07/18/2023 Minutes - Laserfiche WebLink

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He presented sales tax revenue for the month of May was $190,000, noting that the figure is strong for the month. The PEDC’s expenses totaled $31,763 for the month. After the deduction of interest expenses totaling $4,117, the PEDC had a net income of $176,254 for the month of May. Mr. Roddy and Chairman Bray briefly provided commentary echoing Mr. Coleman’s statement on the sales tax revenue for the month of May. Mr. Fendley moved to approve the May 2023 financial reports. Mr. Roddy seconded the motion. Vote: 6-ayes to 0-nays Discuss and Consider Approval of the 2023-2024 PEDC Budgets Mr. Coleman presented the proposed 2022-2023 PEDC Budget. Proposed revenue included $1.7 million in sales tax, $100,000 in interest income, and $180,000 in contributions for the Community Advisory Board Program. He noted that the PEDC would be managing the funds for the Community Advisory Board and that the $180,000 in expenses later in the budget would make this a wash in the operating account. He reported a total estimated income of $1,980,000. Mr. Coleman continued by reporting on expenses. Most budget expenses remained the same or had slight increases or decreases. Total proposed budget expenses for 2023-2024 were reported at $2,434,208.64 in comparison to last year’s budgeted amount of $2,439,542.64. Ms. Hammond presented the EDA grant budget by stating that it represented the federal and local matched income and infrastructure expenses as submitted with the EDA grant application back in October 2022. She reminded the Board of the approvals granted by them earlier in the year regarding the EDA application and budget. She went on to note that for transparency, it has been included in the organization’s budgets and will be reported on monthly moving forward. Chairman Bray briefly provided commentary and then opened the floor to additional questions. Mr. Roddy made the motion to approve the proposed 2023-2024 budgets. Mr. Terrell seconded the motion. Vote: 6-ayes to 0-nays. Before moving to the next item, Chairman Bray thanked Ms. Hammond and Mr. Coleman for working on the budget, stating that it was very well done. Presentation by Executive Director Maureen Hammond on 2021-2023 PEDC Plan of Work Ms. Hammond provided highlights on the following goals within the PEDC Plan of Work: Foster The Retention and Growth of Jobs: In partnership with Paris Junior College and Dr. Anglin, the PEDC surveyed 10 employers in the 2020-2021 year. Five more have been added this year with the hope of adding five more in the next two months. Once completed, the goal is to release a business conditions report in the fall with the findings. Additionally, there was a goal to host 10 dinners/lunches in partnership with board members and the major employers in our existing industry. From 2020 to date, there have been 19 dinners hosted.