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24 - PEDC Budget FY 2021-2022Item No. 24 TO: Mayor, Mayor Pro -Tem & City Council Grayson Path, City Manager FROM: Maureen Hammond, PEDC Executive Director SUBJECT: PEDC 2021-2022 ANNUAL BUDGET DATE: June 28, 2021 BACKGROUND: The Paris EDC Board met on June 15, 2021, to discuss and approve a budget for fiscal year 2020-2021. STATUS OF ISSUE: The PEDC Board discussed and approved the attached 2021- 2022 Budget on June 15, 2021, and respectfully requests for the City Council to consider approval as required by the PEDC bylaws. BUDGET: Attached RECOMMENDATION: Motion to approve the proposed 2021-2022 PEDC Budget. PEDC BUDGET 2021- 2022 CASH AND INVESTMENTS Balance 9/2020 Balance 5/2021 % Change Cash and Cash Equivalents 1,710,816.00 1,860,702.00 9% Investments 2,112,151.00 2,113,864.00 0% TOTAL CASH AND INVESTMENTS 3,822,967.00 3,974,566.00 4% BUDGET FOR BUDGET FOR Acct # Account Name %CHANGE 2020-2021 2021-2022 REVENUE ESTIMATED SALES TAX INCOME 1,440,000.00 1,440,000.00 0% ESTIMATED INCOME 1,440,000.00 1,700,000.00 18% EXPENSES PERSONNEL 0101 Salaries & Wages $ 182,000.00 $ 194,500.00 7% 0102 Social Security/Medicare (6.2%/1.45%) $ 14,000.00 $ 15,000.00 7% 0103 Retirement $ 11,200.00 $ 15,000.00 34% 0104 Insurance Benefits: $ 35,900.00 $ 35,000.00 -3% 0105 Workers Comp. Ins. (.44%) $ 800.00 $ 800.00 0% TOTAL PERSONNEL EXPENSES $ 243,906.00 $ 260,300.00 7% ADMINISTRATION 0201 Office Supplies 4,700.00 4,700.00 0% 0202 Postage 500.00 500.00 0% 0203 Meetings - 3,000.00 100% 0301 Telephone/Communication 8,600.00 10,000.00 16% 0302 Car Allowance 8,400.00 8,400.00 0% 0303 Insurance & Bonds 2,500.00 ! 2,500.00 0% 0304 Moving Expenses 10,000.00 - -100% 0306 Mileage Reimbursement 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 - - 0% 0357 Contract Services - Legal Fees 25,000.00 25,000.00 0% 0402 Industrial Park Maintenance 10,000.00 10,000.00 0% 0605 Auditing and Compilation Services 9,300.00 10,000.00 8% 1002 Machiner , Tools & Equipment 15,000.00 15,000.00 0% TOTAL ADMINISTRATION $ 128,650.00 $ 123,750.00 " 49"o Page 1 June 2021 PEDC Board Approved the 2021-2022 Budget PEDC BUDGET 2021- 2022 Page 2 June 2021 PEDC Board Approved the 2021-2022 Budget BUDGET FOR ' BUDGET FOR Acct # Account Name % CHANGE 2020-2021 2021-2022 MARKETING AND PROMOTION Secure Jobs/Retention/Bus. Retention & Expansion 5,000.00 10,000.00 100% Lamar County Days 2021 10,000.00 - -100% Marketing Videos 15,000.00 - -100% Marketing - Rebrand and Website - 20,000.00 100% Marketing and Promotion 100,000.00 100,000.00 0% 0315 TOTAL MARKETING AND PROMOTION $ 130,000.00 $ 130,000.00 0% TOTAL OPERATING EXPENSES $, 502,550.00 $ 514,050.00 2% JOB TRAINING -DIRECT INCENTIVES -DEBT SERVICE -CAPITAL INCENTIVES JOB TRAINING High Demand Job Training &Recruiting Match Grant 25,000.00 25,000.00 0% 0318 J TOTAL JOB TRAINING $ 25,000.00 $ 25,000.00 0% DIRECT BUSINESS INCENTIVES American Spiral Weld -Jobs $ 1,000,000.00 $ 1,000,000.00 0% American SpiralWeld - Rail Lead $ - $ - 0% Huhtamaki - Rail Development $ 100,000.00 $ 102,000.00 2% JSkinner -Jobs $ 250,000.00 $ - -100% D6 - Jobs $ 412,500.00 $ - -100% Project Rocket X - Infrastructure $ 250,000.00 $ - -100% Project Rocket X - Jobs $ 75,000.00 $ - -100% Daisy Dairy $ 153,300.00 w -100% Turner Industries -Jobs $ 200,000.00 $ - -100% Metro Gate and Manufacturing $ - $ 120,000.00 100% Attraction/Recruitment Projects $ - $ 500,000.00 100% TOTAL DIRECT BUSINESS INCENTIVES $ 2,440,800.00 $ 1,722,000.00 -29% Page 2 June 2021 PEDC Board Approved the 2021-2022 Budget PEDC BUDGET 2021- 2022 Acct # Account Name DEBT SERVICE SW BUSINESS PARK - PRINCIPAL AND INTEREST (ORIGINAL NOTE - $697,000.00 SW PARK PRINCIPAL 02-0001-90-06 SW PARK INTEREST 02-0002-90-06 BUDGET FOR 2020-2021 $ 37,681.73 $ 23,355.55 BUDGET FOR 2021-2022 $ 48,053.08 '', $ 12,984.20 %CHANGE 28% -44% TOTAL PARK $ 61,037.28 $ 61,037.28 0% ASWP LOAN - PRINCIPAL AND INTEREST ORIGINAL NOTE - $1,000,000.00 ASWP PRINCIPAL 02-0001-90-05 $ 53,514.15 $ 55,584.63 4% ASWP INTEREST 02-0002-90-05 34,272.45 32,201.97 -6% TOTAL ASWP $ 87,786.60 $ 87,786.60 0% LAND LOAN - PRINCIPAL AND INTEREST I PROJECTED NOTE - $1,900,000 $ - $ 120,000.00 100% TOTAL $ - $ 120,000.00 100% TOTAL DEBT SERVICE $ 148,823.88 $ 268,823.88 81% NEW INDUSTRY PROJECTS 0065 SW Business Park $ 320,000.00 $ 20,000.00 -94% Land Development $ 100,000.00 $ 100,000.00 0% TOTAL NEW INDUSTRY PROJECTS $ 420,000.00 $ 120,000.00 'i -71% TOTAL DEBT, CAPITAL & INCENTIVES $ 3,034,623.88 $ 2,135,823.88 'I -30% TOTAL BUDGET EXPENSES $ 3,537,173.88 $ 2,649,873.88' -25% INCOME ESTIMATED TAX INCOME 1,440,000.00 .1,440,000.00 0% ESTIMATED INCOME 1,440,000.00 1,700,000.00 18% ESTIMATED SURPLUS (SHORTAGE) (2,097,173.88) (949,873.88) -55% CASH AND INVESTMENTS ENDING BALANCE $ 1,725,793.12 $ 3,024,692.12 75% Page 3 June 2021 PEDC Board Approved the 2021-2022 Budget