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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 approved FY21 Operating Budget for the Economic Development Fund is $5,159,418, a decrease of $279,943 or 5.15 percent from the FY20 Approved Budget of $5,439,361. Personnel Costs comprise 3.09 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 96.91 percent of the FY21 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

  • Add funds to implement economic development grant agreements for retention and expansion of jobs and business activities that will support economic growth in Montgomery County through a variety of programs.
  • Continue funding support for all economic development programs provided through the Economic Development Fund for financial and/or technical assistance to eligible businesses.

Program Descriptions

  Economic Development Fund

This program consolidates all of economic development programs into one program providing effective management and support. The consolidated programs are: Economic Development Grant and Loan, Biotech credit supplement, Move program, Small Business Assistance Program, CyberSecurity Credit Supplemental Grant, the Small Business Innovation Research and Small Business Technology Transfer Matching...

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  MOVE Program

The MOVE Program, part of the Economic Development Fund, is designed to accelerate business attraction, thereby reducing vacant office spaces in the County. It also provides an additional benefit for leasing vacant office space and renovating aging commercial buildings in targeted areas of the County. The program is limited to...

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  Biotech Credit Supplement

The Biotech Credit Supplement Program authorizes the County to provide a local supplement to the State of Maryland's Biotechnology Investment Tax Credit Program. Applicants that have received final tax credits under the State program and have invested in a company that has located its headquarters and base operations in Montgomery...

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  Small Business Assistance Program

The Small Business Assistance Program (SBAP) assists certain small businesses located in the County who are adversely impacted by a County-funded redevelopment project or a redevelopment project located on County-owned property, as required by Bill 6-12 adopted by the Montgomery County Council in 2012. Currently, affected small businesses located near...

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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
FY19
Budget
FY20
Estimate
FY20
Approved
FY21
%Chg
Bud/App
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
Salaries and Wages121989.00124300.00 126088.00 124937.000.5
Employee Benefits30203.0032746.00 32171.00 34463.005.2
Economic Development Fund Personnel Costs152192.00157046.00 158259.00 159400.001.5
Operating Expenses4693391.005282315.00 9281102.00 5000018.00-5.3
Economic Development Fund Expenditures4845583.005439361.00 9439361.00 5159418.00-5.1
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 Income152057.00159010.00 127250.00 96300.00-39.4
Loan Payments247232.00134438.00 134438.00 134438.000.0
Economic Development Fund Revenues399289.00293448.00 261688.00 230738.00-21.4
 
CAPITAL FUND
EXPENDITURES
PERSONNEL
 
DEPARTMENT TOTALS
Total Expenditures4845583.005439361.00 9439361.00 5159418.00-5.1
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 Revenues399289.00293448.00 261688.00 230738.00-21.4
FY21 Approved Changes
TitleExpendituresFTEs
ECONOMIC DEVELOPMENT FUND
Other Adjustments (with no service impacts)
Increase Cost: FY21 Compensation Adjustment55800.00
FY21 APPROVED55800.00
Program Summary
Program NameFY20 APPR
Expenditures
FY20 APPR
FTEs
FY21 APPR
Expenditures
FY21 APPR
FTEs
Economic Development Fund37393611.0051594181.00
MOVE Program7500000.0000.00
Biotech Credit Supplement5000000.0000.00
Small Business Assistance Program4500000.0000.00
Total54393611.0051594181.00
Charges to Other Departments
Charged DepartmentCharged FundFY20
Total$
FY20
FTES
FY21
Total$
FY21
FTES
ECONOMIC DEVELOPMENT FUND
CIPCapital Fund1200001.0000.00
Funding Parameter Items ($000s)
TitleFY21FY22FY23FY24FY25FY26
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
FY21 Approved5159.0000005159.0000005159.0000005159.0000005159.0000005159.000000
No inflation or compensation change is included in outyear projections.
Subtotal Expenditures5159.0000005159.0000005159.0000005159.0000005159.0000005159.000000