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PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />(A Component Unit of the City of Paris, Texas)
<br />Governmental Funds Balance Sheet/Statement of Net Position
<br />September 30, 2016
<br />The notes to financial statements are an integral part of this statement.
<br />3
<br />Total
<br />Total
<br />Debt Service
<br />Governmental
<br />Governmental
<br />General Fund
<br />Fund
<br />Funds
<br />Adjustments*
<br />Activities
<br />Assets
<br />Cash and Cash Equivalents
<br />$ 2,523,029
<br />$
<br />$ 2,523,029
<br />$
<br />$ 2,523,029
<br />Certificates of Deposit
<br />-
<br />-
<br />-
<br />Taxes Receivable
<br />243,678
<br />-
<br />243,678
<br />243,678
<br />Restricted Assets:
<br />Bond Debt Service Fund
<br />Cash and Cash Equivalents
<br />-
<br />30,569
<br />30,569
<br />-
<br />30,569
<br />Bond Reserve Fund
<br />Cash and Cash Equivalents
<br />-
<br />374,276
<br />374,276
<br />-
<br />374,276
<br />Land Development Costs
<br />1,908,522
<br />-
<br />1,908,522
<br />-
<br />1,908,522
<br />Total Assets
<br />$ 4,675,229
<br />$ 404,845
<br />$ 5,080,074
<br />-
<br />5,080,074
<br />Liabilities
<br />Accounts Payable
<br />$ -
<br />$ -
<br />$ -
<br />-
<br />Intergovernmental Payable
<br />1,613
<br />1,613
<br />-
<br />1,613
<br />Liabilities Payable from Restricted Assets
<br />Current Portion of Bonds Payable
<br />-
<br />-
<br />(325,000)
<br />325,000
<br />Accrued Interest Payable
<br />-
<br />-
<br />(2,354)
<br />2,354
<br />Bonds Payable (Net of Current Portion)
<br />-
<br />-
<br />(340,000)
<br />340,000
<br />Total Liabilities
<br />1,613
<br />1,613
<br />(667,354)
<br />668,967
<br />Fund Balance/Net Position
<br />Fund Balance:
<br />Nonspendable -Land Development Costs
<br />1,908,522
<br />-
<br />1,908,522
<br />1,908,522
<br />-
<br />Restricted for Debt Service
<br />-
<br />404,845
<br />404,845
<br />404,845
<br />-
<br />Committed to Industrial Incentives
<br />1,007,355
<br />-
<br />1,007,355
<br />1,007,355
<br />-
<br />Unassigned
<br />1,757,739
<br />-
<br />1,757,739
<br />1,757,739
<br />-
<br />Total Fund Balance
<br />4,673,616
<br />404,845
<br />5,078,461
<br />5,078,461
<br />-
<br />Total Liabilities and Fund Balance
<br />$ 4,675,229
<br />$ 404,845
<br />$ 5,080,074
<br />Net Position:
<br />Restricted for Land Development Costs
<br />(1,908,522)
<br />1,908,522
<br />Restricted for Debt Service
<br />(77,491)
<br />77,491
<br />Restricted for Industrial Incentives
<br />(1,007,355)
<br />1,007,355
<br />Unrestricted
<br />(1,417,739)
<br />1,417,739
<br />Total Net Position
<br />S (4,41 1,107)
<br />$ 4,411,107
<br />*Primarily long -term liabilities are not reported in the funds.
<br />The notes to financial statements are an integral part of this statement.
<br />3
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