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FEI)C Executive Director's Update <br />June 2011 <br />Budget Highlights: <br />1. $ I.19M estimated revenue for current FY, ag,ainst $ l.OM budget. <br />2. $427K estimated fiind balance carryover from FY 2010-1 l to FY 2011-12. <br />3. $1.OM conservative revenue projections from 1/4 cent sales tax for FY 2011-12. <br />4. $2.8M in current cash including bond reserves and CDs. <br />5. Shannon B. position upgrade. <br />6. Shannon J. to full-time. <br />7. Staff training and professiona] development, association memberships, etc. <br />8. Year 3 of Chamber lease agreement $60,000. <br />9. Retain Rachel Schory and Rickey Hayes. <br />10. Budget for all incentives payable from fund balance/carryover/cash reserves. <br />11. New and existing industry funds available (Sustainable Manufacturing Initiative <br />Recorrvnendations, Texas A&M, Diversity and Youth Summit, etc.) <br />12. Equipment (LCD projector, laptop, software, iPad) and telephone upgrades as needed. <br />13. R3bi staff and operational financial support, also option to extend SBDC suppori. <br />FY 20] l-l2 Plan of Work update in progress, to align with 7 Critical Issues and Strategic Plan <br />Priorities and Regionnovate's recommendations. Key elements: <br />l. Business Attraction and Marketing. <br />2. Business Retention and Expansion. <br />3. R3bi and Entrepreneurial Supports. <br />4. Maintain and Market "Site Ready" Industrial Parks (Northwest and Airport). <br />5. PEDC Reporting and Accountability. <br />6. Develop and Promote a Positive, Pro-Business Climate for Paris and Lamar County by Providing <br />Leadership and Strategic Vision. <br />A. Legislative Agenda. B. City of Paris Utilities and "Development Services." <br />C. Downtown and Historic District. <br />D. Workforce, Talent Attraction and Diversity. <br />• Diversity Update Report Attached. City Council approved share of funding. Timeline pending. <br />• Two site visits with Rickey Hayes last week as follow-up to RECON Trade Show. <br />• Successful ]ncubator Grand Opening. Working on draft MOU with PJC. <br />• Regionnovate Update Attached. Kick-off ineetings June 22nd-24th. 4:00-5:30 pm, June 22nd. <br />• WF Solutions NE TX Regional Workforce Study w)th TIP Strategies underway. <br />• Highway 24 Project Opportunities under development with TXDOT, SR.R.MA, I-30 Coalition and <br />other stakeholders. <br />- 45 <br />