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Item No. 18 <br />Memorandum <br />TO: Paris City Council <br />Grayson Path, City Manager <br />FROM: Maureen Hammond, PEDC Executive Director <br />SUBJECT: PEDC 2019-2020 BUDGET AMENDMENTS <br />DATE: September 28, 2020 <br />BACKGROUND: The Paris EDC Board has requested that the following amendments to its <br />2019-2020 Budget be approved by the City Council as required by the PEDC bylaws. Attached <br />to this memo is a worksheet containing columns for the current PEDC budget, the changes <br />requested and the amended budget amounts. Adjustments to increased line items are primarily <br />due to unexpected expenses related to the search and hire of a new executive director, <br />settlement expenses incurred following the departure of Michael Paris, incentives for Turner <br />Industries to retain jobs and additional expenses for the American SpiralWeld project. Due to <br />several line items coming in under budget in both operations and incentives, we expect to be <br />under budget for the 2019-2020 FY. <br />STATUS OF ISSUE: The PEDC Board approved the changes to the budget at the September <br />15, 2020 Board Meeting and requests that the City Council consider approval of the <br />amendment budget. <br />RECOMMENDATION: Motion to approve the requested amendments to the 2019-2020 <br />PEDC budget. <br />Note: Treasurer Mihir Pankaj will present amendments for the 2019-2020 budget. <br />1125 Hanham Street oParis, TOxas 7.5460 <br />www. ads°_t' s saxes dp wsrui i.dos'.°eboc� . is �s't's� :sm e"�'witt s: � sm�st'(� .s��.s <br />