03-B PEDC BudgetDRAFT
F:~Attorney~ALICE~ESWORK\CURRENT~PEDC Budget Appr 2003.wpd
August 29, 2003
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,
WHEREAS, 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 from and after its date of passage.
PASSED AND APPROVED this 4th day of September, 2003.
ATTEST:
Curtis Fendley, Mayor
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 Resources $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 Commeme 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
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
0002 TCIM 125,000 100,000 50,000 25,000
Existing industry Projects 0 0 10,000 384,541
Paris Packaging 393,731 394,001 388,936 388,972
Bank Debt Service 0 0 0 220,998
Heam St. Extension 0 2,998 2,213 247,787
Chapman Note 53,906 58,398 53,906 0
E. arthgrains 54,000 0 0 0
;UB TOTAL 1,126,765 ~1,064,662 1,705,055 1,651,839
Office Equipment 149 3,945 21,500 3,000
Office Supplies 6,227 11,602 5,550 6,000
Postage 1,913 13,440 2,800 8,000
SUB TOTAL $8,289 $28,987 $29,850 $17,000
Communications 1,316 1,137 1,500 2,000
Special Services Fees/Consultants 100 13,403 1,000 5,000
Travel 9,562 14,245 24,000 15,000
Subscriptions 0 561 500 500
Miscellaneous 1,064 850 1,000 0
Associations 10,063 10,760 3,000 3,000
/Advertising 61,592 80,042 89,000 50,000
, Services 0 0 0 0
Compensation - Director 35,271 36,803 57,447 61,407
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
Reference Materials 0 0 0 0
Contingency 1,322 300 1,000 1,000
SUB TOTAL $1,322 $300 $1,000 $1,000
PED( - Account Descril '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 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
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 B-96~7
80,000.00 [] 97-98
60,000.00 [] 98-99
40,000.00 [] 99-00
[] 00-01
20,000.00 [] 01-02
- , I~ 02-03
Fiscal Year