16-MOVE TO APPROVE PEDC BUDGET AMENDMENT AS PRESENTEDCITY COUNCIL AGENDA ITEM BRIEFING SHEET
enda Item No.:
inating Department: Presented By: ~
16.
Finance Gcne ~lndcrson
=7-23-20122
RECOMMENDED MOTION:
budget amendment as presented.
Move to approve the PEDC
POLICY ISSUE(S):
Fiscal management
BACKGROUND:
.-\t a specialli, callcd meetuig on )une 29, 2012, the PFllC Board voted to amend and increase the 2011-12
PI~,DC budget by $1,450,000. 1'he source of thesc funds is eaisting cash reserves held b}' PEnC, and thc
purpose of the budget inerease is to pav PEDC's complete share of the Flighway 19/24 Widening Project.
1'his cash prepayment is designed to prevent any restrictions or complications on the issuance of future
bond debt by PFDC.
'I"he Ilighway 19/24 Widening Project totals ovci $33,000,000 and requires local match of $5,377,269. The
local match is beuig proeided byl cash contributions from Delta Count}' and the City of Coopex and via a
low interest loan bv tlie Statc Infiastructure Bank to the Sulphur River Regional Nlobilitv Authority
(SuRRl\t\). Funding for SuRRN1A to make its loan payments is being provided equally by PEDC, the City
of PaYis, and Lamar Count}'. PEDC is opting to pay theu sharc up fronr. The Citv and Count}' will be paying
their obligation over a 20 year period as approved earlier by the Cit}' Council and Commissioners Court.
BOARD/ COMMISSION RECOMMENDATION:
EXHIBITS:
Resolution and budget summary.
FISCAL NOTES:
BUDGET INFO:
ACTION:
Minute Order
~ Financial Report
Expense
~
HZ
~ Department Report Resolution
Budgeted Amt.
$
~ Presentation ❑ Ordinance
yTD Actual
$
~ Public Hearing ❑ Other
ammee
Acct.
N
Acct. mber
55 Kevlsecl b/LU/1L
City of Paris
DRAFT
RESOLUTION N0.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS,
APPROVING AN AMENDMENT TO THE FY 2011-2012 BUDGET OF THE
PARIS ECONOMIC DEVELOPMENT CORPORATION (PEDC) TO TRANSFER
$1,450,000.00 FROM CASH RESERVES TO THE SURRMA/TXDOT SH
19/24 WIDENING PROJECT. MAKING OTHER FINDINGS AND
PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council of the City of Paris has heretofore approved and
accepted the Paris Economic Development Corporation Budget for the fiscal year beginning
October 1, 2011, and ending September 30, 2012; and,
WHEREAS, the PEDC held a special meeting on June 29, 2012 and voted to amend
and increase the FY 2011-2012 budget by ONE MILLION FOUR HUNDRED FIFTY
THOUSAND DOLLARS AND NO/100, ($1,450,000.00) by transferring said amount from
PEDC cash reserves to the SURMA/TXDOT SH 19/24 Widening Project; and,
WHEREAS, the purpose of the budget amendment is to allow PEDC to pay its share
of the cost of the SURMMA/TXDOT Highway 19/24 Widening Project in one payment with
FY 2011-2012 funds. This cash payment is designed to prevent any restriction or
complication on the issuance of future bond debt by the Paris Economic Development
Corporation; and,
WHEREAS, the PEDC Board respectfully requests City Council approval of the above
referenced Budget Amendment as further described in the Proposed Amended Budget
attached hereto as Exhibit "A", and;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PARIS, TEXAS:
Section 1. That the findings set out in the preamble to this resolution are hereby
in all things approved.
Section 2. That the above referenced Budget Amendment to the FY 2011-2012
PEDC Budget as further described in Exhibit "A" attached hereto be and the same is hereby
approved.
Section 3. That this resolution shall be effective from and after its date of passage.
PASSED AND APPROVED thls 23rd day of July, 2012.
A.J. Hashmi, MD, Mayor
56
ATTEST:
Janice Ellis, City Clerk
APPROVED AS TO FORM:
W. Kent McIlyar, City Attorney
57
Paris Economic Development Corporation
nA ennENnFn R„~laPr fnr FY 2011-12 (Julv 2012)
- -~r--~-- - ~ -
~ FY
ACct #
A~~ 1Wl~ '
02-0001-11-01
Newlndustry Projects
$ 32,715
02-0002-I1-01
Existing Industry Projects
32,715
02-0020-11-01
Campbell's Soup
100,000
02-0028-11-0I
TCIM Incentive
125,000
02-0042-1I-01
Incubator Project + Operations Mgr. (July-Sept.)
109,250
02-0043-I I-Ol
Retail Attractions (Rickey Hayes)
33,000
03-0044-11-01
Project Fresh Air
250,000
02-0045-II-01
HWH/Rogers-Wade
30,000
F
nMFNDMENT
SuRRMA/Hwy. 19/24 Widening Project
1,450,000 F
02-0316-1I-ot
Civic Engagement & Leadership for Economic Growth
15,000
02-0317-11-01
Global Recruiting, Attraction & Market Positioning
75,000
02-0378-11-01
Advanced Manufacturing Academy &"Talent Ready"
50,000
02-0319-I i-ol
Entrepreneurial Resources
30,000
02-0320-11-01
Rurallnnovation
30,000
02-0321-1 I-Ol
Diversity Initiative (PEDC Share)
44,900
02-0322-11-01
Paris Living Agreement
10,000
02-0323-11-01
Research 360° Analyst & EMSI Tools
IS>995
02-0324-I1-01
Richard Seline Phase I(Final Payment)
5,775
02-0325-1 I-01
Richard Seline Contract Phase 11
70,000
03-0101-1l-ol
Salaries & Wages
180,000
02-0102-I i-Ol
Social Security/Medicare (6.2%/1.45%)
13,800
02-0103-1 ]-O1
Retirement (401 K thru Edward Jones)
9,000
02-0104-11-01
Insurance BeneTits
37,600
03-0105-I I-O1
Workers Compensation Insurance
800
02-0201-1 i-Ol
Office Supplies
6,750
02-0202-11-0I
Postage
1,800
02-0203-11-01
Food
2,500
02-0301-11-01
Communications/Telephone
6,500
02-0302-1 I-Ol
Car Allowance - Exec. Director/Asst. Exec. Director
12,000
02-0303-11-02
Insurance & Bonds
3,200
02-0306-1I-ol
Travel Expenses
24,000
02-0307-] I-ol
Publications
500
02-0308-I1-01
All Utilities
2,700
02-0310-I1-01
Miscellaneous
1,000
02-0311-I1-01
Contractual - Associations
10,000
02-0314-11-01
Training
8,000
02-0315-1 t-01
Promotional - Advertising
40,000
02-0348-11-01
Depot Lease
60,000
02-0355-11-01
Rachel - Contract Labor + Col►ege Intern
15,000
02-0402-11-01
Industrial Park Maintenance
18,000
02-0605-II-01
Auditing
5,000
02-1002-11-01
Machinery Tools Equipment
5,000
02-0001-90-02
Revenue Bond Debt
351,192
TOTAL REVISED BUDGET
.
$ 3,323,692
rom Rcscrvcs pcr PGDC Brd.
;2y!12
ExNIBIT"g'' 58