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PEDC FY 2019-2020 Budget
PROSPER ECONOMIC DEVELOPMENT CORPORATION FY 2019-2020 Annual Budget Presented to EDC Board 08/21/2019 Approved/Amended Actual to Date PROPOSED FY 2018-2019 FY 2018-2019 FY 2019-2020 REVENUES 800 4120 65 00 Sales Tax 2,455,008$ 2,394,619$ 2,750,000$ gross sales tax receipts-5% increase from year-end projected revenue 800 4610 65 00 Interest on Investments 50,000$ 95,524$ 100,000$ based on latest Aug sales tax receipt 800 4910 65 00 Other Revenue -$ 46$ Total Revenues 2,505,008$ 2,490,189$ 2,850,000$ EXPENSES Personnel Services - Salary 800 5110 65 00 Salaries & Wages 385,562$ 172,665$ 384,092$ 800 5115 65 00 Salaries - Overtime -$ -$ 800 5140 65 00 Salaries - Longevity Pay 275$ 270$ 320$ 800 5141 65 00 Salary Incentive 20,000$ -$ 25,000$ 800 5142 65 00 Car Allowance 14,400$ 4,200$ 14,400$ 800 5143 65 00 Cell Phone Allowance 2,580$ 1,390$ 2,880$ 800 0000 65 00 Temporary Salaries -$ -$ Total Salary 422,817$ 178,525$ 426,692$ Personnel Services - Benefit 800 5145 65 00 Social Security Expense 24,335$ 8,222$ 24,905$ 800 5150 65 00 Medicare Expense 5,692$ 2,401$ 5,825$ 800 5155 65 00 Unemployment (SUTA)486$ 18$ 486$ 800 5160 65 00 Health Insurance 26,378$ 18,108$ 35,381$ changes to ER rates 800 5165 65 00 Dental Insurance 1,451$ 920$ 1,398$ 5% increase to ER & EE rates 800 5170 65 00 Life Insurance 517$ 186$ 517$ 800 5175 65 00 Liability (TML) Worker's Comp 746$ 338$ 764$ 800 5176 65 00 TML Prop. & Liab. Insurance -$ -$ 800 5180 65 00 TMRS-Expense 53,182$ 24,058$ 54,430$ 800 5185 65 00 Long Term/Short Term Disability 715$ 317$ 730$ 800 5186 65 00 WELLE-Wellness Prog Reimb-Empl 600$ 517$ 1,200$ Total Benefits 114,102$ 55,084$ 125,636$ Operating, Land & Incentive Expenses 800 5189 65 00 Admin. Fees to Town 15,000$ 12,500$ 15,000$ 800 5190 65 00 Contract Labor 50,000$ -$ 50,000$ 800 5191 65 00 Hiring Cost -$ -$ -$ 800 5210 65 00 Office Supplies 2,148$ 943$ 2,500$ 800 5212 65 00 Building Supplies 852$ 851$ 500$ 800 5220 65 00 Office Equip & Furniture 15,000$ 2,428$ 15,000$ 800 5230 65 00 Dues & Subscriptions 40,000$ 13,416$ 40,000$ 800 5240 65 00 Postage & Freight 1,000$ 255$ 1,000$ 800 5265 65 00 Promotional Expense 80,000$ 16,546$ 85,000$ 800 5280 65 00 Printing and Reproduction 5,000$ 213$ 5,000$ 800 5305 65 00 Chapter 380 Program Grant 504,515$ 410,489$ 554,570$ TIRZ 1 & 2, Lowe's and Kroger 800 5310 65 00 Rental/Office Lease 65,500$ 58,325$ 60,000$ 800 5330 65 00 Copier Service 5,500$ 1,662$ 5,500$ 800 5340 65 00 Building Repairs 500$ -$ 500$ 800 5410 65 00 Professional Services 225,000$ 148,893$ 225,000$ 800 5412 65 00 Audit Fees 2,375$ 2,375$ 2,494$ audit fees at 5% 800 5414 65 00 Appraisal/Tax Fees -$ 1,676$ -$ Tax Exempt (land purchased) 800 5418 65 00 IT Fees -$ -$ -$ 800 5430 65 00 Legal Fees 25,000$ 5,782$ 20,000$ 800 5480 65 00 Contracted Services -$ -$ -$ 800 5520 65 00 Telephones-Cable 4,200$ 547$ -$ 800 5521 65 00 Cell Phone Expense -$ -$ -$ 800 5523 65 00 Water -$ -$ -$ 800 5524 65 00 Gas - Office -$ -$ -$ 800 5525 65 00 Electricity - Office -$ -$ -$ 800 5526 65 00 Mobile Data Network 1,000$ 760$ 1,000$ 800 5530 65 00 Travel/Lodging/Meals Expense 30,000$ 2,800$ 30,000$ 800 5531 65 00 Prospect Mtgs/Business Meals 10,000$ 2,663$ 10,000$ 800 5533 65 00 Mileage Expense 500$ 430$ 500$ 800 5536 65 00 Training/Seminars 15,000$ 4,868$ 15,000$ 800 6015 65 00 Project Incentives 10,000$ -$ 10,000$ 800 7100 65 0 Operating Transfer Out 660$ Total Expenses 1,108,090$ 689,084$ 1,148,564$ Total Operating Costs 1,645,009$ 922,693$ 1,700,892$ Net Income 859,999$ 1,567,496$ 1,149,108$