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PEDC Board Meeting Minutes July 23, 2019 Page 2 of 4 Election of Officers Ms. Bills began the election of officers with nominations for Chairman. Dr. Hashmi nominated Mr. Hernandez and went on to say that Mr. Hernandez has done a very good job with the accounting as Secretary/Treasurer. Ms. Bills asked if there were any other nominations. No one else spoke and she proceeded to close the nominations and ask for a vote. The vote was 5-0. Mr. Hernandez became the new Chairman. Mr. Hernandez took charge of the meeting and asked for nominations for the Vice Chairman position. Dr. Hashmi nominated Ms. Bills for Vice Chairman stating that Ms. Bills has done a fine job in that position. Mr. Hernandez asked for any other nominations and there were none. He then closed the nominations and asked for a vote. The vote was 5-0. Ms. Bills became Vice Chairman for another year. Mr. Hernandez asked for nominations for Secretary/Treasurer. At that time Mr. Hernandez nominated Mr. Pankaj for Secretary/Treasurer. There were no other nominations for Secretary/Treasurer and the nominations were closed. Mr. Hernandez asked for a vote. The vote was 5-0. Mr. Pankaj became Secretary/Treasurer. Reco g!Iition of Outoin Chairman,, Richard Mannin. Mr. Paris expressed that Mr. Manning is very aware of the public's need for transparency in the PEDC and he has worked tirelessly to give transparency to the public. Not only has Mr. Manning been a Board Member, but the Board Chairman, Mayor of Paris and a true leader in our community pulling together many different personalities. You are a big part of why American SpiralWeld chose Paris. Dr. Hashmi pointed out that Mr. Manning has been a leader in the community for a while and his time and effort is appreciated. Mr. Paris and Mr. Hernandez presented Mr. Manning with a plaque for his service. Discuss and ossibl ° a grove Minutes of the June 18 2019 Monthl Meetin �. Mr. Hernandez asked for a discussion and approval of the minutes. Dr. Hashmi made a motion to approve the June 18, 2019 minutes. Ms. Bills seconded the motion. Vote was 5 -ayes to 0 -nays. Discuss and ossibl+ a rove June 2019 Financials Mr. Paris pointed out the Debt Service area on the financials, stating that the principal and interest on each of the loans is shown as Dr. Hashmi had requested. Mr. Hernandez stated the expenses for the month of June were as anticipated at $37,499.34. Mr. Paris said the third page of the expenses worksheet shows our cash position. Mr. Hernandez stated that it has improved over the start of the year even with the extra expenses. Dr. Hashmi made a motion to approve the June financials. Mr. Pankaj seconded the motion. Vote was 5 -ayes to 0 -nays. Discuss and ossibl a grove the 2019-2020 Bud et for Paris EDC. Mr. Hernandez asked that we look at the primary items in the budget. He went on to say that the Personnel Expenses were increased by two percent. Under the Administrative Expenses we are $300.00 more than last year which is an increase in the expense for Auditing Services. Marketing and Promotion moved $10,000.00 for Lamar County Days to Marketing. This shows no change to the total Marketing budget. The total Operating Expenses increased by $5,000.00 for next fiscal year. Mr. Paris said the $25,000.00 Job Training/Matching Grant was not used this year, but we will keep it in the budget for next