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12 - Paris Economic Development Corporation FY 2019-20 budgetItem No. 12 r TO: City Council John Godwin, City Manager FROM: Michael Paris, PEDC Executive Director SUBJECT: PEDC 2019-2020 ANNUAL BUDGET DATE: August 6, 2019 BACKGROUND: The Paris EDC Board met on July 23, 2019, to discuss and approve a budget for fiscal year 2019-2020. STATUS OF ISSUE: The PEDC Board discussed and approved the attached 2019-2020 Budget on July 23, 2019, 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 2019-2020 PEDC Budget. PEDC BUDGET 2019 - 2020 PAGE 1 July 23, 2019 PEDC Board Approved the 2019-2020 Budget BUDGET BUDGET Acct # Account Name FOR 2018- FOR 2019- % CHANGE 2019 2020 PERSONNEL 0101Salaries &Wages $ 174,900.00 $ 178,400.00 2% 0102 Social Security/Medicare (6.2%/1.45%) $ 13,400.00 $ 13,700.00 2% 0103 Retirement $ 10,800.00 $ 11,000.00 2% 0104 Insurance Benefits: $ 34,500.00 $ - 35,190.00 2% 0105 Workers Comp. Ins. (.44%) $ 750.00 $ 785.00 5% TOTAL PERSONNEL EXPENSES $ 234,350.00 $ 239,075.00 2% ADMINISTRATION 0201 Office Supplies 4,700.00 4,700.00 0% 0202 Postage 500.00 500.00 I 0% 0301 Telephone/Communication 5,500.00 5,500.00 0% 0302 Car Allowance 8,400.00 8,400.00 0% 0303 Insurance & Bonds 2,500.00 2,500.00 0% 0306 Travel Expenses 1,000.00 1,000.00 0% 0308 Utilities 12,000.00 12,000.00 0% 0310 Miscellaneous ...... 500.00 �- 500.00 0% 0311 Association Memberships 3,500.00 3,500.00 0% 0314 Staff Training 1,500.00 1,500.00 0% 0348 Depot Operations 16,150.00 16,150.00 0% 0355 Contract Labor - - #DIV/0! 0357 Contract Services - Legal Fees 5,000.00 5,000.00 0% 0402 Industrial Park Maintenance 10,000.00 10,000.00 0% 0605 Auditing Services 8,700.00 9,000.00 3% 1002 Machinery, Tools & Equipment 12,000.00 12,000.00 0% TOTAL ADMINISTRATION $ 91,950.00 $ 92,250.00 00 MARKETING AND PROMOTION Secure Jobs/Retention/Bus.Retention & Expansion 5,000.00 5,000.00 0% .... Lamar County Days 2019 10,000.00 .. - -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 90,000.00 100,000.00 11% 0315 TOTAL MARKETING AND PROMOTION $ 125,000.00 $ 125,000.00 0% TOTAL OPERATING EXPENSES $ 451,300.00 $ 456,325.00 1 PAGE 1 July 23, 2019 PEDC Board Approved the 2019-2020 Budget PEDC BUDGET 2019 - 2020 PAGE 2 July 23, 2019 PEDC Board Approved the 2019-2020 Budget BUDGET BUDGET Acct # Account Name FOR 2018- FOR 2019- % CHANGE 2019 2020 JOB TRAINING -DIRECT INCENTIVES -DEBT SERVICE -CAPITAL INCENTIVES JOB TRAINING ' 500.00 - High Demand Job Training & Recruiting Match Grant 25,000.00 25,000.00 0% 0318 TOTAL JOB TRAINING $ 25,500.00 $ 25,000.00 -2% DIRECT BUSINESS INCENTIVES $ 1,500,000.00 $ - -100% American Spiral Weld -Jobs (See Footnote #1) $ 1,000,000.00 $ 1,000,000.00 0% Rail Lead $ - $ 1,000,000.00 #DIV/0! Huhtamaki - Rail Development $ - $ 100,000.00 #DIV/0! J Skinner - Rail Development $ - $ 300,000.00 #DIV/0! Daisy Dairy $ 113,150.00 $ 131,400.00 16% TOTAL DIRECT BUSINESS INCENTIVES $ 2,613,150.00 $ 2,531,400.00 -3% DEBT SERVICE SW BUSINESS PARK ORGINAL NOTE - $697,000.00 SW PARK PRINCIPAL 02-0001-90-06'' $ 29,209.74 $ 36,278.11 ,,,,,,�......-. 24% SW PARK INTEREST 02-0002-90-06 $ 21,654.66 $ 24,759.17 ° 14% TOTAL PARK $ 50,864.40 $ 61,037.28 I 20% ASWP LOAN - PRIN, INT ORGINAL NOTE - $1,000,000.00 ASWP PRINCIPAL 02-0001-90-05 $ 22,597.30 $ 51,520.78 128% ASWP INTEREST 02-0002-90-05 21,296.00 36,265.82 1 70% TOTAL ASWP $ 43,893.30 $ 87,786.60 100% TOTAL DEBT SERVICE $ 87,786.60 $ 148,823.88 70% NEW INDUSTRY PROJECTS - 0064 Project ASWP - . $ - $ 200,000.00 #DIV/0! 0065 - SW Business Park $ - $ 320,000.00 #DIV/0! Land Development $ - $ 180,000.00 #DIV/0! TOTAL NEW INDUSTRY PROJECTS $ - $ 700,000.00 #DIV/0! TOTAL DEBT, CAPITAL & INCENTIVES $ 2,726,436.60 $ 3,405,223.88 25% TOTAL BUDGET EXPENSES $ 3,177,736.60 $ 3,861,548.8822% INCOME PAGE 2 July 23, 2019 PEDC Board Approved the 2019-2020 Budget PEDC BUDGET 2019 - 2020 BUDGET BUDGET Acct # Account Name FOR 2018- FOR 2019- % 2019. 2020 CHANGE LOCAL BAI& LOAN 1,000,000.00 - ESTENIATED TAX INCOME 1,440,000.001,464,000.00 2% ESTIMATED SURPLUS (737,736.60) (2,397,548.88) 225% Notes on Estimated Sales Tax Estimated Tax Income $1,464,000 divided by 12 FY 2019-2020 2018-2019 Sales Tax of $978,677 divided by 8 months giving estimate FY 2019-2020 FY 2019-2020 Estimated at $122,000 average monthly FOOTNOTES: #1 - May not be used by ASWP during the 2019-2020 fiscal year. Shown as an obligation for incentives. PAGE 3 July 23, 2019 PEDC Board Approved the 2019-2020 Budget