Laserfiche WebLink
CXtY°.f BUSINESS RETENTION AND <br />Louisville DEVELOPMENT COMMITTEE <br />COLORADO -SINCE 1.878 <br />SUBJECT: DISCUSSION- ECONOMIC VITALITY 2021 BUDGET UPDATE <br />DATE: SEPTEMBER 14, 2020 <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />Staff shared an overview of the Economic Vitality budget with the Committee in March. <br />Since that time, 2020 operation budgets have been amended. Another set of reductions <br />was also made and will be carried forward into the future budget years. <br />DISCUSSION: <br />Going into this fiscal year, the Economic Vitality operations budget was $72,250. This <br />amount excludes personnel expenses (salary and benefits) as well as other standing <br />committed expenses (parking leases and Chamber of Commerce retention). Going into <br />2021, the operations budget will be approximately $17,000 (again excluding personnel, <br />parking leases, and Chamber). The major categories of expenses in the 2021 budget <br />include: <br />Amount <br />Program / Activity <br />$3,500 <br />Advertising and marketing and printing <br />$1,300 <br />Memberships in economic development associations <br />$870 <br />Training and travel <br />$5,000 <br />Additional retail consultation / strategy services <br />$5,000 <br />Business development programming and networking <br />$1,000 <br />Commercial real estate appraisals <br />Fortunately, the necessary budget reductions have not impacted the support offered to <br />local businesses. City Council has approved funding for two business grant programs; <br />$250,000 for the Emergency Solutions Grant Program and $150,000 for the Recovery & <br />Improvement Matching Grant Program, both from the City's General Fund. In addition, <br />the City provided the Outdoor Dining Program at no cost to participating businesses and <br />has spent approximately $23,000 to -date on the Main Street closure. The City Council <br />has taken a vested position in helping businesses recover and stabilize, as the business <br />community provides revenues the City relies upon for services. <br />It is likely that more budget considerations and amendments may be necessary in 2021, <br />depending on the speed and direction of the economic recovery. Once the Economic <br />Vitality Strategic Plan is more fully developed with priorities, staff will also coordinate <br />with the City Manager if there are high priority areas requiring resources that are not <br />currently provided for in the budget. <br />Agenda Packet P. 8 <br />