07 - PEDC Approved Budgets FY 2023-2024Item No. 7
memorandum
TO: Mayor, Mayor Pro Tem & Paris City Council
CC: Grayson Path, City Manager
FROM: Maureen Hammond, Executive Director of Paris Economic Development Corp.
SUBJECT: PEDC's Approved Budgets for FY 2023-2024
DATE: August 2, 2023
BACKGROUND:
Pursuant to Section 8.03 of the PEDC Bylaws, proposed budgets for the 2023-2024 fiscal year
were brought before the PEDC Board for approval during their July 18, 2023, meeting. The Board
has.approved the attached budgets, and per Section 8.03, we are submitting the budget to the City
Manager for inclusion in his annual budget to be presented to the City Council in accordance with
the Charter of the City of Paris before the August l deadline (approved budgets were sent to City
Manager and Finance Director on 7/19/23).
STATUS OF ISSUE:
Attached budgets were approved by Paris EDC Board on July 18, 2023.
BUDGET:
See attached for the Paris EDC's Approved Budgets for FY 2023-2024.
RECOMMENDATION:
Accept the budget for inclusion in the City Manager's annual budget to be presented to the City
Council.
PEDC BUDGET 2023- 2024
CASH AND INVESTMENTS
Balance 6/2022
Balance 6/2023
% Change
Cash and Cash Equivalents
2,972,189.00
3,129,062.35
5%
Investments
2,119,728.00
2,198,169.99
4%
TOTAL CASH AND INVESTMENTS
5,091,917.00
5,327,232.34
5%
BUDGET FOR
BUDGET FOR
Acct #
Account Name
% CHANGE
2022-2023
2023-2024
REVENUE
ESTIMATED SALES TAX INCOME
1,700,000.00
1,700,000.00
0%
ESTIMATED INTEREST INCOME
100,000.00
100%
COMMUNITY ADVISORY BOARD PROGRAM INCOME
180,000.00
100%
ESTIMATED INCOME
1,700,000.00
1,980,000.00
16%
EXPENSES
PERSONNEL
0101
Sal hes & Wages
$
220,000.00
$ 240,000.00
9%
0102
Social Security/Medicare (6.2%/1.45%)
$
16,800.00
$ 18,360.00
9%
0103
Retirement
$
22,000.00
$ 24,000.00
9%
0104
Insurance Benefits:
$
40,000.00
$ 43,000.00
8%
0105
Workers Com . Ins. (.44%)
$
950.00
$ 1,056.00
11%
TOTAL PERSONNEL EXPENSES
$
299,750.00
$ 326,416.00
9%
ADMINISTRATION
0201
Office Supplies
5,000.00
5,000.00
0%
0202
Postage
500.00
500.00
0%
0203
Meetings
3,000.00
3,000.00
0%
0301
Telephone/Communication
10,000.00
10,000.00 ',
0%
0302
Car Allowance
8,400.00
8,400.00
L0%
0303
Insurance & Bonds
2,750.00
2,750.00
0%
0306
Milea :e 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
StaffTrainin,
1,500.001,500.00
0%
0348
IDepot Operations
16,150.00
16,150.00
0%
0357
Contract Services - Legal Fees
25,000.00
25,000.00
0%
0605
Auditing and Compilation Services
11,500.00
11,500.00
0%
1002
Machiner , Tools & Equipment
10,000.00
10,000.00
0%
TOTAL ADMINISTRATION
$
110,800.00
,$ 1101800.00
0%
Budget to PEDC Board 2023-2024
PEDC BUDGET 2023- 2024
Budget to PEDC Board 2023-2024
BUDGET FOR
BUDGET FOR
Acct # Account Name
% CHANGE
2022-2023
2023-2024
_MARKETING AND PROMOTION
ISecure Jobs/Retention/Bus. Retention & Expansion
10,000.00
10,000.00
0%
Lamar County Days 2023
10,000.00
-100%
Marketing Videos
-
5,000.00
100%
Marketing - Rebrand and Website
35,000.00
10,000.00
-71%
— Marketing and Promotion
751,000.00
105,000.00
40%
0315 TOTAL MARKETING AND PROMOTION
$
130,000.00
$
130,000.00
0%_
TOTAL OPERATING EXPENSES
540,550.00
$
567,216.00
5%
JOB TRAINING -DIRECT INCENTIVES -DEBT SERVICE
-CAPITAL INCENTIVES
..........................
JOB TRAINING
High Demand Job Training & RecruitinE Match Grant
50,000.00
50,000.00
0%
0318 TOTAL JOB TRAINING
50,000.00
$
50,000.00
0%
JIDIRECT BUSINESS INCENTIVES
American Spiral Weld -Jobs
$
1,000,000.00
-100%
Lionshead (Project Rocket X) - infrastructure
$
250,000.00
$
250,000.00
0%
Lionshead Project Rocket X -Jobs -Due in 2024-2025
Metro Gate and Manufacturing
69,000.00
$
69,000.00
0%
Blossom Aerospace
100,000.00
-100%
Universal Fabricating
120,000.00
100%
Ametsa
$
233,000.00
100%
Clydesdale
$
625,000.00
100% .............
Attraction/Recruitment Projects
$
100,000.00
-100%
............
TOTALDIRECTBLISINES I S INCENTIVES
— $
1,519,000.60—
1,29'
Budget to PEDC Board 2023-2024
PvDc w Ind"; I .E 2021- 21124
Budget to PEDC Board 2023-2024
BUDGET FOR
BUDGET FOR
Acct #
Account Name
% CHANGE
2022-2023
2023-2024
DEBT SERVICE
LOAN WITH CITY- PRINCIPAL AND INTEREST
2022 PROJECTED $1.9M - 2023 ORIGINAL NOTE -$2.SM
Principal
$
145,198.52
$
148,336.43
Interest
$
49,794.12
$
46,656.21
TOTAL
$
194,992.64
$
194,992.64
0%
TOTAL DEBT SERVICE
$_
194,992.64
$
194,992.64
0%
NEW INDUSTRY PROJECTS
0065
SW Business Park Maintenance
$
20,000.00
$
20,000.00
0%
1 0081
NW Business Park Maintenance
$
15,000.00
$
15,000.00
0%
SE Business Park Maintence
$
10,000.00
100%
0072
Land Development
$
100,000.00
$
100,000.00
0%
TOTAL NEW INDUSTRY PROJECTS
$
_ 135,000.00
$
145,000.00
7%
TOTAL DEBT, CAPITAL & INCENTIVES
$_
1,898,992.64
$
1,686,992.64
-11% 111,
COMMUNITY ADVISORY BOARD
PROGRAM
COMMUNITY ADVISORY PROGRAM
Paris ISD
36,000.00
100%
North Lamar ISD
36,000.00
100%
Praireland ISD
36,000.00
100%
Chism ISD
36,000.00
100%
Paris Junior College
36,000.00
100%
TOTAL COMMUNITY ADVISORY PROGRAM
$
-
$
180,000.00
100%
TOTAL BUDGET EXPENSES
$
2,439,542.64
$
2,434,208.64
0%
INCOME
ESTIMATED TAX INCOME
1,700,000.00
1,700,000.00
0%
INTEREST INCOME
100,000.00
a
100%
COMMUNITY ADVISORY BOARD PROGRAM INCOME
180,000.00
],ESTIMATED INCOME
1,700,000.00
1,980,000.00
16%
ESTIMATED SURPLUS (SHORTAGE)
(739,542.64)
(454,208.64)
-39%
CASH AND INVESTMENTS ENDING BALANCE
$
4,352,374.36 $
4,873,023.70
12%
Budget to PEDC Board 2023-2024
PEDC: EDA GRANT BUDGET
2023 EDA Grant for NW Industrial Park
Federal Share (EDA Amount Awarded) 1,300,000.00
Non -Federal Matching Share (PEDC and City in-kind)
552,344.00
TOTAL PROJECT INCOME
1,852,344.00
Cost Classification
Proposed
Approved
Administrative and Legal Expenses
$
40,000.00
$
40,000.00
Land, Structures, Rights -of -Way, Etc.
$
-
$
-
Relocation expenses and payments
$
-
$
-
Architectural and Engineering Fees
$
150,000.00
$
150,000.00
Other Architectural and Engineering Fees
$
-
$
-
Project Inspection Fees
$
-
$
Site Work
$
-
$
-
Demolition and Removal
$
-
$
-
Construction
$
1,485,916.00
$
1,485,916.00
Equipment
$
-
$
-
Contin rencies
$
176,428.00
$
176,428.00
TOTAL PROJECT EXPENSE
$
1,852,344.00
$
1,852,344.00
EDA AWARD NUMBER 08-01-05707