The URL can be used to link to this page

18 - Paris Economic Development Corporation's budget for FY 2020-2021Item No. 18 memorandum TO: City Council Grayson Path, City Manager FROM: PEDC Board SUBJECT: PEDC 2020-2021 ANNUAL BUDGET DATE: June 17, 2020 BACKGROUND: The Paris EDC Board met on June 16, 2020, to discuss and approve a budget for fiscal year 2020-2021. STATUS OF ISSUE: The PEDC Board discussed and approved the attached 2020-2021 Budget on June 16, 2020, 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 2020-2021 PEDC Budget. PEDC BUDGET 2020- 2021 Page 1 June 16, 2020 PEDC Board Approved the 2020-2021 Budget ]BU I GE'T' BTDGET Acct Account Name FOR 2019 FUR 2020= CHANGE; 2020 2021 PERSONNEL 0101 Salaries & Wages $ 178,400.00 $ 182,000.00 2% 0102 (Social Securit /Medicare (,6.2%/1.45%) $ 13,700.00 '', $ 14,000.00 2% 0103 (Retirement $ 11,000.00 $ 11,200.00 2% 0104 Insurance Benefits: $ 35,190.00 $ 35,900.00 2% 0105 lWorkers Com ). Ins. .44% $ 785.00 $ 800.00 2% TOTAL PERSONNEL EXPENSES $ 239,075.00 $ 243,900.00 2% ADMINISTRATION 0201 Office Sualies 4,700.00 4,700.00 0% 0202 Posta fe 500.00 500.00 0% 0301 Tele 2- hone/Communication 5,500.00 8,600.00 56% 0302 Car Allowance 8,400.00 8,400.00 0% 0303 1 Insurance & Bonds 2,500.00 2,500.00 0% 0304 Movin- Expenses - 10,000.00 #DIV/0! 0306 1 TravelExenses 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 Member shi s 3,500.00 3,500.00 0% 0314 StaffTraininp 1,500.00 1,500.00 0% 0348 De of Operations 16,150.00 I 16,150.00 0% 0355 Contract Labor - - 4DIV/0! 0357 Contract Services - Le gal Fees 5,000.00 25,000.00 400% 0402 Industrial Park Maintenance 10,000.00 10,000.00 0% 0605 AuditinR Services 9,000.00 9,300.00 3% 1002 Machinery, Tools & Ejuiliment 12,000.00 15,000.00 25% TOTAL ADMINISTRATION $ 92,250.00 $ 128,650.00 39% MARKETING AND PROMOTION Secure Jobs/Retention/Bus.Retention & Ex i rasion 5,000.00 5,000.00 0% Lamar County Days 2021 - 10,000.00 #DIV/0! 1ati 10,000.00 - -100% Marketing Videos 10,000.00 15,000.00 50% Marketin< and Promotion 100,000.00 100,000.00 0% 0315 TOTAL MARKETING AND PROMOTION $ 125,000.00 $ 130,000.00 4% TOTAL OPERATING EXPENSES $ 456,325.00 $ 502,550.00 10% Page 1 June 16, 2020 PEDC Board Approved the 2020-2021 Budget PEDC BUDGET 2020- 2021 Page 2 June 16, 2020 PEDC Board Approved the 2020-2021 Budget BUDGET BUDGET Acct Account Name FOR 2019- FOR 2020, CHANGE 2020 2021 JOB TRAINING -DIRECT INCENTIVES -DEBT SERVICE -CAPITAL INCENTIVES JOB TRAINING High Demand Job Trainin� & Recruitin Y Match Grant 25,000.00 25,000.00 0% 0318 TOTAL JOB TRAINING $ 25,000.00 $ 25,000.00 0% DIRECT BUSINESS INCENTIVES American Spiral Weld -Jobs (See Footnote #1) $ 1,000,000.00 $ 1,000,000.00 0% American S iral Weld -Rail Lead $ 1,000,000.00 $ - -100% Huhtamaki - Rail Development ment $ 100,000.00 $ 100,000.00 0% J Skinner - Jobs $ - $ 250,000.00 #DN/0! ! SldnrerRail OftLk43s $ 300,000.00 $ - -100% D6 - Jobs $ - $ 412,500.00 #DIV/0! Pro iect Rocket X - Infrastructure $ - $ 250,000.00 #DIV/0! Pro'ect Rocket X - Jobs $ - $ 75,000.00 #DIV/0! Dais Dais,,+ $ 131,400.00 $ 153,300.00 17% Turner Industries - Jobs $ - $ 200,000.00 #DIV/0! TOTAL DIRECT BUSINESS INCENTIVES $ 2,531,400.00 $ 2,440,800.00 4% DEBT SERVICE SW BUSINESS PARK ORGINAL NOTE - $697,000.00 SW PARK PRINCIPAL 02-0001-90-06 $ 36,278.11 1$ 37,681.73 4% SW PARK INTEREST 02-0002-90-06 $ 24,759.17 $ 23,355.55 -6% TOTAL PARK $ 61,037.28 $ 61,037.28 0% ASWP LOAN - PRIN, INT ORGINAL NOTE - $1,000,000.00 ASWP PRINCIPAL 02-0001-90-05 $ 51,520.78 $ 53,514.15 4% ASWP INTEREST 02-0002-90-05 36,265.82 34,272.45 -5% TOTAL ASWP $ 87,786.60 $ 87,786.60 0% TOTAL DEBT SERVICE $ 148,823.88 $ 148,823.88 0% ,NEW INDUSTRY PROJECTS 0064 Proiect ASWP $ 200,000.00 $ - -100% 0065 SW Business Park $ 320,000.00 $ 320,000.00 0% Land Development $ 180,000.00 $ 100,000.00 44% TOTAL NEW INDUSTRY PROJECTS $ 700,000.00 $ 420,000.00 -40% TOTAL DEBT, CAPITAL & INCENTIVES $ 3,405,223.88 $ 3,034,623.88 -11% TOTAL BUDGET EXPENSES $ 3,861,548.88 $ 3,537,173.88-8% Page 2 June 16, 2020 PEDC Board Approved the 2020-2021 Budget PEDC BUDGET 2020- 2021 Page 3 June 16, 2020 PEDC Board Approved the 2020-2021 Budget