1996-12-11-PEDC - Laserfiche WebLink

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276 MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATIOH December 11, 1996 The Paris Economic Development Corporation met in their regular meeting on Wednesday, December 11, 1996, at 4:00 P.M., in the City Hall North Annex Fire Training Room, Paris, Texas. President Curtis Fendley called the meeting to order with the following boardmembers present: Dick Amis, Michael Rhodes, and Barney Bray. Also present at this meeting were ex-officio boardmembers County Judge Chuck Superville, Mayor Eric Clifford, Bobby Walters, Carl Cecil, Ike Jewett, Gary Vest, City Engineer Earl Smith, Director of Finance Gene Anderson, City Manager Michael E. Malone, and City Attorney, T.K. Haynes. President Fendley stated the next item on the agenda was approval of the minutes from the previous meeting of the Paris Economic Development Corporation. He asked if there were any corrections or additions to the minutes of the previous meeting. Boardmember Amis stated a correction needed to be made regarding a statement he had made concerning the lobby effort and the funds being obtained through the private sector. Boardmember Amis made a motion, seconded by Boardmember Rhodes to approve the minutes as amended. The motion carried unanimously. President Fendley asked Mr. Gene Anderson, Director of Finance, to give the financial report. President Fendley stated that at the previous meeting last month the Board had requested an explanation of the Fund Balance. Mr. Anderson explained that if you owned a particular business your owner's equity in that business would be closest comparable thing to Fund Balance in governmental accounting. He said that basically when you have double entry accounting, you have got to have a credit for every debit and the Fund Balance is the credit that offsets all the debits. It is just the offset entry in double entry accounting. He said it is not money in the bank, and does not represent money in the bank. Boardmember Bray stated that the Board was interested in how much cash the Board has available at this time, and a list of all the Board's commitments. Mr. Anderson stated that he had reviewed all the minutes and the resolutions. Mr. Anderson stated that the $622,000.00 reflected on this report was cash in the bank and was not the same thing as the Fund Balance. Mr. Anderson went over the different projects with outstanding commitments at this time. Mr. Anderson Said that the different projects that the Board has committed to, but has not expended at this time, would have to come out of this cash balance. Boardmember Bray mentioned the Campbell Soup commitment. Mr. Anderson stated that he had not received any documentation concerning this item at this time. President Fendley stated that it was $200,000.00 per year. City Manager Malone stated that this was based on additional jobs over 1,500. Mr. Anderson discussed the operating expense fund versus this year's budget. City Manager Malone said in connection with the Cox Field expenditure, which is the first grant that the City received and that the Board has committed too, that $9,500.00 has already been expended and the additional $213,000.00 of that commitment will not be needed before April 1, 1997. Mr. Malone said that the second grant requires a match of $240,000.00, and in this grant, the State has changed their procedure and they wish the match up front. He said it was his understanding that this amount will be asked for sometime between mid-February and March. He said the match would be required on the second grant before the biggest part of the match on the first grant.