19 - PEDC 2018-2019 Budget AmendmentsItem No. 19
TO: City Council
Gene Anderson, Interim City Manager
FROM: Michael Paris, PEDC Executive Director
SUBJECT: PEDC 2018-2019 BUDGET AMENDMENTS
DATE: September 17, 2019
BACKGROUND: The Paris EDC Board has requested that the following amendments to its
2018-2019 Budget be approved by the City Council as required by the PEDC bylaws. Attached
to this memo is a worksheet containing columns for the current PEDC budget, the changes
requested and the amended budget amounts. These changes are necessitated by: additional
Personnel expense for the end of year payroll; Debt Service to bank loans for the purchase of
land for the SW Business Park and the $1,000,000.00 incentive to American SpiralWeld Pipe;
New Industry Projects increased to $535,000.00 since they were not started before the beginning
of the fiscal year.
STATUS OF ISSUE: The PEDC Board approved the changes to the budget at the
September 17, 2019 Board Meeting and requests that the City Council approve the
budget changes.
BUDGET: These amendments increase the total PEDC budget by $629,757.70. This increase is
for Direct Business Incentives and New Industry Projects.
RECOMMENDATION: Motion to approve the requested amendments to the 2018-2019 PEDC
budget.
2018-2019
PEDC BUDGET BUDGET AMENDMENTS
BUDGET FOR
SUGGESTED
Acct 11
Account Name
AMENDED
BUDGET
2018-2019
CHANGES
PERSONNEL
0101
Salaries & Wages
$ 174,900.00
$
10,000.00
$
184,900.00
0102
Social Security/Medicare (6.2%/1.45%)
$ 13,400.00
$
2,500.00
$
15,900.00
0103
Retirement
$ 10,800.00
$
1,500.00
$
12,300.00
0104
Insurance Benefits:
$ 34,500.00
$
-
$
34,500.00
0105
Workers Comp. Ins. (.44%)
$ 750.00
$
-
$
750.00
TOTAL PERSONNEL EXPENSES
$ 234,350.00
$
14,000.00 $
248,350.00
ADMINISTRATION
0201
Office Supplies
4,700.00
$
(1,000.00),
3,700.00
0202
Postage
500.00
$
500.00
0301
Telephone/Communication
5,500.00
$
5,500.00
0302
Car Allowance
8,400.00
$
8,400.00
0303
Insurance & Bonds
2,500.00
$
2,500.00
0304
Moving Expenses
-
$
-
0306
Travel Expenses
1,000.00
$
1,000.00
0308
(Adisio
12,000.00
$
12,000.00
0310
Miscellaneous
500.00
$
500.00
0311
Association Memberships
3,500.00
$
(1,000.00)
2,500.00
0314
Staff Training
1,500.00
$
1,500.00
0348
Depot Operations
16,150.00
$
16,150.00
0355
Contract Labor
-
$
-
0357
Contract Services - Legal Fees
5,000.00
$
(4,000.00)
1,000.00
0402
Industrial Park Maintenance
10,000.00
$
10,000.00
0605
Auditing Services
8,700.00
$
8,700.00
1002
Machinery, Tools & Equipment
129000.00
$
(8,000.00)
4,000.00
TOTAL ADMINISTRATION
$ 91,950.00
$
(14,000.00)
77,950.00
MARKETING AND PROMOTION
Secure Jobs/Retention/Bus.Retention & Expansion
5,000.00
$
5,000.00
Lamar County Days 2019
10,000.00
$
10,000.00
Marketing Airport as Industrial Site
10,000.00
$
10,000.00
Industry Attraction Video
10,000.00
$
10,000.00
Marketing and Promotion
90,000.00
$
-
90,000.00
0315
TOTAL MARKETING AND PROMOTION
$ 125,000.00
$
-
$
125,000.00
TOTAL OPERATING EXPENSES
$ 451,300.00
$
$
451,300.00
JOB TRAINING -DIRECT INCENTIVES -DEBT SERVICE -CAPITAL INCENTIVES
JOB TRAINING
Can )be1Ps/KC-ACT WorkKeys
500.00
$
-
500.00
High Demand Rfl,r Traming,, &Recruiting Match Cirw
25,000.00
$
25,000.00
0318
TOTAL JOB TRAINING
$ 25,500.00
$
$
25 500.00
DIRECT BUSINESS INCENTIVES
American Spiral Weld -Upfront
$ 1,500,000.00
$
$
1,500,000.00
American Spiral Weld -Jobs
S 1,000,000.00
$
-
$
1,000,000.00
Daisy Dairy
S 113,150.00
$
$
1139150.00
TOTAL DIRECT BUSINESS INCENTIVES
$ 2,613,150.00 1 $
-
$
2,613 150.00
DEBT SERVICE
SW BUSINESS PARK-PRIN, INT
SW PARK PRINCIPAL 02-0001-90-06$
$
29,209.74
SW PARK INTEREST 02-0002-90-061$
-
$
21,654.66
September 17, 2019 PEDC Board Approved the 2018-2019 Budget
Amendments
PAGE 1
2018-2019
PEDC BUDGET BUDGET AMENDMENTS
September 17, 2019 PEDC Board Approved the 2018-2019 Budget Amendments
PAGE 2
BUDGET FOR
SUGGESTED
Acct # Account Name
ENDED BUDGET
2018-2019
CHANGES
TOTAL PARK
$
50,864.40
$
50,864.40
ASWP LOAN - PRIN, INT
ASWP PRINCIPAL 02-0001-90-05
$ -
$
22,597.30
ASWP INTEREST 02-0002-90-05
$ -
$
21,296.00
TOTAL ASWP $ -
$
43,893.30
$
43,893.30
TOTAL DEBT SERVICE
$
$
94,757.70
$
94L757.70
NEW INDUSTRY PROJECTS
0064 Project American SprialWeld
$ -
$
450,000.00
$
450,000.00
0065 SW Business Park
$ -
$
85,000.00
$
85,000.00
TOTAL NEW INDUSTRY PROJECTS
$ -
$
535,000.00
$
5354000.00
TOTAL DEBT, CAPITAL & INCENTIVES
$ 2,638,650.00
$
629,757.70
$
3,268,407.70
TOTAL BUDGET EXPENSES
$ 3,089,950.00 11 $
629,757.70
$
3,719,707.70
September 17, 2019 PEDC Board Approved the 2018-2019 Budget Amendments
PAGE 2