2018-2019 Adopted Budget

ECONOMIC DEVELOPMENT FUND

PROGRAMS

2016-17

2017-18 Budget

2018-19 Adopted

2019-20 Projected

Actual

Economic Development Fund The Economic Development Fund was established by City Council. The one-half cent is set aside from Ad Valorem (Property) Tax revenues to support Fund activities. The Office of Economic Development and Business Support, established in the FY 11-12 budget, administers the ED fund in support of a variety of City Council directed economic development initiatives. The primary purpose of the fund is to support economic development efforts that create jobs and increase capital investment that result in a higher quality of life. Funds set aside for Economic Development will be used to support the following programs:  Promote City Council's continuing focus on a more formalized approach to small and emerging businesses in partnership with the local assistance community.

 Respond to economic development opportunities that arise during the year.  Provide on-going support of outside non-profit agencies in an effort to stimulate the local economy.

Appropriation

1,621,590

1,501,000

1,710,883

1,623,279

Full Time Equivalent Positions

0

1

0

0

2016-17

2017-18

2018-19 Adopted

2019-20

BUDGET SUMMARY

Actual

Budget

Projected

Expenditures:

Personnel Costs

0

130,492

0

0

Maintenance & Operations

1,621,590

1,370,508

1,710,883

1,623,279

Capital Outlay

0

0

0

0

Total

1,621,590

1,501,000

1,710,883

1,623,279

Total FTE Positions

0.000

1.000

0.000

0.000

Revenues:

Property Taxes Fund Balance Other Revenue

1,300,820

1,365,000

1,386,000

1,406,000

829,194

50,000 86,000

107,604 217,279

0

94,235

217,279

Total

2,224,249

1,501,000

1,710,883

1,623,279

BUDGET HIGHLIGHTS  The FY 18-19 Budget is increasing by $209,883, or 14.0%.  The FY 18-19 Budget includes support for the NC A&T Track Event and regional economic development initiatives through the Guilford County Economic Development Alliance.  The FY 18-19 Budget includes $500,000 to support Economic Development programs identified through the Community Partners Board process.  The EDBS Manager position is transferred to the General Fund (Planning Department) effective July 1, 2018.

Adopted FY 2018-19 Budget

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