The Italy Economic Development Corporation members approved a $103,782 budget Monday evening for the 2013/2014 fiscal year.

Elmerine Bell, vice president, presided over the meeting in the absence of Mark Stiles, president.

Teri Murdock, city secretary/administrator, presented a proposed budget to members. After a few line item changes, Randy Boyd made the motion to approve the budget with a second from Charles Hyles. The motion passed unanimously.

Revenues include: Carry Over Operating Fund, $340.08; Carry Over Money Market, $131,022.98; City Sales Tax, $75,000.00; and Interest Income, $1,000.00; for total revenues of $207,363.06.

Expenditures include: Miscellaneous, $2,000.00; Training, $2,500.00; Travel/Mileage, $2,500.00; Auditor Fees, $1,100.00; Membership Dues/TEDC , $1,500.00; Attorney Fee, $3,000.00; Advertising/Marketing, $1,000.00; Bank Charges, $100.00; Admin-Reimbursement Services, $9,600.00; Consultation Services, $3,000.00; Park Project – Walking Trail, $44,500.00; and Bond Project – Main Street, $250.00; Public Notices, $500.00. Expenditures subtotal would be $71,550.00. Adding the sales tax transfer, $32,232; would leave total expenditures at $103,782.00.

The IEDC also approved increasing the monthly debt transfer from $2,500 to $2,686 for the remainder of this year and including the years of 2014, 2015 and 2016. For the remainder of the debt – until 2027, the transfer amount can be reduced back to $2,500.

Hyles updated the group on the Walking Trail Project at Upchurch Park. He said the sand should be delivered Wednesday and workers should begin construction Thursday or Friday.

Hyles said the ceiling fan has been installed at the pavilion. He said they owe a debt of gratitude to Monolithic for use of the scissor-lift during the installation. He said, “We could not have gotten it done without that scissor-lift.”

He also discussed a 12×12 granite plaque in appreciation to Zack and Elva McConnell for their years of service to the citizens of Italy. It will be placed on one of the brick columns in the pavilion.

There was some discussion as to how it should be worded so Murdock agreed to contact the McConnell family about the wording they preferred.

Tom Little questioned why a plaque was needed. He said, “I am not aware of any outstanding service they did for Italy. I think we are going overboard. They had nothing to do with that corner.”

Boyd explained that the plaque was part of the contract.

The group also approved minutes from the April 1 and 22 meeting and bills.