Adopted Budget 2015-2016
ECONOMIC DEVELOPMENT FUND
PROGRAMS
2013-14
2014-15 Budget
2015-16 Adopted
2016-17 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 $1.27 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:
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
1,275,651
1,721,851
1,402,655
1,367,000
Full Time Equivalent Positions
0
0
0
0
2013-14
2014-15 Budget
2015-16 Adopted
2016-17 Projected
BUDGET SUMMARY
Actual
Expenditures:
Personnel Costs
43,022
64,751
0
0
Maintenance & Operations
1,232,629
1,657,100
1,402,655
1,367,000
Capital Outlay
0
0
0
0
Total
1,275,651
1,721,851
1,402,655
1,367,000
Total FTE Positions
0.000
0.000
0.000
0.000
Revenues:
Property Taxes Other Revenue
1,262,457
1,260,000
1,271,000
1,291,000
810,099
461,851
131,655
76,000
Total
2,072,556
1,721,851
1,402,655
1,367,000
BUDGET HIGHLIGHTS The FY 15-16 Budget is decreasing by $319,196, or 18.5% due to the amount of fund balance that was appropriated in FY 14-15. The level of programming in FY 15-16 is not decreasing. The FY 15-16 Budget includes support for the Renaissance Center, Triad Stage, and the National Folk Festival.
52
Adopted FY 2015-16 Budget
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