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PARIS ECONOMIC DEVELOPMENT CORPORATION <br />(A Component Unit of the City of Paris, Texas) <br />Notes to the Required Supplementary Information <br />September 30, 2016 <br />Note 1: Budgetary Data <br />PEDC's fiscal year commences October Ist and ends September 30th. A budget for the forthcoming fiscal year shall <br />be submitted to, and approved by, the Board of Directors in June and delivered to the City of Paris on or before June <br />30th. After Board approval, the budget on appropriate forms is submitted to the City Manager for inclusion in the <br />annual budget of the City of Paris. The budget is to include projected operating expenses and such other budgetary <br />information as shall be useful to or appropriate for the Board and the City of Paris. <br />The proposed budget shall contain such classifications and shall be in such form as may be prescribed from time to <br />time by the City Council of the City of Paris. The budget shall not be effective until it has been approved by the City <br />Council. <br />The Budgetary Comparison Schedule presented as Required Supplementary Information for the General Fund is <br />presented to provide a meaningful comparison of actual results with the budget. For the year ended September 30, <br />2016, expenditures did not exceed appropriations (budget) in any function or line item. <br />12 <br />