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Paris Economic Development Corporation
<br />(A Component Unit of the City of Paris, Texas)
<br />Statement of Revenues, Expenditures, and Changes in Fund Balances/Statement of Activities
<br />For the Year Ended September 30, 2007
<br /> Debt Statement
<br /> General Service of
<br /> Fund Fund Total Adjustments* Activities
<br />Revenues:
<br />Sales Tax $ 1,134,833 $ - $1,134,833 $ - $1,134,833
<br />Investment Earnings 263,409 20,860 284,269 - 284,269
<br />Total Revenues 1,398,242 20,860 1,419,102 - 1,419,102
<br />
<br />Expenditures:
<br />Industrial Support and Incentives 27,208 - 27,208 - 27,208
<br />Office Supplies and Postage 9,985 - 9,985 - 9,985
<br />Communications 3,283 - 3,283 - 3,283
<br />Special Service Fees 67,004 - 67,004 - 67,004
<br />Furniture and Fixtures 8,501 - 8,501 - 8,501
<br />Travel Expenses 27,464 - 27,464 - 27,464
<br />Public Notices 502 - 502 - 502
<br />Contractual Associations 4,706 - 4,706 - 4,706
<br />Promotional Advertising 32,897 - 32,897 - 32,897
<br />Administration Fee 10,000 - 10,000 - 10,000
<br />Personnel Compensation 73,803 - 73,803 - 73,803
<br />Sundry Charges 6,365 - 6,365 - 6,365
<br />Utilities 4,157 - 4,157 - 4,157
<br />Debt Service
<br />Principal 406,473 180,000 586,473 (586,473) -
<br />Interest 39,665 207,478 247,143 (1,162) 245,981
<br />Total Expenditures 722,013 387,478 1,109,491 (587,635) 521,856
<br />
<br />Excess (Deficit) of Revenues
<br />Over Expenditures 676,229 (366,618) 309,611 587,635 897,246
<br />Other Financing Sources/LTses:
<br />Transfers -Internal Activities (364,000) 364,000 - - -
<br />
<br />Excess of Expenditures and Other Uses
<br />Over Revenues and Other Sources 312,229 2,618 309,611 587,635 897,246
<br />
<br />Fund Balances/Net Assets:
<br />Beginning of the Year 7,007,835 485,025 7,492,860 (4,196,498) 3,296,362
<br />Prior Period Adjustment (900,000) - (900,000) - (900,000)
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<br />Fund Balance at Beginning of Year
<br />as Adjusted 6,107,835 485,025 6,592,860 (4,196,498) 2,396,362
<br />
<br />End of the Year $ 6,420,064 $ 482,407 $6,902,471 $ (3,608,863) $ 3,293,608
<br />*Primarily long-term liabilities not reported in the funds
<br />See accompanying notes to financial statements.
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