12/19/2017 - Laserfiche WebLink

Home Browse Search

Economic Development Annual Report October 1, 2016 — September 30, 2017 ADMINISTRATIVE Local Government Funding The Indian River County Chamber of Commerce is designated as the primary economic development organization as referenced in the Economic Development Element of the county's Comprehensive Plan. The Board of County Commissioners has encumbered funds from General Revenue for the Chamber's Economic Development Office (EDO) to conduct economic development activities on their behalf. These activities include business recruitment, retention, expansion and small business development. In April of each year, the EDO submits a detailed budget requesting funds for the upcoming fiscal year through the county's regular budget process. The process includes a review and recommendation from the county's Economic Development Council. In fiscal year 2016-17, the County encumbered $171,465 for reimbursement of eligible expenses. Private Sector Funding Over the years, the private sector has also invested in economic development. In FY2016-17, $47,900 was invested in the Economic Leadership Alliance (ELA). We provide opportunities for our ELA investors to be more engaged, such as email updates, special events and welcome receptions for newly locating businesses. All economic development funds, public and private, are kept in a separate account from Chamber -generated funds. A complete list of ELA investors follows; this list is also on the economic development website, with links to each investor's website. ELA funds are used to leverage public sector funding, and when it may not be appropriate to use taxpayer dollars, as in the case of hosting prospective business clients. Also, the cost of website hosting and maintenance is shared between the public and private sectors, as is the cost of salaries and other administrative expenditures. Reporting The Indian River Chamber was one of 13 EDOs identified by House Speaker Richard Corcoran to submit details on all revenues and expenditures from public and private sector sources for economic development and tourism activities during FY15-16. Our office submitted the requested information within the required two-week timeframe. Administrative Costs Economic Development administrative costs are shared between county funds and private sector funds. A total of $80,860 in county funds was expended for administrative costs which include salary, building insurance, and an annual audit as required by the county. Additional staff plus general overhead costs, such as facility use, office space, and utilities are provided pro bono by the Chamber. 2 2