EDA discusses budget
Published 10:48 pm Wednesday, June 10, 2009
The largest chunk of the proposed 2009-2010 budget for the Economic Development Authority is made up of revenue and expenses related to the Health and Human Services Building.
The authority briefly discussed the plan during its Wednesday meeting, but delayed a vote until its next meeting, set for July 8.
The authority is expecting $914,316 in revenue from the city’s lease of the new building. It plans to spend $287,466 in operating and maintaining the building, as well as $626,850 on expenses related to the bond interest used to pay for the building.
The rest of the $1.59 million spending plan encompasses money for maintenance of industrial parks and roadways owned by the authority, accounting services, professional fees, event sponsorships, marketing, board member stipends and other expenses.
The authority will aside $15,000 for the event sponsorships, which include the Taste of Suffolk event and Business Appreciation Week, if the budget is approved. Money also is earmarked for the faade grant program, which provides business owners in certain areas an extra incentive to spruce up the appearance of their property.
About $45,000 will go toward the maintenance of the industrial parks that the authority maintains, including Wilroy Industrial Park and Northgate Commerce Park.
The authority also plans to spend $4,800 in board member stipends. The board members receive $50 for each meeting they attend. The authority will have eight members once a reorganization of the city’s boards and commissions takes place on July 1.