FY 2017-18 FINAL ADOPTED BUDGET

ECONOMIC DEVELOPMENT AND BUSINESS SUPPORT

2015-16

2016-17 Budget

2017-18 Adopted

2018-19 Projected

PROGRAMS

Actual

Economic Development Planning and Business Support Provides oversight and staffing support of City economic development activities specifically related to business recruitment, business retention and expansion, strategic planning, urban development projects and site readiness, and community partner and small business support services. This budget includes the City’s economic development incentive program expense which supports activities towards the creation of new full-time employment, retention of existing jobs, and growth of the tax base in the City of Greensboro.

1,329,640

1,411,406

1,255,143

1,658,066

Appropriation

Full Time Equivalent Positions

4

4

2

2

Division Strategies

 Collaborate with external stakeholders and partner agencies by sharing expertise on business outreach, assistance, and education.  Provide individualized assistance and counseling that connects businesses to the resources needed to start, improve or expand operations.  Collaborate with departments and community partners on economic development and quality of life initiatives.  Partner in efforts to recruit new business/business expansion projects.  Manage requests for utilizing the Economic Development Fund, Bond Fund, and Incentive Program.  Elevate community understanding of City rules and regulations in relation to the creation and operation of a small business.

2015-16

2016-17 Budget

2017-18 Adopted

2018-19 Projected

PERFORMANCE MEASURES

Actual

Workload Measures  Number of requests for business assistance completed

250

300

250

250

Effectiveness Measures

 Dollar value ratio of non-City investment initiated as a result of economic development incentives funded

1:42

1:30

1:30

1:30

 Percentage of businesses seeking assistance satisfied with services provided

90%

90%

90%

90%

2015-16

2016-17 Budget

2017-18 Adopted

2018-19 Projected

BUDGET SUMMARY

Actual

Expenditures:

Personnel Costs

451,228 878,412

432,391 979,015

136,971

140,930

Maintenance & Operations

1,118,172

1,517,136

Capital Outlay

0

0

0

0

Total

1,329,640

1,411,406

1,255,143

1,658,066

Total FTE Positions

4.000

4.000

2.000

2.000

Revenues: Other

75,085

0

0

0

General Fund Contribution

1,254,555

1,411,406

1,255,143

1,658,066

Total

1,329,640

1,411,406

1,255,143

1,658,066

BUDGET HIGHLIGHTS  The FY 17-18 Budget is decreasing by $156,263, or by 11.1%. 

The FY 17-18 Budget includes performance-based incentive payments to Procter & Gamble, Honda Aircraft Company, Charles Aires and Coilplus for existing industry expansion projects that supported the creation of 598 new jobs and new capital investment of $326,188,372.  The FY 17-18 Budget includes the reduction of 1 FTE for an Assistant City Manager Position, and a transfer of 1 FTE to the Economic Development Fund.

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