03-B PEDC (07/23/03) - Laserfiche WebLink

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Paris Economic Development Corp. July 23, 2003 Page 2 President Wall advised that the next item on the agenda was presentation of plaques to departing Board Members Curtis Fendley and Jay Guest, and further advised that they were not present. President Wall said the plaques would be given to them at an appropriate time and place. President Wall called for the approval of the minutes from the previous meeting of June 16, 2003. A motion was made by Director Severson, seconded by Director Dunn, for approval of the minutes as presented. The motion carried unanimously. President Wall called for the approval of the minutes from the previous meeting of June 18, 2003. A motion was made by Director Norment, seconded by Director Bass, for approval of the minutes as presented. The motion carried 5 ayes, 0 nays. President Wall called for the financial report. Gene Anderson, Director of Finance for the City of Paris, came forward advising that he had information on the latest sales tax and the board had been furnished that information. He said the July number is up noticeably over the previous year due to an audit adjustment that is reflected; otherwise, it would have been close to what last year's number was. Mr. Anderson explained that the State of Texas will go in and review those sales tax numbers for several months and if they find a mistake, it is reflected in a later report. Mr. Anderson advised that this helps offset October, 2001, where there was a negative audit adjustment that hurt so much. Mr. Anderson also furnished a copy of the cash flow statement indicating that the sales tax collection for June was $70,048.00. He also pointed out that there is a negative interest amount because, in order to process part of the $500,000.00 loan to C-Tech, he did have to redeem a couple of CD's prior to their due date. He said one of the banks actually charged an interest penalty for doing that, and that is why that turned out to be a negative. Mr. Anderson said