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48 <br /> <br /> Chairman Cecil said at the last meeting the Board discussed the <br /> project but did not take any action. He said at that time they <br /> discussed the project and the City's participation in the <br /> project, and Mr. Malone is asking the board to fund this <br /> project by reimbursing the City as they pay for the work. <br /> Board member Dick Amis made a motion to approve the expenditure <br /> of $143,276.18 to reimburse the City for the "Soup Street" <br /> Project as those expenses are incurred by the City which was <br /> seconded by Board member Barney Bray. The motion carried <br /> unanimously 6-0. <br /> <br /> Chairman Cecil said the next item on the agenda was discussion <br /> of the budgeting process. City Attorney Haynes read the budget <br /> section of the by-laws. Chairman Cecil said he had asked the <br /> City Attorney to prepare a rough draft for the Board to work <br /> with. Mr. Haynes said this is a bare minimum budget to begin <br /> this first year and as the year progresses and expenditures are <br /> made sub-accounts will be identified as necessary. Mr. Haynes <br /> said this budget is based upon the authorized, directed methods <br /> for projecting the income for the year as the State directed. <br /> Chairman Cecil said Mr. Anderson has the estimated income at <br /> $700,000.00, and the law provides that the Board can spend up <br /> to 10% of their income on promotional activities. <br /> <br /> Mr. Cecil said by-laws provide for the $100,000.00 to be set <br /> aside without being identified as to use. Mr. Cecil asked for <br /> the City Attorney's comments. Mr. Haynes said with the <br /> agreement of the City Council the total fund could be expended <br /> if justified. Mr. Cecil stated he felt it would be wise to <br /> have some type of contingency reserve, but he did think there <br /> would be circumstances when the Board would need to be able to <br /> use that amount. The City Attorney Haynes said it would <br /> require the agreement of the City Council to expend those <br /> funds. After discussion, Mr. Cecil suggested some type <br /> contingency fund available where the Board could ask the City <br /> Council to give the authority to use those funds if the need <br /> arises, and then the decision is made at that time. City <br /> Attorney Haynes said the contingency fund will build up and the <br /> Board will eventually have money for the extraordinary deal. <br /> <br /> Board member Bray said in relation to the contingency fund he <br /> did not feel the Board had any contingencies except for <br /> projects, so why have the fund where it cannot be used when <br /> needed. He said the Board needs the money to retain people or <br /> companies in Paris, or to bring new business to Paris. Mr. <br /> Amis said he was interested in not designating the fund as a <br /> permanent fund and have the restricted amount be zero. Mr. <br /> Cecil said he has a real problem with segregating funds that <br /> the Board cannot reach. Mr. Cecil stated for the purposes of <br /> this budget discussion, if he is understanding the other board <br /> members, they want that number to be zero or to be labelled <br /> unrestricted. Mr. Cecil said the unrestricted portion of the <br /> budget is the new industry projects and existing industry <br /> projects. <br /> <br /> <br />