Economic Development Commission requests steady funding; director says quarterly reporting and reserves provide stability
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Summary
Fredericksburg Economic Development Commission asked city and county to continue current funding of $132,000 each for fiscal 2026; director said expenses rise only modestly (about 4.8% over last year) and the commission holds roughly seven months of cash to respond to opportunities.
Tim, director of the local Economic Development Commission (EDC), presented a modestly expanded budget request for fiscal 2026 and asked the city and county to maintain support at current levels.
Tim said total EDC expenses are projected to rise about 4.8 percent versus last year and that the commission seeks $132,000 from each taxing entity (city and county) — the same annual contribution level the EDC has operated on for recent years. He told the governing bodies the EDC currently holds roughly seven months of operating cash to respond to unexpected opportunities or studies and that the organization prefers steady, predictable funding rather than intermittent, large increases.
Why it matters: The EDC helps recruit and retain employers and advises on business development. Tim said he is willing to deliver quarterly reports to both governing bodies and that the EDC tends to spend most of its budget on staff compensation and benefits.
Discussion vs. decision: Council and commissioners asked clarifying questions about reserves and reporting, and Tim agreed to provide quarterly reporting. No change to funding was approved at the workshop.
Ending: Officials thanked Tim for the presentation and asked finance teams to include the EDC request in ongoing budget considerations.