FY 2017-18 FINAL ADOPTED BUDGET

ECONOMIC DEVELOPMENT FUND

PROGRAMS

2015-16

2016-17 Budget

2017-18 Adopted

2018-19 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

1,100,986

1,378,000

1,501,000

1,626,675

Full Time Equivalent Positions

0

0

1

1

2015-16

2016-17

2017-18 Adopted

2018-19

BUDGET SUMMARY

Actual

Budget

Projected

Expenditures:

Personnel Costs

0

0

130,492

134,675

Maintenance & Operations

1,100,986

1,378,000

1,370,508

1,492,000

Capital Outlay

0

0

0

0

Total

1,100,986

1,378,000

1,501,000

1,626,675

Total FTE Positions

0.000

0.000

1.000

1.000

Revenues:

Property Taxes Fund Balance Other Revenue

1,280,856

1,292,000

1,365,000

1,387,000

304,455 390,021

10,000 76,000

50,000 86,000

153,675 86,000

Total

1,975,332

1,378,000

1,501,000

1,626,675

BUDGET HIGHLIGHTS  The FY 17-18 Budget is increasing by $123,000, or by 8.9%. 

The FY 17-18 Budget includes support for the NC A&T Track Event, the National Folk Festival and regional economic development initiatives through the Guilford County Economic Development Alliance.  FY 17-18 Community Partners Board funding includes $75,000 for Triad Stage; $25,000 for Triad Local First; $25,000 for 17 Days Festival; $35,000 for the Piedmont Film Commission; $200,000 for Greensboro Community Development Fund; $100,000 for Launch Lab; $50,000 for East Greensboro Now; and $50,000 for DGI.  The FY 17-18 Budget includes receiving a transfer of 1 FTE from Economic Development and Business Support.

Adopted FY 2017-18 Budget

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