Economic Development Corporation presents budget plan amid quorum concerns

The Prince George - Planning, Housing and Economic Development Committee convened on April 7, 2025, for a budget work session focusing on the Financial Services Corporation, Economic Development Corporation, and Redevelopment Authority. The meeting aimed to clarify budget allocations and discuss the Economic Development Initiative (EDI) fund.

The session began with a discussion on the decision-making process surrounding the EDI. Committee members sought to understand the roles of various stakeholders, including the Economic Development Corporation (EDC) and the Financial Advisory Committee. It was clarified that decisions require consensus among all parties involved, including appointments from the County Council and the administration. The chair of the Financial Advisory Committee, Rochelle Andrews, was identified, with a commitment to provide a complete list of council members later.

Brent Johnson, acting deputy director of the Office of Management and Budget (OMB), provided an update on the EDI fund. He reported an ending balance of approximately $31 million for the current fiscal year, with projections of $31.2 million for FY 2025 and $23.8 million for FY 2026. Johnson noted that the fund had seen an increase in revenue and a slight rise in expenses, indicating a stable financial outlook.

The committee also discussed the timing of the OMB's budget work session, with members expressing the need for clarity on discrepancies in budget figures. It was suggested that OMB could address these issues in their upcoming session.

The meeting transitioned to the Economic Development Corporation, where interim president and CEO Ebony Stotts, along with other key staff, presented a budget report. The committee acknowledged the importance of the EDC's mission and core services, with further details provided in accompanying PowerPoint presentations and financial statements.

As the meeting progressed, it was noted that quorum was at risk, prompting a shift to briefing mode to ensure discussions could continue. The committee emphasized the need for collaboration and transparency in the budgeting process as they moved forward.

In conclusion, the work session highlighted the ongoing efforts to manage the EDI fund effectively and the importance of inter-agency cooperation in economic development initiatives. The committee plans to follow up on outstanding questions and ensure that all members are informed as budget discussions continue.