FY 2023 Economic Development Department Budget Presentation Actual and Estimated Expenditures by Object
Department Expenditures
by Object
2018
Actuals
2019
Actuals
2020
Actuals
2021
Actuals
2022
Estimate
2023
Proposed
Personnel Costs $0 $0 $0 $0 $983,600 $881,400
Non-Personnel Costs $0 $0 $0 $0 $710,800 $3,263,700
ID Charge Costs $0 $0 $0 $0 $89,300 $147,100
TOTAL EXPENDITURES $0 $0 $0 $0 $1,783,700 $4,292,200
Economic Development Department
Actual and Estimated Expenditures
Department Notes
1. FY 2023 Proposed includes:
• $2.5 million in ARPA Fund carryover for small business assistance. • $70,000 National League of Cities Equitable Economic Mobility Initiative Grant Program. 2 Actual and Estimated Revenue by Type
Department Revenue
by Type
2018
Actuals
2019
Actuals
2020
Actuals
2021
Actuals
2022
Estimate
2023
Proposed
General Fund $0 $0 $0 $0 $0 $0
Special Revenue $0 $0 $0 $0 $593,700 $370,600
Capital $0 $0 $0 $0 $0 $0
Enterprise $0 $0 $0 $0 $0 $0
Internal Service Fund $0 $0 $0 $0 $0 $0
Trust $0 $0 $0 $0 $0 $0
Debt Service $0 $0 $0 $0 $0 $0
TOTAL REVENUE $0 $0 $0 $0 $593,700 $370,600
Economic Development Department
Actual and Estimated Revenues
Department Notes
1. FY 2023 Revenue = Community Benefit Fund Carryover ($300,600) and National League of Cities Grant Carryover ($70,000).
3 Economic Development Department
FY 2023 Department Budget Priorities
- Business Attraction & Identification of Shovel Ready Properties for Industrial Development
- Business Retention and Expansion Programs
- Community Partnerships/Technical Assistance
- Revolving Loan Funds & other programs
- Business Startups and Support
- Community Partnerships/Technical Assistance
- Funding and other programs
- Comprehensive Economic Development Strategy (CEDS)
- Required to apply for EDA Funding
4 Economic Development Department
FY 2023 Motion Request
Staff requests that Council make a motion to carry over an additional $100,000 from FY 2022 to fund the Comprehensive Economic Development Strategy (CEDS) process.
Funding for the CEDS was originally allocated in FY 2022, but was not spent because the grant application for American Rescue Plan (ARP) Act funding to support a joint City/County CEDS was in the review process with the Federal Economic Development Administration (EDA).
Staff was recently notified that this grant application was not successful.
Next steps will be to issue an RFP for a CEDS consultant. The development of a quality CEDS requires extensive community input and collaboration. 5