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Paris Economic Development Corporation <br />Business Plan - 2012 -2014 <br />DRAFT <br />1. l S <br />Budget Item <br />Amount <br />Year 1 Current FY Operating Budget Allocation to Working Groups for 5 Strategies <br />A. Civic Engagement and Leadership for Economic Growth <br />$15,000 <br />B. Global Recruiting, Attraction and Market Positioning <br />75,000 <br />C. Advanced Manufacturing Academy and "Talent Ready" <br />50,000 <br />D. Entrepreneurial Resources <br />30,000 <br />E. Rural Innovation <br />30 000 <br />Total S Iit 50/50 from New & Existin Industry <br />$200,000 <br />Notes on Proposed Uses: <br />A. Training, Best Practices, Develop Metrics & Performance Re ort Card, Fund Raising Efforts, Public Policy Agenda. <br />B. Site Visits, Marketing Materials, Website Portal, R3 Alliance. <br />C. Student Sponsorships, Best Practices. <br />D. Resource Guide, Grant Match, Best Practices. <br />1. Forum, Network Su ort, Grant Match, Best Practices. <br />Current FY Budget Summary <br />PEDC & City Council-Approved FY 2011 -12 Budget <br />$1,522,500 <br />1. Total Current Fixed Costs <br />$376,895 <br />2. Proposed Added Fixed Costs to Implement Business Plan <br />28 851 <br />Total Revised Fixed Costs <br />$405,746 <br />3. Total Budget Obligations <br />$710,500 <br />4. New & Existing Business Balance as of 10/31/11) <br />$407,699 <br />A. Diversity initiative (PEDC Share <br />30 000 <br />B. Paris Living Agreement _ _ _ _ <br />1400 <br />C. Additional Fixed Costs <br />28,851 <br />D. Research 360 °Anal st & EMSI Tools $15,995 total with $5,422 redirected <br />10,575 <br />E. Richard Seline Contract Extension (Fees + Expenses) <br />70,000 <br />F. 5 Strategies Budget Allocation to 5 Working Teams <br />200,000 <br />G. Available Balance in New & Existing Industry Projects <br />58,273 <br />5. New & Existing Business Expenses to Date <br />$27,406 <br />Total Budget with All Recommendations Items 1, 3 4, 5 <br />$i 22 500 <br />Recommended PEDC Board Action to Adopt the Proposed Business Plan (12/11 Board Meeting) <br />The following recommendations are provided for the Paris EDC Board's consideration and action: <br />1. Approve Proposed 2012 -2014 Business Plan. <br />A. Approve Steering Committee & Implementation Team Structure per Bylaws authority. <br />B. Approve Staff Changes & Increased Fixed Costs. (FYI 1 -12: +$28,851. Note: Year 2: $73,468 will be <br />considered during budget process.) <br />C. Endorse Budget Neutral Operating Expense Priorities as presented. <br />2. Set Date for Board Working Retreat to Determine: <br />A. Course of Action for: <br />1) HW 24 Matching Funds Payment, <br />2) Paris Packaging Bond Debt Repayment. <br />B. Priorities and Schedule for Civic Leadership Development Efforts. <br />C. Steering Committee and Implementation Team Leadership, Membership. <br />D. High -Level Prioritized Action Steps and Timelines for 5 Strategies. <br />E. Strategy for State, Federal & Private Fundraising Opportunities. <br />F. Input on Revisions to Marketing "Sales Pitch" Materials. <br />G, Priorities for Four Trade Mission Priority Targets, Dates, Team Make -up. <br />15 <br />