11 - PEDC Budgets for 2024-2025Item No. 11
IS
ECONOMIC DEVELOPMENT CORPORATION
Where Texans Reach higher
TO: Mayor, Mayor Pro Tem & Paris City Council
CC: Rob Vine, Interim City Manager
DATE: July 22, 2024
FROM: Maureen Hammond, Executive Director of Paris Economic Development Corp.
SUBJECT: PEDC's Approved Budgets for FY 2024-2025
BACKGROUND:
Pursuant to Section 8.03 of the PEDC Bylaws, proposed budgets for the 2024-2025 fiscal year were
brought before the PEDC Board for approval during their July 12, 2024, Planning Session 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 1 deadline (approved budgets were sent to Interim City
Manager and Finance Director on 7/19/24).
STATUS OF ISSUE:
Attached budgets were approved by Paris EDC Board on July 12, 2024.
BUDGET:
See attached for the Paris EDC's Approved Budgets for FY 2024-2025.
RECOMMENDATION:
Accept the budget for inclusion in the City Manager's annual budget to be presented to the City Council.
PEDC BUDGET 2024-2025
CASH AND INVESTMENTS
Balance 6/2023
Balance 6/2024
% Change
Cash and Cash Equivalents
3,129,062.35
2,260,329.55
-28%
Investments
2,198,169.99
2,319,629.19
6%
TOTAL CASH AND INVESTMENTS
5,327,232.34
4,579,958.74
-14%
BUDGET FOR
BUDGET FOR
Acct #
Account Name
% CHANGE
2023-2024
2024-2025
REVENUE
ESTIMATED SALES TAX INCOME
1,700,000.00
1,800,000.00
6%
ESTIMATED INTEREST INCOME
100,000.00
150,000.00
50%
COMMUNITY ADVISORY BOARD PROGRAM INCOME
180,000.00
-100%
ESTIMATED INCOME
1,980,000.00
1,950,000.00
-2%
EXPENSES
PERSONNEL
40101
Salaries & Wages
$
240,000.00
$
250,000.00
4%
40102
Social Security/Medicare (6.2%/1.459/2)
$
18,360.00
$
19,125.00
4%
40103
Retirement
$
24,000.00
$
20,000.00
-17%
40104
Insurance Benefits:
$
43,000.00
$
48,000.00
12%
40105
Workers ComL). Ins. .44%
$
1,056.00
$
11100.00
4%
TOTAL PERSONNEL EXPENSES
$
326,416.00
$
338,225.00
4%
'ADMINISTRATION
40201
Office Su lies
5,000.00
5,000.00
0%
40202
Postage
500.00
500.00
0%
40203
IMeetin s
3,000.00
3,000.00
0%
40301
Telephone/Communication
10,000.00
10,000.00
0%
40302
Car Allowance
8,400.00
8,400.00
0%
40303
,Insurance, Bonds & Admin Fees
2,750.00
51000.00
82%
40306
Mile a a Reimbursement
1,000.00
1,000.00
0%
40308
Utilities
12,000.00
15,000.00
25%
40330
Miscellaneous
500.00
500.00
0%
40311
Association Memberships
3,500.00
4,500.00
29%
40314
Staff Training
1,500.00
5,000.00
233%
40348
Depot O erations
16,150.00
16,150.00
0%
48117
Contract Services - Legal Fees
25,000.00
25,000.00
0%
40605
Auditin and Com pilation Services
11,500.00
14,500.00
26%
41002
Machine!j, Tools & Equipment
10,000.00
10,000.00
0%
TOTAL ADMINISTRATION
$
110,800.00
$
123,550.00
12%
Budget to PEDC Board 2024-2025
PEDC BUDGET 2024-2025
Budget to PEDC Board 2024-2025
BUDGET FOR
BUDGET FOR
Acct # Account Name
% CHANGE
2023-2024
2024-2025
MARKETING AND PROMOTION
(Secure Jobs/Retention/Bus. Retention & Ex ansion
10,000.00
10,000.00
0%
Lamar CountyDays 2025
-
10,000.00
100%
Signa a at NW Industrial Park
50,000.00
100%
:MarketingVideos
5,000.00
5,000.00
100%
Marketing - Rebrand and Website
10,000.00
-100%
Marketin and Promotion
105,000.00
55,000.00
-48%
40315 ,TOTAL MARKETING AND PROMOTION
$
130,000.00
$
130,000.00
0%
TOTAL OPERATING EXPENSES
$
567,216.00
$
591,775.00
4%
JOB TRAINING -DIRECT INCENTIVES -DEBT SERVICE -CAPITAL INCENTIVES
JOB TRAINING
Hi h Demand Job Trainini & Recruiting Match Grant
50,000.00
50,000.00
0%
40318 TOTAL JOB TRAINING
$
50,000.00
$
50,000.00
0%
DIRECT BUSINESS INCENTIVES
LionsHead (Project Rocket X) - Infrastructure
$
250,000.00
-100%
LionsHead (Project Rocket X) -Jobs - Due in 2024-2025
$
333,320.00
100%
Metro Gate and Manufacturing
$
69,000.00
$
69,000.00
0%
Universal Fabricating
$
120,000.00
$
120,000.00
0%
Ametsa
$
233,000.00
$
133,000.00
-43%
Huhtamaki (Project Clydesdale) - Infrastructure
$
625,000.00
$
-
-100%
Rodgers Wade$
93,000.00
100%
Project Blue Fire- Jobs
$
500,000.00
100%
Project Blue Fire - Investment
$
1,000,000.00
100%
Attraction/Recruitment Projects
$
100%
TOTAL DIRECT BUSINESS INCENTIVES
$
1,297,000.00
$
2,248,320.00
73%
Budget to PEDC Board 2024-2025
PEDC BUDGET 2024-2025
Budget to PEDC Board 2024-2025
BUDGET FOR
BUDGET FOR
Acct #
Account Name
% CHANGE
2023-2024
2024-2025
DEBT SERVICE
LOAN WITH CITY - PRINCIPAL AND INTEREST
2022 PROJECTED $1.9M - 2023 ORIGINAL NOTE -$2.5M
Princi-al
$
145,198.52
Interest
$
49,794.12
TOTAL
$
194,992.64
$
220,000.00
13%
TOTAL DEBT SERVICE
$
194,992.64
$
220,000.00
13%
NEW INDUSTRY PROJECTS
40065
SW Business Park Maintenance
$
20,000.00
$
25,000.00
25%
40081
NW Business Park Maintenance
$
15,000.00
$
15,000.00
0%
40083
SE Business Park Maintenance
$
10,000.00
$
10,000.00
0%
40072
Land Development
$
100,000.00
$
100,000.00
0%
TOTAL NEW INDUSTRY PROJECTS
$
145,000.00
$
150,000.00
3%
TOTAL DEBT, CAPITAL& INCENTIVES
$
1,686,992.64
$
2,668,320.00
58%
COMMUNITY ADVISORY BOARD PROGRAM
COMMUNITY ADVISORY PROGRAM
37665
Comm Adv Income
40613
Paris ISD
36,000.00
21,000.00
-42%
40614
North Lamar ISD
36,000.00
21,000.00
-42%
40615
Prairieland ISD
36,000.00
21,000.00
-42%
40616
Chism ISD
36,000.00
21,000.00
-42%
40617
Paris Junior College
36,000.00
21,000.00
-42%
TOTAL COMMUNITY ADVISORY PROGRAM
$
180,000.00
$
105,000.00
-42%
TOTAL BUDGET EXPENSES
$
2,254,208.64
$
3,365,095.00
49%
INCOME
ESTIMATED TAX INCOME
1,700,000.00
1,800,000.00
6%
INTEREST INCOME
100,000.00
150,000.00
50%
COMMUNITY ADVISORY BOARD PROGRAM INCOME
180,000.00
-100%
ESTIMATED INCOME
1,980,000.00
1,950,000.00
-2%
ESTIMATED SURPLUS (SHORTAGE)
(274,208.64)
(1,415,095.00)
416%
CASH AND INVESTMENTS ENDING BALANCE
$
5,053,023.70
$
3,164,863.74
-37%
Budget to PEDC Board 2024-2025
PEDC BUDGET 2024-2025
BUDGET FOR BUDGET FOR
Acct # Account Name % CHANGE
2023-2024 2024-2025
2023 EDA Grant for NW Industrial Park
Budget to PEDC Board 2024-2025
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
02-38370-00-080
EDA income
02-38371-00-080
Local Match
COST CLASSIFICATION
Proposed
Approved
02-48117-11-102
Administrative and Legal Expenses
(ATCOG)
$
40,000.00
$
40,000.00
Land, Structures, Rights -of -Way, Etc.
$
-
$
-
Relocation expenses and payments
$
-
$
02-48108-11-102
Architectural and Engineering Fees
(EST)
$
150,000.00
$
150,000.00
Other Architectural and Engineering Fees
$
-
$
-
Project Inspection Fees
$
$
Site Work
$
$
Demolition and Removal
$
$
02-40328-11-102
Construction
$
1,485,916.00
$
1,485,916.00
Equipment
$
$
02-48112-11-102
Contingencies
(Over Budget)
$
176,428.00
$
176,428.00
TOTAL PROJECT EXPENSE
$
1,852,344.00
$ 1,852,344.00
Budget to PEDC Board 2024-2025