2003-010-PEDCR
PARIS ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 2003-010
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS
ECONOMIC DEVELOPMENT CORPORATION, APPROVING THE
ANNUAL BUDGET; MAKING OTHER FINDINGS AND PROVISIONS
RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Paris Economic Development Corporation, in keeping with Section 8.03
of its bylaws, is obligated to have a proposed budget prepared, approved and delivered to the City
Manager of the City of Paris on or before June 30 of each year for inclusion in his annual budget
to be presented to the City Council in accordance with the Charter of the City of Paris; and,
WHEREAS, the budget attached hereto as Exhibit A is hereby presented by the Secretary-
Treasurer, and it is appropriate that such budget be approved; NOW THEREFORE;
BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT
CORPORATION:
Section 1. That the fmdings set out in the preamble to this resolution are hereby in all
things approved.
Section 2. That the budget attached hereto as Exhibit A be, and the same is hereby,
approved.
Section 3. That the Secretary-Treasurer be, and she is hereby, directed to deliver the
budget attached hereto as Exhibit A to the City Manager of the City of Paris for inclusion in his
annual budget to be presented to the City Council in accordance with the Charter of the City of
Paris.
Section 4. That this resolution shall be effective from and after its date of passage.
PASSED AND ADOPTED this 18th day of June, 2003.
Don Wall, President
ATTEST:
Richard Severson, Secretary-Treasurer
APPROVED AS TO FORM:
Larry W. Schenk, City Attorney
-- PARIS ECONOMIC DEVELOPMENT CORPORATION
Revenue Statement
2003-2004
Anticipated Cash Position 9/30/03 $528,411
(These funds will be carried over to 2003/04 budget)
Revenue 2003 - 2004:
Estimated Sales Tax $930,000
Estimated Interest 15,000
Paris Packaging Payments 384.000
Total Current Revenue $1,329,000
Total Resources $1,857,411
Committed Funds:
Bond Debt Payments 388,972
Hearne Street Extension 247,787
_. Bank Debt Service ($1,000,000 over 5 years) 220,998
TCIM ($500,000 over 5 years) 25,000
Audit 3,550
Chamber of Commerce 202.719
Total Commitment of Existing Funds $1,089,026
Available Funds For Projects 2003-2004 $768,385
Long Term Obligations (as of9-30-03):
Bonds Payable (over 15 years) $3,595,000
Bank Debt Service (over 5 years) $1,000,000
TCIM (over 1 year) 25.000
Total Long Term Obligations $4,620,000
--
PARIS ECONOMIC DEVELOPMENT CORPORATION
2003-2004
BUDGET
Acct. ACTUAL ACTUAL PROJECTED BUDGET
# DESCRIPTION 00-01 01-02 2002-03 2003-04
0001 New Industry Projects 9,265 700,000 384,541
Turner International Piping 500,000 500,000 500,000 0
BITCO 128 0 0 0
TCIM 125,000 100,000 50,000 25,000
Existing Industry Projects 0 0 10,000 384,541
0002 Paris Packaging 393,731 394,001 388,936 388,972
Bank Debt Service 0 0 0 220,998
Hearn St. Extension 0 2,998 2,213 247,787
Chapman Note 53,906 58,398 53,906 0
Earthgrains 54,000 0 0 0
SUB TOTAL 1,126,765 1,064,662 1,705,055 1,651,839
1001 Office Equipment 149 3,945 21,500 3,000
0201 Office Supplies 6,227 11,602 5,550 6,000
0202 Postage 1,913 13,440 2,800 8,000
--------- ---------------------------------------- ------------------- ------------------- ------------------- -------------------
SUB TOTAL $8,289 $28,987 $29,850 $17,000
0301 Communications 1,316 1,137 1,500 2,000
0305 Special Services Fees/Consultants 100 13,403 1,000 5,000
0306 Travel 9,562 14,245 24,000 15,000
0307 Subscriptions 0 561 500 500
0310 Miscellaneous 1,064 850 1,000 0
0311 Associations 10,063 10,760 3,000 3,000
0315 Promotional/Advertising 61,592 80,042 89,000 50,000
0349 City Services 0 0 0 0
0350 Compensation - Director 35,271 36,803 57,447 61,407
0351 Compensation - Asst. Directo 53,830 64,601 45,132 47,115
Audit 2,225 6,278 3,550 3,550
SUB TOTAL $175,023 $228,680 $226,129 $187,572
0610 Reference Materials 0 0 0 0
0610-11 Contingency 1,322 300 1,000 1,000
--------- ---------------------------------------- ------------------- ------------------- ------------------- -------------------
SUBTOTAL $1,322 $300 $1,000 $1,000
TOTAL EXPENDITURES $1,311,399 $1,322,629 $1,962,034 $1,857,411
PEDC - Account Descriptions
Account # Description
0001 New Industry Projects - funds committed to
accommodate new industrial locations to Paris
0002 Existing Industry Projects - funds committed to the
retention and/or expansion of industrial facilities in
Paris
0201 Office Supplies
0202 Postage
9301 Communications - Long distance telephone
0305 Special Service Fees - Consultants, Legal, etc.
0306 Travel expenses for Director, Assistant Director,
training, seminars, travel claims, plane tickets,
special meeting lunches, ect.
0307 Subscriptions - Newspapers
0310 Miscellaneous
0311 Contractual Associations - Texas Marketing Team,
American Economic Development Council, Texas
Research League, World Economic Development
Alliance, Texas Economic Development Council
0315 Promotional - Advertising
0349 Services provided by the City of Paris
0350 Compensation - Director
0351 Compensation - Assistant Director
0610 Contingency - Industrial Appreciation Awards and
reference materials
1001 Office furniture & fixtures
PEDC Sales Tax Revenue
96-97 97-98 98-99 99-00 00-01 01-02 02-03
October 59,244.84 63,583.43 58,570.48 57,956.09 66,497.71 45,155.74 68,571.50
November 77,412.27 83,381.20 85,921.83 88,720.24 99,768.29 93,197.03 103,503.28
December 59,246.13 59,805.55 55,807.36 81,282.23 60,942.36 71,448.97 67,994.97
January 50,817.13 54,321.15 71,219.01 63,696.47 64,076.18 60,777.95 67,958.27
February 97,196.07 107,747.64 114,895.72 108,920.58 103,782.78 123,239.11 104,726.44
March 55,002.26 48,096.80 69,519.52 68,882.75 57,137.58 56,620.80 62,995.32
April 50,091.71 51,420.20 62,863.87 62,538.06 64,253.56 61,840.09 60,076.19
May 82,059.57 78,511.00 77,153.29 131,801.54 94,763.07 88,392.63 92,500.48
June 59,567.29 70,011.97 68,425.87 66,546.12 64,898.16 69,311.76
July 54,530.95 56,428.61 61,688.08 71,726.44 68,482.69 68,869.33
August 84,145.53 91,223.12 98,697.42 109,715.82 92,248.31 90,410.02
September 75,433.13 70,447.58 67,370.03 87,471.39 70,576.38 73,235.34
PEDC 804,746.89 834,978.23 892,132.49 999,257.75 907,427.07 902,498.77 628,326.45
Aver. per month 67,062.24 69,581.52 74,344.37 83,271.48 75,618.92 75,208.23 78,540.81
Average Revenue Per Month
SEE CHART