2012-068 RES APPROVING AMENDMENT TO FY 2011-2012 BUDGET OF PEDCRESOLUTION N0. 2012-068
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 this 23rd day of
ATTEST:
ce Ellis, City Clerk
APPROVED AS TO FORM:
W. Kent McIlyar, City Attorney
Paris Economic Development Corporation
Proposed EIMENUED Budget for FY 2011-12 (Julv 2012)
cct #
ccount Name
CURtRENT
REVISED FY
2011-12 Budget
Amount
02-0001-11-01
New Industry Projects
$ 32,715
02-0002-11-01
Existing Industry ProjeMs
32,715
02-0020-11-01
Campbell's Soup
100,000
02-0028-11-01
TCIM Incentive
125,000
02-0042-11-01
lncubatorProject+OperationsMgr. (July-Sept.)
109,250
02-0043-11-01
Retail Attractions (Rickey Hayes)
33,000
02-0044-11-01
Project Fresh Air
250,000
02-0045-11-01
HWH/Rogers-Wade
30,000
AMENDMF.?v'7
SuRRMA/Hwy. 19/24 Widening Project
1,450,000 i
02-0316-11-01
Civic Engagement & Leadership for Economic Growth
15,000
02-0317-11-01
Global Recruiting, Attraction & Market Positioning
75,000
02-0318-11-01
Advanced Manufacturing Academy &"Talent Ready"
50,000
02-0319-11-01
Entrepreneurial Resources
30,000
02-0320-11-01
Rurallnnovation
30,000
02-0321-] 1-01
Diversity Initiative (PEDC Share)
44,900
02-0322-] 1-Ol
Paris Living Agreement
10,000
02-0323-11-01
Research 360' Malyst & EMSI Tools
15,995
02-0324-] ]-O1
Richard Seline Phase 1(Final Payment)
5,775
02-0325-11-01
Richard Seline Contract Phase II
70,000
02-0101-11-01
Salaries & Wages
180,000
02-0102-11-01
Social Security/Medicare (6.21/o/1.45%)
13,800
02-0103-1l-Ol
Retirement (401K thru Edward Jones)
9,000
02-0104-11-01
Insurance Benefits
37,600
02-0105-11-01
Workers Compensation Insurance
800
02-0201-] l-Ol
Office Supplies
6,750
02-0202-11-01
Postage
1,800
02-0203-I1-01
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-I1-01
Travel Expenses
24,000
02-0307-11-01
Publications
500
02-0308-11-01
All Utilities
2,700
02-0310-11-01
Miscellaneous
1,000
02-0311-71-01
Contractual - Associations
10,000
02-0314-11-01
Training
8,000
02-0315-11-01
Promotional - Advertising
40,000
02-0348-11-01
Depot Lease
60,000
02-0355-11-01
Rachel - Contract Labor + College Intern
15,000
02-0402-11-01 I
ndustrial Park Maintenance
18,000
02-0605-11-01
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
-iam Reserves per PEDC Brd.
i29/12
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