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VIEWS: 28 PAGES: 6

									     INDUSTRIAL DEVELOPMENT
                 AUTHORITY FUND




Approved FY 2004 Budget   237
Spotsylvania, Virginia
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Approved FY 2004 Budget             238
Spotsylvania, Virginia
    Industrial Development Authority Fund Revenues
This fund was established by the Board of Supervisors during FY 95 to provide incentive
loans to new or expanding businesses in the County. Funding was provided by a
$1,000,000 contribution by the Board, made in four payments spread over four fiscal
years. The FY 03 approved budget includes transferring control of these funds to the
County’s Industrial Development Authority (IDA) to improve economic development in
the County. In FY 01, the IDA purchased the office building at Southpoint which houses
the County’s Economic Development and Tourism offices, as well as other tenants.


Other Local Revenue                 FY 2004 Budget - $141,625

Other Local Revenue includes interest earnings ($25,000), rent payments from tenants of
the IDA’s Southpoint office building ($98,000) and administrative fees from IDA
revenue bonds ($18,625).




Approved FY 2004 Budget                   239
Spotsylvania, Virginia
              Industrial Development Authority Fund
The Industrial Development Authority Fund was originally established by the Board of
Supervisors as the Economic Development Incentive Fund to assist in improving
economic development in the County. An initial $1 million was transferred to the fund
from FY 95 to FY 98 to provide incentives for businesses moving into or within the
County. In FY 03, the control of this fund was transferred to the Industrial Development
Authority (IDA). In FY 01, the IDA purchased an office building through lease proceeds
and rents the space to the County’s Economic Development and Tourism offices, as well
as commercial tenants.

                                FY 2002              FY 2003               FY 2004
                                Actuals              Revised              Approved
Full-time Staff                             0.0                0.0                   0.0


Personnel                                   $0                 $0                    $0
Non-Personnel                       $205,580            $784,018               $371,850
Capital Outlay                              $0                 $0                    $0
Total Budget                        $205,580            $784,018               $371,850
Associated Revenues
   Interest                             $23,431          $25,000                $25,000
   Rent                                 $96,429         $113,863                $98,000
   Bond Adm Fees                         $5,625          $17,000                $18,625
   Transfer from Capital
                                         $7,582                $0                    $0
   Projects Fund
   Use of (Addition to)
                                        $72,513         $628,155               $230,225
   Fund Balance
Net Tax Supported                           $0                 $0                    $0
Percent Change in Total Budget –52.6%

Budget Description

The approved FY 04 IDA budget of $371,850 represents a decrease of $412,168, or 52.6
percent as compared to the FY 03 budget. The decrease is attributable to the decrease in
incentive agreement commitments due in FY 04 ($150,000) and a decrease in fund
balance available for Prospect Development ($262,168).




Approved FY 2004 Budget                      240
Spotsylvania, Virginia
                                                                                                                                 IDA

                                                              I     ri      opm ent Aut
                                                               ndust alD evel             t
                                                                                       hori y
                                                                          221-8151-471

                                                                                           FY 2004                                Approved     Approved
                                                                                                                                 Percent age        l
                                                                                                                                                 D olar
                                                  FY 2002     FY 2003            c
                                                                             B asi           em
                                                                                         Suppl ent al    Total      Approved       Inc/D ec     Inc/D ec
   ect
O bj              pt on
            D escri i                                ual
                                                  Act s       Revised       Request        Request      Request      B udget      FY 2003      FY 2003

Personnel

             t al
PersonnelSub- ot                                                                                                                    n/a

N on-Personnel
      3150 LEG AL SERVI  CES                                                      950                        950                    n/a
                 RS        N
      3310 REPAI & M AI TEN AN CE                     1,782                                                                         n/a
               N
      3320 M AI TEN AN CE SVC CO N TRACTS             7,180       7,493          7,493                      7,493        7,493
      3926 G REEN B O X CO N TRACT                    1,250       1,650          1,650                      1,650        1,650
      5110 ELECTRI  CAL SERVI CES                     7,344      15,000         15,000                     15,000       15,000
                 N
      5120 H EATI G SERVI  CES                          130                                                                         n/a
      5130 W ATER & SEW ER SERVI  CES                   536       1,500          1,500                      1,500        1,500
                        N
      5302 PRO PERTY I SU RAN CE                      2,544         645            645                        645          645
                        ABI TY N
      5308 G EN ERAL LI LI I SU RAN CE                  672                                                                          n/a
      5876 PRO SPECT D EVELO PM EN T                            534,446        272,278                    272,278      272,278      49.
                                                                                                                                   - 1%         (262,168)
                     TI
      5899 RECO G N I O N S/AW ARD S/SYM PATH Y                   5,000          5,000                      5,000        5,000
            D
      9218 I A TERM LO AN N O TE                     34,142      68,284         68,284                     68,284       68,284
                               TU
      9702 ECO N D EV EXPEN D I RES                 150,000     150,000        150,000                    150,000                 -100.0%       (150,000)
            FRO M 229110-491-9702
N on-             t al
     PersonnelSub- ot                               205,580     784,018        522,800                    522,800      371,850      52.
                                                                                                                                   - 6%         (412,168)

   al   goi       t
Tot O n- ng Expendi ures                            205,580     784,018        522,800                    522,800      371,850     - 6%
                                                                                                                                    52.         (412,168)


   t       l
Capi alO ut ay

   t       l       t al
Capi alO ut ay Sub- ot                                                                                                              n/a


D EPARTM EN T TO TAL                                205,580     784,018        522,800                    522,800      371,850      52.
                                                                                                                                   - 6%         (412,168)




                          Approved FY 2004 Budget                            241
                          Spotsylvania, Virginia
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                                left blank.




Approved FY 2004 Budget           242
Spotsylvania, Virginia

								
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