13 - PEDC 2016-2017 BUDGET AMENDMENTS

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Item No. 13 memorandum TO: City Council John Godwin, City Manager FROM: Michael Paris, PEDC Executive Director SUBJECT: PEDC 2016 -2017 BUDGET AMENDMENTS DATE: April 18, 2017 BACKGROUND: The Paris EDC Board has requested that the following amendments to its 2016 -2017 Budget be approved by the City Council as required by the PEDC bylaws. Attached to this memo is a worksheet containing columns for the current PEDC budget, the changes requested and the amended budget amounts. A) We are moving $23,000 from Contract Labor (0355) and inserting $21,000 in Salaries and Wages (0101) and 2,000 in Social Security /Medicare (0102). This will accommodate the personnel transition from a staffing agency to PEDC employment. B) We suggest an increase of $77,776.77 in the overall budget. This means that we will increase Insurance Benefits (Personnel - 0104) $8,500, Park Street Project (Direct Business Incentives - 0025) $60,000, Potters Industries (Direct Business Incentives — 0053) $8,000, and Powder Innovations (Direct Business Incentives — 0055) $1,276.77. STATUS OF ISSUE: The PEDC Board approved the changes to the budget at the April 18, 2017, Board requests that the City Council approve the budget changes. BUDGET: These amendments increase the total PEDC budget by a total of $77,776.77. RECOMMENDATION: Motion to approve the requested amendments to the 2016 -2017 PEDC budget.