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Mission Statement

The mission of the Economic Development Fund (EDF) is to assist private employers who are located, plan to locate, or substantially expand operations in the County. Each program under the EDF is administered by the Department of Finance. EDF staff work in conjunction with the Montgomery County Economic Development Corporation (MCEDC), a nonprofit economic development organization created by the County in 2015, to identify prospects for many of these programs.


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Budget Overview

The total recommended FY22 Operating Budget for the Economic Development Fund is $4,490,677, a decrease of $668,741 or 12.96 percent from the FY21 Approved Budget of $5,159,418. Personnel Costs comprise 3.61 percent of the budget for no full-time position(s) and no part-time position(s), and a total of 1.00 FTEs. Total FTEs may include seasonal or temporary positions and may also reflect workforce charged to or from other departments or funds. Operating Expenses account for the remaining 96.39 percent of the FY22 budget.

County Priority Outcomes

While this program area supports all eight of the County Result Areas, the following is emphasized:

  • A Growing Economy

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Initiatives

  • Continue funding support to all economic development programs provided through the Economic Development Fund for financial and/or technical assistance to eligible businesses.

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Innovations and Productivity Improvements

  • Through the Economic Development Grant & Loan (EDGL) Program, the Economic Development Fund continues to provide support for biotechnology growth, a key strategic economic sector in the County. In FY20, a $350,000 conditional grant was approved to facilitate establishment of the U.S. Headquarters of Aurinia Pharma and to attract over 200 new jobs to the County. In FY21, the County will provide a $1 million conditional grant to Novavax, Inc. to support $80 million in capital investment and create 400 new jobs for COVID-19 vaccine development.
  • In FY20, the Public Health Emergency Grant (PHEG) Program was created to provide assistance to small businesses and nonprofits showing a revenue loss due to the COVID-19 pandemic. In total, 2,344 grant recipients received $20.9 million, with an average grant award of $8,923 per business.
  • In FY21, the Reopen Montgomery Grant Program was established to reimburse businesses for expenses incurred to comply with COVID-19-related health & safety requirements for reopening their businesses. A total of 2,491 businesses were awarded $7.94 million, with an average grant award of $3,187 per business.

Program Descriptions

  Economic Development Fund

The Economic Development Fund consolidates all economic development programs into one program providing effective management and support. The consolidated programs are: Economic Development Grant and Loan Program, Biotech Credit Supplement, MOVE Program, Small Business Assistance Program, CyberSecurity Credit Supplemental Grant, Microloan Program, the Small Business Innovation Research and Small Business...

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Budget Trends
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Program Contacts

Contact Jedediah Millard of the Department of Finance at 240.777.8855 or Pofen Salem of the Office of Management and Budget at 240.777.2773 for more information regarding this fund.

Related Links
Budget Summary
TitleActual
FY20
Budget
FY21
Estimate
FY21
Recommended
FY22
%Chg
Bud/Rec
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
Salaries and Wages147672.00124937.00 115614.00 128546.002.9
Employee Benefits34309.0034463.00 32504.00 33413.00-3.1
Economic Development Fund Personnel Costs181981.00159400.00 148118.00 161959.001.6
Operating Expenses7951981.005000018.00 4872278.00 4328718.00-13.4
Economic Development Fund Expenditures8133962.005159418.00 5020396.00 4490677.00-13.0
PERSONNEL
Full-Time0.000.00 0.00 0.000.0
Part-Time0.000.00 0.00 0.000.0
FTEs1.001.00 1.00 1.000.0
REVENUES
Investment Income73737.0096300.00 55000.00 55000.00-42.9
Loan Payments235428.00134438.00 375000.00 375000.00178.9
Economic Development Fund Revenues309165.00230738.00 430000.00 430000.0086.4
 
GRANT FUND - MCG
EXPENDITURES
Salaries and Wages0.000.00 0.00 0.000.0
Employee Benefits0.000.00 0.00 0.000.0
Grant Fund - MCG Personnel Costs0.000.00 0.00 0.000.0
Operating Expenses18484035.000.00 0.00 0.000.0
Grant Fund - MCG Expenditures18484035.000.00 0.00 0.000.0
PERSONNEL
Full-Time0.000.00 0.00 0.000.0
Part-Time0.000.00 0.00 0.000.0
FTEs0.000.00 0.00 0.000.0
REVENUES
Federal Grants27685227.000.00 0.00 0.000.0
Grant Fund - MCG Revenues27685227.000.00 0.00 0.000.0
 
CAPITAL FUND
EXPENDITURES
PERSONNEL
 
DEPARTMENT TOTALS
Total Expenditures26617997.005159418.00 5020396.00 4490677.00-13.0
Total Full-Time Positions0.000.00 0.00 0.000.0
Total Part-Time Positions0.000.00 0.00 0.000.0
Total FTEs1.001.00 1.00 1.000.0
Total Revenues27994392.00230738.00 430000.00 430000.0086.4
FY22 Recommended Changes
TitleExpendituresFTEs
ECONOMIC DEVELOPMENT FUND
FY21 ORIGINAL APPROPRIATION51594181.00
Other Adjustments (with no service impacts)
Increase Cost: FY21 Compensation Adjustment21970.00
Increase Cost: FY22 Compensation Adjustment3620.00
Decrease Cost: Operating Expenses to Reflect Adjusted Investment Income [Economic Development Fund]-413000.00
Decrease Cost: Incremental Cost Adjustment for Aurinia Pharma [Economic Development Fund]-800000.00
Decrease Cost: One-time Cost for REGENXBIO, Inc [Economic Development Fund]-1000000.00
Decrease Cost: One-time Cost for Autolus Limited [Economic Development Fund]-2000000.00
Decrease Cost: One-time Cost for ViaSat Project [Economic Development Fund]-2500000.00
FY22 RECOMMENDED44906771.00
Funding Parameter Items ($000s)
TitleFY22FY23FY24FY25FY26FY27
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
FY22 Recommended4491.0000004491.0000004491.0000004491.0000004491.0000004491.000000
No inflation or compensation change is included in outyear projections.
Labor Contracts0.0000002.0000002.0000002.0000002.0000002.000000
These figures represent the estimated annualized cost of general wage adjustments, service increments, and other negotiated items.
Subtotal Expenditures4491.0000004493.0000004493.0000004493.0000004493.0000004493.000000