03-B PEDC June 16, 2004 - Laserfiche WebLink

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PEDC Regular Meeting June 16, 2004 Page 6 He projected that the total resources for next year should be around $1.8 million, with the commitment of around $1 million, which will leave PEDC with $770,000.00 for projects. For the expense side, he explained they took the $770,000.00 and divided it equally between existing and new projects. For budgets items, he said most remained the same as last year or were reduced. He brought their attention to compensation, where there was a 3% raise proposed for Mr. Vest and a 5% raise for Erik. The administration fee for the Chamber covered them writing checks for the PEDC and for all the other things the Chamber did. He did mention the audit fee went up. On a question about the $388,000.00, Mr. Vest explained it is the amount that is available to help fund improvements and expansion of existing industries. He did say the money was divided equally into new and existing projects and could be move within these two categories as needed. Mr. Vest said he needed the approved budget and program of work by July so it could be included in the budget meetings of the City of Paris. Director Dunn called for further discussion of the Annual Plan of Work. There being none, he called for a motion to approve. Director Severson made a motion to approve. It was seconded by Director Bass and passed unanimously. Director Dunn call for further discussion of the Annual Budget for the fiscal year 2004-2005. There being none, he called for a motion to approve. Director Bass made the motion, which was seconded by Director Norment. The motion passed unanimously. There being no further business, the meeting was adjourned.