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Paris Economic Development Corporation
<br />(A Component Unit of the City of Paris, Texas)
<br />Governmental Funds Balance Sheet/Statement of Net Position
<br />September 30, 2014
<br />*Primarily long -term liabilities not reported in the funds.
<br />The notes to financial statements are an integral part of this statement.
<br />3
<br />Total
<br />Total
<br />Debt Service
<br />Governmental
<br />Governmental
<br />General Fund
<br />Fund
<br />Funds
<br />Adjustments*
<br />Activities
<br />Assets
<br />Cash and Cash Equivalents
<br />$
<br />754,976
<br />$ -
<br />$ 754,976
<br />$ -
<br />$ 754,976
<br />Certificates of Deposit
<br />285,003
<br />-
<br />285,003
<br />-
<br />285,003
<br />Taxes Receivable
<br />216,000
<br />-
<br />216,000
<br />-
<br />216,000
<br />Restricted Assets:
<br />Bond Debt Service Fund
<br />Cash and Cash Equivalents
<br />-
<br />66,496
<br />66,496
<br />-
<br />66,496
<br />Bond Reserve Fund
<br />Cash and Cash Equivalents
<br />-
<br />472,564
<br />472,564
<br />-
<br />472,564
<br />Land Development Costs
<br />1,655,772
<br />-
<br />1,655,772
<br />-
<br />1,655,772
<br />Total Assets
<br />$
<br />2,911,751
<br />$ 539,060
<br />$ 3,450,811
<br />-
<br />3,450,811
<br />Liabilities
<br />Accounts Payable
<br />$
<br />5,679
<br />$ -
<br />$ 5,679
<br />-
<br />5,679
<br />Liabilities Payable from Restricted Assets
<br />Current Portion of Bonds Payable
<br />-
<br />-
<br />-
<br />(300,000)
<br />300,000
<br />Accrued Interest Payable
<br />-
<br />-
<br />-
<br />(4,189)
<br />4,189
<br />Bonds Payable, Net of Current Portion
<br />-
<br />-
<br />-
<br />(980,000)
<br />980,000
<br />Total Liabilities
<br />5,679
<br />-
<br />5,679
<br />(1,284,189)
<br />1,289,868
<br />Fund Balance/Net Position
<br />Fund Balance:
<br />Nonspendable -Land Development Costs
<br />1,655,772
<br />-
<br />1,655,772
<br />1,655,772
<br />-
<br />Restricted for Debt Service
<br />-
<br />539,060
<br />539,060
<br />539,060
<br />-
<br />Committed to Industrial Incentives
<br />1,749,546
<br />-
<br />1,749,546
<br />1,749,546
<br />-
<br />Unassigned
<br />(499,246)
<br />-
<br />(499,246)
<br />(499,246)
<br />-
<br />Total Fund Balance
<br />2,906,072
<br />539,060
<br />3,445,132
<br />3,445,132
<br />-
<br />Total Liabilities and Fund Balance
<br />$
<br />2,911,751
<br />$ 539,060
<br />$ 3,450,811
<br />Net Position:
<br />Restricted for Land Development Costs
<br />(1,655,772)
<br />1,655,772
<br />Restricted for Debt Service
<br />(234,871)
<br />234,871
<br />Restricted for Industrial Incentives
<br />(1,749,546)
<br />1,749,546
<br />Unrestricted
<br />1,479,246
<br />(1,479,246)
<br />Total Net Position
<br />$ (2,160,943)
<br />$ 2,160,943
<br />*Primarily long -term liabilities not reported in the funds.
<br />The notes to financial statements are an integral part of this statement.
<br />3
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