The Economic Development Corporation reviewed its draft fiscal year 2025-26 budget and directed staff to update the draft to reflect a $150,000 allocation for the Thrive Business Grant and to retain $150,000 for incentive programs, with a final budget to be presented for approval in June.

EDC staff explained the revenue estimate and proposed expenditures: total revenues were shown as $776,250 and proposed expenditures as $741,763, reflecting a roughly 13% increase from the current year. Staff said the revenue projection reflects stronger sales-tax receipts compared with recent fiscal years and that prior budgets had been conservative. "If you look at fiscal year '22, '23, and '24, we're well above 700,000. So we felt that around 776 I mean 750,000 was an appropriate amount to, propose," the staff member said.

Budget line items discussed included increasing the Thrive Business Grant to fully fund prior-year remaining amounts (a previously budgeted $150,000 of $300,000), a proposed $150,000 incentive bucket for new programs, professional services tied to McAdams for the small-area plan, and a transfer to the general fund shown as roughly $80,007.52. Staff noted legal-services expenses were reduced by $10,000 following completion of litigation last year.

Board members discussed whether to keep the Thrive allocation at $195,000 (the draft) or reduce it to $150,000 to preserve incentive funds; several members favored retaining the Thrive program at $150,000 and continuing it for another cycle while keeping an incentive bucket for attracting new businesses. One board member said: "My position would be do the 1 50 instead of the 1 95. I personally, I think once this gets out into the public... I think we're gonna see additional applications." Staff said leftover Thrive funds from prior years and current fund balance (approximately $2,500,000) provide flexibility for larger initiatives.

No final budget adoption occurred at the meeting. Staff will update the draft per the board's direction and return the budget for formal approval in June; the budget must be approved by July 1.