03-A PEDC (06/19/02) - Laserfiche WebLink

Home Browse Search

PEDC Minutes June 19, 2002 Page 8 Economic Development Corporation, that the Director of Economic Development be, and he is hereby directed to deliver the Annual Plan of Work to the City Manager of the City of Paris, was presented. A motion was made by Director Wall, seconded by Director Fendley, for approval of the resolution. The motion carried unanimously. President Rhodes announced that the next item on the agenda was consideration of and action on a resolution approving the Annual Budget for fiscal year 2002/2003. Resolution No. 2002-003, approving the Annual Budget for fiscal year 2002- 2003; directing the Secretary-Treasurer to deliver the budget to the City Manager of the City of Paris for inclusion in his annual budget to be presented to the City Council in accordance with the Charter of the City of Paris, was presented. Mr. Vest called the Board's attention to the revenue statement. He anticipated carrying over $778,000.00 from this fiscal year, which is about $400,000.00 less than was carried over last year. He said the anticipated revenue is $896,000.00, with interest earned of $35,000.00. With the Paris Packaging payment of $384,000.00, the total revenues would be approximately 1.3 million dollars with about two million dollars in total resources. Mr. Vest said there were several things that the PEDC is committed to do such as supporting the Texas Air Quality Coalition at a cost of $5,000.00, the bond payment on the debt which would be $388,936.00, and an additional payment to Turner International in the amount of $500,000.00. He pointed out that there is $250,000.00 that is going to be used for the Hearne Street extension and $53,906.00 to repay the Chapman Revolving Loan Fund. Mr. Vest said that next year will be the last year to pay this loan. The PEDC will pay $50,000.00 on the TCIM contract, leaving one payment of $25,000.00. Mr. Vest pointed out that in the operating budget listed under Chamber of Commerce there is $269,000.00