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<br />1 <br /> <br />1 <br /> <br />Paris Economic Development Corporation <br />(A Component Unit of the City of Paris, Texas) <br />Notes to Required Supplementary Information <br />September 30, 2006 <br /> <br />I <br /> <br />Budgetary Data <br /> <br />I <br /> <br />PEDC's fiscal year commences October 1 and ends September 30. A budget for the forth coming <br />fiscal year shall be submitted to, and approved by the Board in June and delivered to the City on or <br />before June 30. After Board approval, the budget on appropriate forms is submitted to the City <br />Manager for inclusion in the annual budget of the City of Paris. The budget is to include projected <br />operating expenses and such other budgetary information as shall be useful to or appropriate for the <br />Board and the City. <br /> <br />I <br /> <br />I <br /> <br />The proposed budget shall contain such classifications and shall be in such form as may be <br />prescribed from time to time by the Council of the City of Paris. The budget shall not be effective <br />until it has been approved by the City Council. <br /> <br />I <br /> <br />The Budgetary Comparison Schedule presented as Required Supplementary Information for the <br />General Fund is presented to provide a meaningful comparison of actual results with the budget. For <br />the year ended September 30, 2006, expenditures exceeded budgeted amounts in the General Fund in <br />Communications, Special Service Fees, Furniture and Fixtures, Public Notices, Promotional <br />Advertising, Personnel Compensation, Legal and Accounting, Interest and Transfer to Debt Service. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />9 <br />