06/24/2010 MINUTES - Laserfiche WebLink

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Paris Economic Development Corporation Meeting Minutes June 24, 2010 Board Members Present: Dan Smith Rick Poston Chad Brown Pike Burkhart, Sr. Staff Steve Gilbert Present: Shannon Barrentine Rachel Schory Ex- officio Members Guest Present: Mindy Moree Present: Connie Beard, Paris News Kent McIlyar Edwin Pickle Kenny Dority Dan Smith, President, called the meeting to order at 11:10 a.m. Presentation, discussion and possible action of the proposed Plan of Work and Budget for Fiscal Year 2010 -11. Steve Gilbert presented the proposed Plan of Work and Budget for Fiscal Year 2010 -11. Steve stated that the proposed budget was based on: • Proposed Sales Tax Revenue of $1 million. • Current salaries reflect 52% of total operating budget vs. 24% of total revenues. • The remaining revenues divided evenly between New and Existing Industry accounts. • $2.1 million in liquid cash reserve for a total of $3.9 million in total assets. • Conservative in cash reserve projections. • Major medical insurance premiums reflects a 25% increase in the proposed budget, but the Chamber Board approved a plan that decreased the benefits to 80 %/20% after deductible rather than 100% after deductible resulting in a 6.8% premium reduction. Steve will adjust the proposed budget to reflect the decrease in premiums. The difference to be split between the New & Existing Industry revenue amounts. • The proposed budget reflects a 3% cost of living increase for the two administrative assistants, not one for himself. He stated that he was sensitive to the City's budget shortfall and the responsibility to the tax payers. Dan Smith stated that just because an item is budgeted doesn't mean you have to give the raises and they can't be executed without Board approval. • More discussion took place as to the proposed Plan of Work and 2011 being a Legislative year with additional expenses to support businesses on the local and state level. • Airport infrastructure improvements along with runway improvements with TxDOT dollars. • Regional focus on marketing and networking for the PEDC. • Assisting the Diversity Task Force with staffing, etc. • Search national and state sites for industrial and commercial properties with the updated website. • Paris Junior College is evaluating all options for permanent incubator facility. Motion was made by Pike Burkhart to approve the proposed PEDC Budget for FY 2010 -11 with reductions to the major medical expense line item (6.8 %) and increase (by this amount) the New & Existing Industry line items equally; seconded by Chad Brown. Motion carried.