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Genesee County Economic Development Center Approves 2018 Budget
September 7, 2017 - The Board of Directors of the Genesee County Economic Development Center (GCEDC) adopted their 2018 budget at a board meeting today, projecting expenditures of $27.3 million.
The revenue includes $25.5 million in grants (remaining funds from the original $33 million Buffalo Billion allocation) that will be used for Western New York Science and Technology Advanced Manufacturing Park (WNY STAMP) infrastructure. The remaining projected revenue is comprised of project origination fees of $375,000, Genesee County contribution of $193,000 and Revolving Loan Fund interest revenue of $4,600.
Another $300,000 in cash payments will be collected through project origination fee annuity streams, attributed to projects that closed in prior years and $300,000 will be received from the Genesee Gateway Local Development Corporation (GGLDC) to support the agency’s overall Economic Development Program.
“There is a large body of work that occurs at this agency each year, and I am pleased that we continue to find resourceful ways to serve the businesses and citizens of Genesee County,” said Lezlie Farrell, CFO of the GCEDC. “Operating expenditures have been controlled and reduced wherever possible. In 2018, the GCEDC expects a 12% increase in health insurance premiums based on current estimates from health insurance brokers,” said Farrell.
As a public benefit corporation, the GCEDC generates fees from economic development projects and other sources to run the agency’s operations, programs and services. Grant funds secured do not include any coverage for grant administration or other operating costs.
“Genesee County is a vital partner in our efforts to bring new business and growth to our region,” said Paul Battaglia, Chairman of the GCEDC.
“We rely on the Genesee County Legislature to support our budget and operations so we can continue to market our community as a premiere place for business. Overall, in 2016 (the last full year of data available), GCEDC projects (current and expired) paid over $4.8 million in combined PILOT payments and property taxes to local taxing jurisdictions. This is a $22 dollar return on each $1 the County allocates to GCEDC operations,” said Battaglia.