State law and the GEDCO Bylaws require that GEDCO adopt a budget annually, which in turn must be approved by the City Council. The attached budget was approved by the GEDCO board at their July 19, 2021 meeting and includes the following:
· Sales Tax Revenues - $2.6M
· Debt service - $294.8K
· Administrative contract expense - $347.6K
· Appropriates an amount available for approved and unidentified potential economic development projects - $1.1M
· Contingency Reserves - $665K
The GEDCO budget appropriation totals $2.05M and includes operating expenses from October 1, 2021 to September 30, 2022.