8-F-2 PEDC Budget DRAFT
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS,
TEXAS, ACCEPTING AND APPROVING THE PARIS ECONOMIC
DEVELOPMENT CORPORATION BUDGET FOR THE FISCAL YEAR OCTOBER
1, 2003, TO SEPTEMBER 30, 2004; MAKING OTHER FINDINGS AND
PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the Paris Economic Development Corporation has presented its budget for the fiscal
year beginning October 1, 2003, and ending September 30, 2004; and,
V(HEREAS, it is appropriate that said budget, attached hereto as Exhibit A, be accepted and
approved; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, 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 proposed budget for the Paris Economic Development Corporation, for the
fiscal year beginning October 1, 2003, and ending September 30, 2004, be, and the same is hereby,
accepted and approved.
Section 3. That this resolution shall be effective fi.om and after its date of passage.
PASSED AND APPROVED this 1 lth day of August, 2003.
Curtis Fendley, Mayor
ATTEST:
Mattie Cunningham, City Clerk
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 Reso utc es $1,857,411
Committed Funds:
Bond Debt Payments 388,972
Heame Street Extension 247,787
Bank Debt Service ($1,000,000 over 5years)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 of 9-30-03):
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
EXHIBIT /~,,
PARIS ECONOMIC DEVELOPMENT CORPORATION
2003-2004
BUDGET
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
)301 Communications 1,316 1,137 1,500 2,000
)305 Special Services Fees/Consultants 100 13,403 1,000 5,000
)306 Travel 9,562 14,245 24,000 15,000
:)307 Subscriptions 0 561 500 500
:)310 Miscellaneous 1,064 850 1,000 0
)311 Associations 10,063 10,760 3,000 3,000
:)315 Promotional/Advertising 61,592 80,042 89,000 50,000
:)349 City Services 0 0 0 0
:)350 Compensation- Director 35,271 36,803 57,447 61,407
:)351 Compensation - Asst. Directo 53,830 64,601 45,132 47,115
Audit 2,225 6,278 3,550 3,550
SUBTOTAL $175,023 $228,680 $226,129 $187,572
PED( - Account Descrit 'ions
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
0301 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 66,571.50
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
Average 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
100,000.00 [] 96-9:7' i
80,000.00 [] 97-98 !
60,000.00 [] 98-991
40,000.00 [] 99-00
20,000.00 [] 00-01
[] 01-02
' ~[] 02-03
Fiscal Year ......