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<br /> <br /> <br /> <br /> <br /> <br /> <br />BUSINESS RETENTION AND <br />DEVELOPMENT COMMITTEE <br /> <br />SUBJECT: DISCUSSION- CITY 2021 / 2022 BUDGET PLAN <br /> <br />DATE: MARCH 2, 2020 <br /> <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br /> <br />SUMMARY: <br />The City of Louisville adopts a biennial budget. The City approved the 2019 / 2020 <br />biennial budget in 2018 and formally adopted the 2020 budget in 2019. The process for <br />the 2021 / 2022 biennial budget is just getting underway. <br /> <br />DISCUSSION: <br />The Economic Development Department has a specific budget related to business <br />activities. Outside of salary and benefit expenses, the 2019 operating budget for <br />economic development was $70,490; for 2020 the operating budget is $101,350. In <br />addition, the City has separate budget that account for Street Faire, Downtown, and the <br />Patio Program; the Economic Vitality Director provides input for these budgets as well. <br /> <br />Below is a table highlighting some 2020 Economic Development budget amounts and <br />the corresponding programs or activities. <br /> <br />Amount Program / Activity <br />$7,000 Advertising and marketing <br />$1,650 Memberships in economic development associations <br />$23,870 Parking lot lease with BNSF Railroad <br />$10,870 Training and travel <br />$5,000 Annual contribution to Chamber of Commerce <br />$30,000 Additional retail consultation / strategy services <br />$10,000 Business development programming and networking <br />$11,000 Commercial real estate appraisals <br /> <br />Staff will continue to monitor this year’s budget in line with existing programs and new <br />opportunities. If there are BRaD Committee items that require specific funding, staff will <br />also engage those discussions in line with the biennial budget process. <br /> <br />RECOMMENDATION: <br />Discuss Economic Development budget. <br /> <br />ATTACHMENTS: <br />• None. <br />Agenda Packet P. 10