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PEDC Board Meeting Minutes June 15, 2021 Page 2 of 3 Discuss and Consider Approval of the Aril and May 2022 Financial Statements Mr. Bray stated the April financials were not ready at the last Board meeting and will be reviewed and considered today. The May financials will be presented as the year-to-date financials. Ms. Hammond pointed out that the PEDCs cash position is $1.8 million with investments sitting at $2 million. Sales tax revenue was $195,297 for May putting sales tax $75,000.00 ahead of budget. Expenses were under budget forthe month. Ms. Bills made a motion to approve the April and May financials. Mr. Terrell seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and Consider Approval of the 2021-2023 Economic Development Strategic Plan «(PEDC Plan of Work Ms. Hammond stated the planning process started with the February 2021 Annual Retreat and the forming of Committees. Hammond stated that "the plan embodies fundamental economic development strategies and the work of the Land, Marketing, Incentive Review and Finance Committees along with countless conversations with community leaders, City Council, the Mayor, Chamber and PJC." Hammond noted that the initial Plan of Work sent out to the Board has been updated to include revisions and contributions with the only addition being a Summary on page 3 that summarizes initiatives and identities initial priorities to kick off the plan. Fendley made a motion to approve the 2021-2023 Plan of Work. Ms. Bills seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss and Consider Approval of the 2021-2022 PEDC Budget Ms. Hammond reviewed the proposed 2021-2022 budget with the following key points: ■ Revenue remains unchanged, budgeting for $1.5 million • Personnel increased by 7% for cost of living and merit increases for staff excluding the executive director • Administration expenses have decreased by 4% • Marketing expenses have not changed from $130,000 • A line item for Direct Business Incentives has been added for Attraction and Recruitment projects at $500,000 • The total for Direct Business Incentives decreased by 29% due to less contractual obligations to fund • Under the Debt Service category, it is anticipated that the PEDC will acquire land for $1.9 million • Debt Service shows the yearly debt payments for existing loans • Under New Industry Projects, the Gene Stallings Business Park budget dropped from $320,000 to $20,000 which should cover environmental surveys Overall, the PEDC budget for 2421-2022 shows a 25% decrease in expenses with a deficit of about $1.2 million after revenue. Hammond noted that if you remove the $1 million for ASWP, the deficit is $210,000. Discussion ensued regarding increasing the revenue to be consistent with current revenue trends. Mr. Fendley made a motion to approve the 2021-2022 PEDC Budget with the Sales Tax Revenue changed to $1.7 million. Mr. Terrell seconded the motion. Vote was 4 -ayes to 4 -nays. Discuss and Consider Action on Updates from Land Committee Ms. Hammond reported on the status of environmental work noting that Terracon was the low bid coming in at $5,740. They have started the Phase I environmental surveys on our remaining properties and anticipate having the work done by the end of lune. Pro`ect Updates: ■ American SpiralWeld —There is a great write-up and picture in the Paris News on American SpiralWeld. The company has hired 75 people and has shipped to their first customer.