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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 FY25 Operating Budget for the Economic Development Fund is $3,469,168, an increase of $13,429 or 0.39 percent from the FY24 Approved Budget of $3,455,739. Personnel Costs comprise 5.67 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 94.33 percent of the FY25 budget.

County Priority Outcomes

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

  • A Growing Economy

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, Biotechnology Credit Supplement, Cybersecurity Investor Incentive Program, MOVE Program, the Small Business Innovation Research and Small Business Technology Transfer Matching Grant Program, and...

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Budget Trends
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Program Contacts

Contact Nadia Khan of the Department of Finance at 240.777.2011 or Julie Knight of the Office of Management and Budget at 240.777.2760 for more information regarding this fund.

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Budget Summary
TitleActual
FY23
Budget
FY24
Estimate
FY24
Recommended
FY25
%Chg
Bud/Rec
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
Salaries and Wages133296.00145434.00 159495.00 156082.007.3
Employee Benefits34312.0037830.00 34885.00 40611.007.4
Economic Development Fund Personnel Costs167608.00183264.00 194380.00 196693.007.3
Operating Expenses2747439.003272475.00 3771505.00 3272475.000.0
Economic Development Fund Expenditures2915047.003455739.00 3965885.00 3469168.000.4
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
Loan Payments350056.00375000.00 375000.00 375000.000.0
Investment Income37209.0055000.00 55000.00 55000.000.0
Economic Development Fund Revenues387265.00430000.00 430000.00 430000.000.0
 
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
Grant Fund - MCG Expenditures0.000.00 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
Grant Fund - MCG Revenues0.000.00 0.00 0.000.0
 
CAPITAL FUND
EXPENDITURES
PERSONNEL
 
DEPARTMENT TOTALS
Total Expenditures2915047.003455739.00 3965885.00 3469168.000.4
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 Revenues387265.00430000.00 430000.00 430000.000.0
FY25 Recommended Changes
TitleExpendituresFTEs
ECONOMIC DEVELOPMENT FUND
FY24 ORIGINAL APPROPRIATION34557391.00
Other Adjustments (with no service impacts)
Increase Cost: Annualization of FY24 Compensation Increases72180.00
Increase Cost: FY25 Compensation Adjustment62110.00
FY25 RECOMMENDED34691681.00
Funding Parameter Items ($000s)
TitleFY25FY26FY27FY28FY29FY30
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
FY25 Recommended3469.0000003469.0000003469.0000003469.0000003469.0000003469.000000
No inflation or compensation change is included in outyear projections.
Labor Contracts0.0000003.0000003.0000003.0000003.0000003.000000
These figures represent the estimated annualized cost of general wage adjustments, service increments, and other negotiated items.
Subtotal Expenditures3469.0000003472.0000003472.0000003472.0000003472.0000003472.000000