17 - PEDC 2017-18 Budget Amendments

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Item No. 17 TO: City Council John Godwin, City Manager FROM: Michael Paris, PEDC Executive Director SUBJECT: PEDC 2017-2018 BUDGET AMENDMENTS DATE: September 19, 2018 BACKGROUND: The Paris EDC Board has requested that the following amendments to its 2017-2018 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. These changes are necessitated by: additional Personnel expense for the end of year payroll; Postage and the Auditing Services being over the budgeted amounts; Job Training added $25,000.00 due to paying Paris Junior College for a Job Training match grant; Direct Business Incentives are over the budget by $430,100.00 due to Campbell's and J Skinner incentives; Capital Expenses show the purchase of the Superior Switch property and associated expenses. STATUS OF ISSUE: The PEDC Board approved the changes to the budget at the September 18, 2018, Board Meeting and requests that the City Council approve the budget changes. BUDGET: These amendments increase the total PEDC budget by $752,277.97. This increase is for Direct Business Incentives and Capital Expenses. RECOMMENDATION: Motion to approve the requested amendments to the 2017-2018 PEDC budget.