11 - PEDC 2015-2016 BUDGET AMENDMENTSItem No. 11
memorandum
TO: City Council
John Godwin, City Manager
FROM: Michael Paris, PEDC Executive Director
SUBJECT: PEDC 2015 -2016 BUDGET AMENDMENTS
DATE: January 26, 2016
BACKGROUND: The PEDC Board has requested that the following amendments to its
2015 -2016 Budget be approved by the City Council as required by the PEDC bylaws. Attached
to this memo you will find a two column presentation of the current PEDC budget and the
amended PEDC budget amounts. The changes are necessitated by the hiring of an Executive
Director, moving and relocation expenses for the new Director, the use of contract labor for
office staff, adding three Projects under the Direct Business Incentives, taking out the incentive
amount for J Skinner New Hires, and adding to the Capital Expenses for 2305 NW Loop 286.
STATUS OF ISSUE: The PEDC Board has approved the changes and requests that the City
Council approve them as well.
BUDGET: These amendments do not increase the total PEDC budget.
RECOMMENDATION: Motion to approve the requested amendments to the 2015 -2016 PEDC
budget.
2015 -2016 PEDC ADOPTED BUDGET W /Changes Approved by PEDC Board on 01/19/16
Acct #
Account Name
BUDGET
2015 -2016
REVISED
BUDGET 2015 -
2016
av19no16
PERSONNEL
0101
Salaries 8 Wages
200,000 00
81,000 00
Benefits
0102
Social Secur /Aledicare (6 2% 17 45 %)
6,67900
0103
Retirement (Edwards Jones)
8,100.00
0104
Insurance Benefits
9,750 00
0105
Workers Comp lns (.44 %)
394.00
TOTAL PERSONNEL EXPENSES
200,00000
105,923.00
ADMINISTRATION
0201
Office Suppbes
5,500.00
5 500.00
0202
Postage
50000
500.00
0301
Telephone /Communication
5,400.00
5.40000
0302
Car Allowance
12.00000
12000 00
0303
Insurance &Bonds
2,50000
2,50000
0304
Moving Expenses
3,500.00
0306
Travel Expenses
12,000.00
12,000.00
0308
Utilities
_
0310
Miscellaneous
1,00000
1,00000
0311
Ass cation Memberships
3,000.00
3,00000
0314
Staff Training
3,00000
3000 00
0348
Depot Operations
20,00000
20,00000
0355
Contract Labor (Hiring Partners)
-
81,530.00
0357
Contract Services - Legal Fees
10,00000
10,00000
0402
Industrial Park Maintenance
14,000.00
14,000.00
0605
Auditing Services
8,000.00
8,000.00
1002
Machinery, Tools & Equipment
5,000.00
5000.00
TOTAL ADMINISTRATION
101,900.00
186,930.00
MARKETING AND PROMOTION
Goal 1- Secure JoWltctention/Bus Retention & Expansion
15,000 00
15,000 00
Goal 3 -Lamar County Days 2016
_
Goal 4- Marketing Airpon as Industrial Site
10,000.00
10,00000
Marketing and Promotion
50,000 00
50,000 00
0315
TOTAL MARKETING AND PROMOTION
75,000.00
75,000.00
TOTAL OPERATING EXPENSES 376,900.00 367,853.00
JOB TRAINING- DIRECT INCENTIVES -DEBT SERVICE- CAPITAL INCENTIVES
JOB TRAINING
Goal i;2 Work Keys
35,000 00
35,00000
0051
J Skinner Training lncentivcs
25,00000
25,000.00
0052
T &K /Aequs
11,00000
11,00000
0053
Potter Training Incentive
-
0047
Bodyguard Traning Incentive
13,371.00
13,37160
High Demand Job Training Match Grant
25.000 DO
25,000.00
0318
TOTAL JOB TRAINING
IN 71.00
109 }71.00
DIRECT BUSINESS INCENTIVES
0044
Paris Lakes
250,000,00
250.000.00
0051
J Skinner New Hires
116,000 00
-
0052
T &K /Aequs
55,000 00
55,000.00
0053
Porters lndusl,—
8,00000
8,000 00
0056
Tumer
100,000 00
100,000.00
0058
Project RR Spur
2.00000
0059
Project Tin
0060
Project Results
50,00000
TOTAL DIRECT BUSINESS INCENTIVES
529,000.00
465,000.00
DEBT SERVICE
PEDC. Bonds 1998 (Paris Pkg)
355,221 00
355,221 00
The Bank of New York ( Bond Paying Agent Fee)
75000
75000
TOTAL DEBT SERVICE
355,971.00
355,971.00
CAPITAL EXPENSES
0057 12305NWLoop.186
50,000010
TOTAL
CAPITAL EXPENSES
50,000,00
TOTAL DEBT, CAPITAL & INCENTIVES 994,342.00 980,342400
TOTAL BUDGET EXPENSES 1,371,242.00 1,348,195.00
2015 -2016 PEDC Budget w /Changes