security and defense industries.
“This is a great sign for the company. CNB’s impressive growth over the past few years has reduced the level of additional credit required by the businesses,” Evans said. “Our strategic investments are fueling record profits and cash flows, reducing the need for the same credit level that was required in the past.”
The Tribal Council also passed legislation during the April 22 meeting to increase the overall operating budget of the Cherokee Nation by $19 million. Of that, $18.5 million is carryover funds from the previous fiscal year and $500,000 is from federal grants and funds. The funds will be distributed among multiple programs and services. The budget for fiscal year 2013 now stands at $561 million.
"This budget amendment pumps more than $18 million dollars in programs to serve our people at a time when the need is so great,” Tribal Council Speaker Tina Glory Jordan said. “Among other things, it boosts the Indian Child Welfare programs and vocational education programs by $300,000 each. From the Day Work program to environmental protection to Elders in Need, this budget increase reflects our values."
The Tribal Council also recognized an outstanding Cherokee graduate and made four board appointments. They are as follows:
- Cody William West, a 2013 graduating senior from Claremore High School was accepted into the U.S. Naval Academy where he plans to also study Engineering.
- Lynn Burris, of Tahlequah, to the Cherokee Nation Administrative Appeals Board until October 2015. Burris has a law degree from the University of Oklahoma and has considerable service on tribal courts.
- Curtis Keith Austin, of Claremore, to the Cherokee Phoenix Editorial Board until April 2019. Austin is the owner of All Points Delivery Systems, Inc. in Tulsa and employs 20 people.
- Shaun A. Shepherd, of Tahlequah, to the Cherokee Nation Waste Management Board of Directors until April 2016. He has been the president of SAS Construction and One Degree, Inc. in Tahlequah.
- Patsiann Nix Smith, of Tahlequah, to the Cherokee Nation Foundation Board until October 2013. She is the director of the Nix Foundation and director for Nix Holding Company and a general partner of the Nix Legacy Partnership in Edmond.
Cherokee Nation News Release
Julie Hubbard - 918-207-3896
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