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PEDC Board Meeting Minutes December 18, 2019 Page 3 of 5 Discuss, revision and possible af; royal _to.... nti travel rrocedural protocols �n documenhn ITw and credit card related ex ease. Dr. Hashmi made a motion to table this item. Mr. Hernandez seconded the motion. Vote was 5 -ayes to 0 -nays. Piseuss andmi)ossibl approve the PEDC cash #low in re cards to the debt we have and formin�threeee-� ear Plan. Mr. Paris stated that as projects come in we need to know the cash flow we will need for each project and for all the projects we have committed to. Mr. Hernandez pointed out the cash flow projections starting in 2020 and forecasting through 2024. He highlighted the major expenditures: American Jobs and Rail at $2 million; Skinner Rail at $300,000.00; Project Rainwater Falls at $1.5 million; Project Rocket X at $140,000.00; ongoing commitments of $380,000.00. Mr. Hernandez informed the Board that our total cash needs in 2020 will be $4,925,149.00; our total anticipated cash receipts is $1,450,000.00; our cash: shortage our current cash on hand is $4,250,000.00; and the cash on hand projection would be $774,851.00. He went on with the cash projections through 2024. PEDC borrowing for projects would be limited to $3 million less our current debt of $1.2 million dollars. Dr. Hashmi asked Mr. Anderson what he thoughts were on the PEDC finances. Mr. Anderson answered that the first thing he noticed was the anticipated receipts with a yearly increase of 2.5%. He stated that this increase was very optimistic. The sales tax increase for 2017-2018 fiscal year to this past fiscal year the increase was 0.43%. Mr. Anderson said he was also concerned about the State Legislature looking at municipal revenues. Right now they are looking at eliminating property taxes and redistributing what sales tax would be used for. Mr. Anderson stated that he would have concern about extended debt being paid back in 30 years. Dr. Hashmi asked, Mr. Anderson, his thoughts about a company coming in and bringing in 100 jobs and his opinion of incurring the debt. Mr. Anderson answered by saying it was something that should be looked at in the moment. W. Hernandez commented on the projections and pointed out the Other New Projects is an anticipated number that could be changed. Mr. Paris asserted that this should be done on a case by case basis. Dice a not chaW n uss the ,Sales Tax Receivable item an the ..__.. � M, e Balance Sheet and why the numbers. �'_-.�� , Mr. Anderson said that normally this number is adjusted when the audited financial statements come out. It is a public set of financials. The average sales tax receivable for the 2018-2019 fiscal year is $244, 636.00 which is very close to the number currently listed. W. Hernandez stated that the number should be changed from month to month since it is a receivable. Mr. Anderson answered that historically the number has not changed more than a few thousand dollars from any month to month. The sales tax receivable is an estimate since we are paid by the state on the sales tax collected two months prior. There is no reason to change the number when it is not used in any financial decisions. Discuss and ossibl a rovemmarketin2 and travel „for 2020. Dr. Hashmi made a motion to table this item and to table the Executive Session, Item 16, Ms. Bills seconded the motion. Vote was 5 -ayes to 0 -nays. Disc ,ss direction xn pyre aria m awPEDC Strate xic__Ptan to be [ resent to the mmPEDC and �Ch—, Council in u August 2020. Mr. Paris stated City Councilor, Paula Portugal, asked that a strategic plan from the PEDC be presented to City Council. We have not presented a plan since Mr. Paris came here. The questions for the Board would be how we want to proceed. He would like to start with assessing different groups in the community and what they see as growth in Paris. We have a few consultants in mind to help with the process. We would have a joint meeting with the PEDC and City Council; also included in the conversation would be realtors, bankers, non -profits and churches to talk about growth. Mr. Paris asked the Board to consider bringing in a consultant to help with a