Adopted Budget Projected Budget 2016-2017

ECONOMIC DEVELOPMENT FUND

PROGRAMS

2014-15

2015-16 Budget

2016-17 Adopted

2017-18 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

1,639,079

1,602,655

1,378,000

1,388,000

Full Time Equivalent Positions

0

0

0

0

2014-15

2015-16

2016-17

2017-18

BUDGET SUMMARY

Actual

Budget

Adopted

Projected

Expenditures:

Personnel Costs

23,706

0

0

0

Maintenance & Operations

1,615,373

1,602,655

1,378,000

1,388,000

Capital Outlay

0

0

0

0

Total

1,639,079

1,602,655

1,378,000

1,388,000

Total FTE Positions

0.000

0.000

0.000

0.000

Revenues:

Property Taxes Fund Balance Other Revenue

1,260,981

1,271,000

1,292,000

1,312,000

676,373 80,410

255,655 76,000

10,000 76,000

0

76,000

Total

2,017,764

1,602,655

1,378,000

1,388,000

BUDGET HIGHLIGHTS 

The FY 16-17 Adopted Budget is decreasing by $224,655, or 14.0%. During FY 15-16, the ED Fund appropriated $255,000 in fund balance as part of the fund’s overall support for Renaissance Plaza.  The FY 16-17 Adopted Budget includes support for the Triad Stage and the National Folk Festival.

Adopted FY 2016-17 Budget

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