08/25/2015 MINUTES - Laserfiche WebLink

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Wilson stated the totals of $429,000.00 then there is $325, 135.00 for debt service. Also, debt service shows $25,885.00 should have been $25,135.00. The total 25,885.50 on Fiscal Year to Date a correction is calculated for this year. Capital expenses for 2015 -16 are a total $838,506.50. To add to the Operating Expenses making the total budget two million four hundred six dollars and fifty cents. Also, Mr. Wilson stated $100,000 dollars would need to be added due to an upcoming incentive agreement with Turner, making the total one million three hundred fifteen four o six. Mr. Wilson stated the budget needed a vote. Mr. Brockman asked for the total amount to be clarified. Mr. Wilson stated it is $1,315,406.50. Mr. Manning recommended discussing the Cash Flow projection before budget approval. Mr. Wilson presented a spreadsheet with projections to year 2022. Mr. Wilson stated to look at the presented budget for last year showed the beginning of the year PEDC had $408,000.00 and he had pointed out last time this figure represented cash. Mr. Wilson went on to say that it should have been $1,039,979.09. Mr. Wilson stated the spending for the year totaled $195,281.00, leaving ending cash of $2,030,321.00, as of the end of July. Mr. Wilson stated he had taken the cash figure and placed it into the 2015 -16 budget reasoning the assumption of the next two months income and payouts and bond payment of about $20,000.00, and Potters' payment will wash between now and the end of September, but that was the figure he came up with of $2,030,321.00, then tax revenue was running 116 to $110,000.00 per month he stated he had put that in as tax revenue of one million three. Mr. Wilson stated he then took $76,900.00 of the budget that had just been reviewed and stated that was the estimated expenditures and the 838 was under there and had changed to 938 making the total budget $1,315,470.00. Mr. Wilson stated he had it highlighted as $1,215,407.00. So, the $100,000.00 that goes to Turner bringing the total up to $1,315,000.00 leaving the years' ending cash total of $2,114,915.00. Ray Banks asked to enter the payout making it actually $2,014,915.00 dollars. Mr. Turner stated PEDC expenditures totaled about the same as the income, and that PEDC was not making any major expenditure. Mr. Wilson and Mr. Turner agreed there would be two more years of bond payments. Mr. Wilson stated the reserves would still be available if the total projected was spent. Mr. Wilson stated if the PEDC were to "break even" this year on expenditures there would still be two million in reserve for future industry incentives or purchases. Mr. Wilson stated the last payment may have already been paid on the bond payment. Mr. Turner made a motion to approve the 2015 -16 Budget with the corrections mentioned. The motion was seconded by Ray Banks. The Motion carried with none opposed. Discuss and possibly take action on Northeast Texas Work Force Development Grant Funding Mr. Banks asked if the funds would go to pay an instructor from Mt. Pleasant. Dr. Anglin responded no. Mr. Manning turned the floor to Randy Reed the Executive Director Workforce Solutions of Northeast Texas. Mr. Reed stated he operates under a contract from Texas