During a recent government meeting, officials presented the proposed budget for the Victoria Sales Tax Development Corporation (VSTDC) for fiscal year 2025, highlighting a total budget of $15,145,279. The budget, which has been approved by the Southside Development Corporation, is now awaiting final adoption by the City Council.

Key points of discussion included the healthy fund balance of the Southside Development Corporation, which positions it well for potential large-scale projects. Notably, the budget allocates $2 million for incentive programs, a significant increase from the previous year's $1.5 million. This increase follows the completion of a $3 million commitment to the Port of Victoria for a rail line project, allowing for a return to previous funding levels for local economic development initiatives.

The meeting also addressed workforce development, with a proposed allocation of $150,000 aimed at supporting local workforce initiatives through partnerships with educational institutions and local organizations. Additionally, the budget includes a notable increase in professional services funding, rising from $200,000 to $500,000, to cover costs associated with engineering services for water infrastructure and community center planning.

Transportation funding was another focal point, with contributions to local transit systems and airport enhancements. Officials indicated that while the current transit funding remains unchanged, an increase is anticipated due to ongoing route studies aimed at improving efficiency.

The Capital Improvement Program (CIP) for fiscal year 2025 totals $40.5 million, with $6.43 million earmarked for projects associated with the sales tax development corporation. New projects include infrastructure improvements along the I-69 corridor to facilitate development and enhance access to the airport.

Council members expressed appreciation for the detailed budget breakdown and emphasized the importance of clear communication with residents regarding development goals and budget inquiries. The meeting concluded with a commitment to provide additional information on specific projects not included in the CIP booklet, ensuring transparency and ongoing dialogue with the community.