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memo�andu�n <br />TO: Mayor & City Council <br />John Godwin, City Manager <br />FROM: Paris EDC Board/Steve Gilbert, Executive Director <br />SUBJECT: PROPOSED AMENDMENTS TO PARIS EDC's FY 2012-13 BUDGET <br />DATE: June 10, 2013 <br />BACKGROLJND: The Paris EDC's budget is requested to be amended due to implementation <br />and compliance with adoption of the Personnel Policy Manual. The Board approved vacation <br />carry-over buy-out, and a"use it or lose it" vacation policy. Other budget changes include merit <br />pay, additional liability insurance premiums for the rail spur and additional project incentives <br />that have been approved. The Board also is reducing several budget accounts and increasing <br />reserves by $331,388. With the line-item increases the net amount to reserves is $223,708. A <br />budget amendment to the FY 2012-13 Budget is needed. <br />STATUS OF ISSUE: Approved by Paris EDC Board on May 14, 2013. <br />BUDGET: See attached for proposed amendments to Paris EDC's FY 2012-13 Budget. <br />RECOMMENDATION: Approve as recommended. <br />39 <br />