03-E PEDC (5/21/03) - Laserfiche WebLink

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Paris Economic Development Corporation May 21, 2003 Page 4 leaving the interest earned in the I & S Fund and the fact that the annual payment has decreased by a few thousand dollars and he had not reduced the monthly transfer amount of $40,000.00. Mr. Anderson said that he will eliminate that surplus by not making any transfers to that fund until the excess amount is absorbed as you cannot transfer money out of the Interest and Sinking Fund because that is a violation of the law. He said that when the surplus was eliminated, he would then pick back up and match the transfer to that specific year' s revenue requirements. He said he can go ahead and transfer that over and will do that. Mr. Anderson reviewed with the Board the sales tax report including April and May collections. He noted that collections were going up and down. He said that through May, PEDC has collected 4.6% over what was collected at the same point last year. Mr. Anderson reviewed the cash flow statement and that there were no unusual expenditures that were not explained. Mr Anderson asked the Board Members to look at the cash out line item and pointed out that he made a payment on the Business Park Master Plan orS18,580.00, which is an out of the ordinary type expenditure, but other than that, it was pretty much routine expenditures for operating expenses and salaries. Mr. Anderson went over the current commitments of the PEDC for the benefit of the new members. After further discussion, a motion was made by Director Severson, seconded by Director Dunn, for approval of the financial report. The motion carried 5 ayes, 0 nays. President Wall called for the Director's Report. Mr. Vest came forward stating that since the last meeting, the response to advertisements has been very minimal because they are not doing any advertising.