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Item No. 19 <br />TO: City Council <br />Gene Anderson, Interim City Manager <br />FROM: Michael Paris, PEDC Executive Director <br />SUBJECT: PEDC 2018-2019 BUDGET AMENDMENTS <br />DATE: September 17, 2019 <br />BACKGROUND: The Paris EDC Board has requested that the following amendments to its <br />2018-2019 Budget be approved by the City Council as required by the PEDC bylaws. Attached <br />to this memo is a worksheet containing columns for the current PEDC budget, the changes <br />requested and the amended budget amounts. These changes are necessitated by: additional <br />Personnel expense for the end of year payroll; Debt Service to bank loans for the purchase of <br />land for the SW Business Park and the $1,000,000.00 incentive to American SpiralWeld Pipe; <br />New Industry Projects increased to $535,000.00 since they were not started before the beginning <br />of the fiscal year. <br />STATUS OF ISSUE: The PEDC Board approved the changes to the budget at the <br />September 17, 2019 Board Meeting and requests that the City Council approve the <br />budget changes. <br />BUDGET: These amendments increase the total PEDC budget by $629,757.70. This increase is <br />for Direct Business Incentives and New Industry Projects. <br />RECOMMENDATION: Motion to approve the requested amendments to the 2018-2019 PEDC <br />budget. <br />