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19 - PEDC 2017-2018 ANNUAL BUDGETItem No. 19 memorandum TO: City Council John Godwin, City Manager FROM: Michael Paris, PEDC Executive Director SUBJECT: PEDC 2017 -2018 ANNUAL BUDGET DATE: August 21, 2017 BACKGROUND: The Paris EDC Board met on August 18, 2017 to discuss and approve a budget for fiscal year 2017 -2018. STATUS OF ISSUE: The PEDC Board discussed and approved the attached 2017 -2018 Budget on August 18, 2017, and requests that it be approved by the City Council as required by the PEDC bylaws. BUDGET: N/A RECOMMENDATION: Motion to approve the proposed 2017 -2018 PEDC Budget. 2017 -2018 PEDC Budget Acct # Account Name REVISED BUDGET 2016 -2017 (04/24/17) BUDGET FOR 2017 -2018 %CHANGE PERSONNEL. 0101 Salaries & Wages $ 160,200.00 $ 171,450.00 7% 0102 Social Security/Medicare (6.2 1/o/1.45 %) $ 12,650.00 $ 13,100.00 4% 0103 Retirement $ 10,800.00 $ 10,800.00 0% 0104 Insurance Benefits: $ 20,500.00 $ 28,700.00 40% 0105 Workers Comp. Ins. (.44 %) $ 526.00 $ 750.00 43% TOTAL PERSONNEL EXPENSES $ 204,676.00 $ 224,800.00 10% ADMINISTRATION 0201 Office Supplies 5,500.00 4,700.00 -15% 0202 Postage 500.00 250.00 -50% 0301 Telephone /Communication 5,000.00 5,500.00 10% 0302 Car Allowance 10,000.00 8,400.00 -16% 0303 Insurance & Bonds 2,500.00 2,500.00 0% 0304 Moving Expenses - - 0% 0306 Travel Expenses 10,000.00 1,000.00 -90% 0308 Utilities 12,000.00 12,000.00 0% 0310 Miscellaneous 1,000.00 500.00 -50% 0311 Association Memberships 3,500.00 3,500.00 0% 0314 Staff Training 3,000.00 1,500.00 -50% 0348 Depot Operations 15,000.00 16,150.00 8% 0355 Contract Labor (RPM Staffing) 13,400.00 - -100% 0357 Contract Services - Legal Fees 3,000.00 5,000.00 67% 0402 1 Industrial Park Maintenance 14,000.00 10,000.00 -29% 0605 Auditing Services 8,000.00 8,300.00 4% 1002 Machinery, Tools & Equipment 5,000.00 18,000.00 260% TOTAL ADMINISTRATION $ 111,400.00 $ 97,300.00 -13% MARKETING AND PROMOTION Secure Jobs /Retention/Bus.Retention & Expansion 5,000.00 5,000.00 0% Lamar County Days 2017 7,000.00 - -100% Marketing Airport as Industrial Site 10,000.00 10,000.00 0% Industry Attraction Video 10,000.00 10,000.00 0% Marketing and Promotion 75,000.00 75,000.00 0% 0315 TOTAL MARKETING AND PROMOTION $ 107,000.00 $ 100,000.00 -7% TOTAL OPERATING EXPENSES $ 423,076.00 $ 422,100.00 0% JOB TRAINING - DIRECT INCENTIVES -DEBT SERVICE - CAPITAL INCENTIVES JOB TRAINING Campbells /KC -ACT WorkKeys 10,000.00 1,000.00 -90% 0047 Bodyguard Traning Incentive 13,371.00 - -100% 0060 Results Training Incentive 50,000.00 50,000.00 0% High Demand Job Training Match Grant 25,000.00 - -100% 0318 TOTAL JOB TRAINING $ 98,371.00 $ 51,000.00 -48% DIRECT BUSINESS INCENTIVES 0025 1?mk- S� $ 60,000.00 $ - -100% 0044 Paris Lakes $ 250,000.00 $ 250,000.00 0% 0047 BodyGuard $ - $ 25,000.00 #DIV /0! 0053 Potters Industries $ 16,000.00 $ 8,000.00 -50% 0055 $ 1,276.77 $ -100% Daisy Dairy $ 94,900.00 $ 94,900.00 0% TOTAL DIRECT BUSINESS INCENTIVES $ 422,176.77 $ 377,900.00 -10% DEBT SERVICE PEDC Bonds 1998 (Paris Pkg.) 354,011.00 354,926.00 0% The Bank of New York ( Bond Paying Agent Fee) 750.00 750.00 0% TOTAL DEBT SERVICE $ 354,761.00 $ 355,676.00 0% CAPITAL EXPENSES 0057 2305 NW Loop 286 $ - $ - 0% TOTAL CAPITAL EXPENSES $ - $ - 0% TOTAL DEBT, CAPITAL & INCENTIVES $ 875,308.77 $ 784,576.00 -10% TOTAL BUDGET EXPENSES $ 1,298,384.77 $ 1,206,676.00 -7% TAX INCOME ESTIMATED TAX INCOME 1,380,000.00 1,416,000.00 1% ESTIMATED SURPLUS 81,615.23 209,324.00 156% Approved by the PEDC Board on August 18, 2017