18 - APPROVED ANNUAL AUDIT OF THE PEDC FOR FY 2013-14

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Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) Notes to Required Supplementary Information September 30, 2014 Note 1: Budgetary Data PEDC's fiscal year commences October l st and ends September 30th. A budget for the forthcoming fiscal year shall be submitted to, and approved by, the Board of Directors in June and delivered to the City of Paris on or before June 30th. After Board approval, the budget on appropriate forms is submitted to the City Manager for inclusion in the annual budget of the City of Paris. The budget is to include projected operating expenses and such other budgetary information as shall be useful to or appropriate for the Board and the City of Paris. The proposed budget shall contain such classifications and shall be in such form as may be prescribed from time to time by the City Council of the City of Paris. The budget shall not be effective until it has been approved by the City Council. The Budgetary Comparison Schedule presented as Required Supplementary Information for the General Fund is presented to provide a meaningful comparison of actual results with the budget. For the year ended September 30, 2014, expenditures did not exceed appropriations (budget) in any function or line item.