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Economic Development Annual Report <br /> October 1, 2014 — September 30, 2015 <br /> ADMINISTRATIVE <br /> Local Government Funding <br /> The Indian River County Chamber of Commerce is designated as the primary economic <br /> development organization in the county. As such, the Board of County Commissioners <br /> has appropriated funds from General Revenue to the Chamber's Economic <br /> Development Division (EDD) to conduct economic development activities on their <br /> behalf. <br /> In April of each year, EDD submits a detailed budget requesting funds for the upcoming <br /> fiscal year through the county's budget process. In fiscal year 2014-15, the County <br /> encumbered $182,198 to the EDD, for reimbursement of eligible expenses. This amount <br /> included $37,500 for a detailed target industry study and action plan. <br /> Administrative Costs <br /> Economic Development administrative costs are shared between county funds and <br /> private sector funds. A total of$86,245 in county funds was expended for <br /> administrative costs which include salaries, building insurance, and an annual audit as <br /> required by the county. Additional staff plus general overhead costs, such as facility <br /> use, office space, and utilities are provided pro bono by the Chamber. <br /> Private Sector Funding <br /> Over the years, the private sector has also invested in economic development. In <br /> FY2014-15, $56,810 was invested in the Economic Leadership Alliance. We provide <br /> opportunities for our ELA investors to be more engaged. All economic development <br /> funds are kept in a separate account from Chamber-generated funds. A complete list of <br /> ELA investors is on the following page. <br /> 4 <br />