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47 <br /> <br /> Chairman Philip Cecil stated the next item on the agenda was <br /> approval of the minutes from the previous meeting of the Paris <br /> Economic Development Corporation. Chairman Cecil asked if <br /> there were any corrections or additions to the minutes of the <br />-- previous meetings and there was none. Board member Dick Amis <br /> made a motion, seconded by Board member Curtis Fendley, to <br /> approve the minutes as presented, and the motion was approved <br /> unanimously. <br /> <br /> Chairman Cecil asked Mr. Gene Anderson, Finance Director, to go <br /> over the financial report. Mr. Anderson explained he would be <br /> making changes in the format in the future, but the information <br /> presented today is the City standard budget report that shows <br /> the budget for the year, amount spent during the month, amount <br /> expended year-to-date, the percent of the budget expended, and <br /> the unexpended amount in the last column. He said expenditures <br /> have not been closed out for the month of June. He said <br /> basically the report shows expenditures on the B & W Sewer <br /> Line, some postage expenses and consulting fees. He noted that <br /> the figures in the lower left hand columns show the cash <br /> balance in the bank, the sales tax collection for the month of <br /> June, and the year-to-date collections from sales tax. Mr. <br /> Anderson asked for questions. <br /> <br /> Board member Barney Bray questioned interest being earned. Mr. <br /> Anderson said that was one of the formate changes that will be <br /> made. He said he felt the interest earned year-to-date was <br /> approximately $2,020.00. Mr. Bray said he brought this up in <br /> connection with the method used in paying for the street job. <br /> Mr. Anderson said they are drawing interest on the money until <br /> the time the money is paid out to a contractor. <br /> <br /> Board member Bray said if they are asking for a one check <br /> payment on the road job, if the Board pays it out as they make <br /> draws, then they may earn $300.00 to $400.00 in interest over <br /> that period of time. <br /> <br /> Chairman Cecil asked for questions, and he said he would like <br /> for Mr. Anderson to stay until they discuss the budgeting <br /> process in case there are questions. <br /> <br /> Chairman Cecil asked City Manager Malone to discuss Item No. 3 <br /> on the agenda which was authorizing the City's reimbursement <br /> for the "Soup Street" Paving Project. <br /> <br /> City Manager Malone stated the City Engineer was present at the <br /> last meeting to describe the project. He said the total bid on <br /> the project was $163,276.18 of which the City will contribute, <br /> if approved by the City Council, $20,000.00 plus the <br /> engineering time of the City Engineer. He said he felt the <br /> project was about to get underway and should be completed some <br /> time in September. <br /> <br /> Chairman Cecil questioned the City Manager as to the method the <br /> City was to be paid under the contract. Mr. Malone said it <br /> would probably be a draw situation as they complete certain <br /> portions of the work. Chairman Cecil asked if they had ninety <br /> days to completion. City Manager Malone and City Attorney <br /> Haynes agreed. Chairman Cecil said then they are actually <br /> looking at the end of September and they agreed. <br /> <br /> <br />