FY 14-15 Adopted Budget

ECONOMIC DEVELOPMENT FUND

PROGRAMS

2012-13

2013-14 Budget

2014-15 Adopted

2015-16 Projected

Actual

Economic Development Fund The Economic Development Fund was established by City Council. The one-half cent set aside from Ad Valorem (Property) Tax generates approximately $1.2 million per year. 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:  Produce original programming to assist and inform the community on business matters.  Respond to economic development opportunities that arise during the year.  Provide support to Workforce Development for Youth Programs.  Provide on-going support of outside non-profit agencies in an effort to stimulate the local economy.  Promote City Council's continuing focus on a more formalized approach to small and emerging businesses.  Provide a platform for increased exposure of local businesses and the City's partners in the small business assistance community.

Appropriation

682,984

1,311,060

1,516,851

1,477,398

Full Time Equivalent Positions

0

0

0

0

2012-13

2013-14 Budget

2014-15 Adopted

2015-16 Projected

BUDGET SUMMARY

Actual

Expenditures:

Personnel Costs

50,739 632,245

0

64,751

64,751

Maintenance & Operations

1,311,060

1,452,100

1,412,647

Capital Outlay

0

0

0

0

Total

682,984

1,311,060

1,516,851

1,477,398

Total FTE Positions

0

0

0

0

Revenues:

Property Taxes Other Revenue

598,026 950,000

1,257,000

1,452,000

1,402,000

54,060

64,851

75,398

Total

1,548,026

1,311,060

1,516,851

1,477,398

BUDGET HIGHLIGHTS  The FY 14-15 Adopted Budget is increasing by $205,791, or 15.7%.  The FY 14-15 Adopted Budget includes support for the Renaissance Center and the International Civil Rights Center and Museum.

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