Budget Year / Version:
Budget Trends
Program Contacts

Contact Sarah Gomez of the Department of Finance at 240.777.8885 or Pofen Salem of the Office of Management and Budget at 240.777.2773 for more information regarding this fund.

Related Links

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 and the prospective applicants are identified by the Montgomery County Economic Development Corporation, a nonprofit economic development organization created by the County in 2015.

Budget Overview

The total approved FY18 Operating Budget for the Economic Development Fund is $4,110,738, an increase of $1,532,958 or 59.47 percent from the FY17 Approved Budget of $2,577,780. Personnel Costs comprise 3.50 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 96.50 percent of the FY18 budget.

Linkage to County Result Areas

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

  • Healthy and Sustainable Neighborhoods
  • Strong and Vibrant Economy


  • Facilitated the retention and expansion of Abt Associates, Inc., a government contractor with international development focus, to create 55 new jobs in the next four years.
  • Facilitated the retention and expansion of Wedding Wire, Inc., an online wedding market place provider, to create more than 200 new jobs in the next five years.
  • Facilitated the attraction and expansion of Tracx US, Inc. to establish its U.S. Headquarters in Bethesda and create 200 new jobs in the next five years.
  • Facilitated the attraction of Donohoe Corporation Inc. to relocate 230 jobs from Washington, D.C. to Montgomery County and create 30 new jobs in the next three years.
  • Facilitated the retention and expansion of RainKing Software Inc. to create 66 new jobs in the next three years.


  • Add funds to disburse grant payment for retention and expansion of the U.S. Department of Health and Human Services, HMS Host Corporation, and Abt Associates, Inc.
  • Enhance the MOVE Program to provide additional leasing incentives for companies to locate in targeted County areas.

  • Partner with Bethesda Green, Inc. to create an Incubator Fund that will serve a wider geographical area and assist the County to become more competitive in attracting, growing, and retaining the best innovative green technology companies in the region.
  • Add funds in the Wheaton Redevelopment Capital Improvement Project for a full-time position to administer the Small Business Assistance Program and allocate resources in the Economic Development Fund to provide financial assistance for eligible businesses adversely impacted by the redevelopment project.

Program Descriptions

  Economic Development Grant and Loan Program

The Economic Development Grant and Loan Program was established in FY96 to assist private employers who will either retain jobs already in the County or create additional jobs in the County through the expansion of current operations or relocation of new operations in the County. This program is administered by the Department of Finance through its Fiscal Management Division. Finance identifies and develops prospects that meet the criteria for a grant or loan from the Economic Development Fund (EDF) and then develops an assistance package. Frequently, Finance works in close cooperation and coordination with the State of Maryland. The County Executive submits an annual report by March 15 on the status and use of the EDF as required by Chapter 20-76 (b) of the Montgomery County Code.

Notes: In FY18, $200,000 is allocated as the seed funding for the Small Business Assistance Program to provide financial assistance for eligible businesses adversely impacted by the Wheaton Redevelopment project.

  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 renovation of aging commercial buildings in targeted areas of the County.

  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 County are eligible for a 'piggyback' grant payment from the County of up to 50 percent of the State tax credit, with the final amount dependent and subject to the annual appropriations by the County Council.

Budget Summary
Salaries and Wages102656.0090866.00 73380.00 120184.0032.3
Employee Benefits26184.0023312.00 18575.00 23649.001.5
Economic Development Fund Personnel Costs128840.00114178.00 91955.00 143833.0026.0
Operating Expenses2329391.002463602.00 5187405.00 3966905.0061.0
Economic Development Fund Expenditures2458231.002577780.00 5279360.00 4110738.0059.5
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
Investment Income34081.0033253.00 33253.00 38917.0017.0
Loan Payments203350.0094970.00 94970.00 134438.0041.6
Miscellaneous Revenues26000.000.00 0.00 0.000.0
Economic Development Fund Revenues263431.00128223.00 128223.00 173355.0035.2
FY18 Approved Changes
Changes (with service impacts)
Enhance: One-time Leasing Incentive for Targeted County Areas [MOVE Program]2500000.00
Other Adjustments (with no service impacts)
Increase Cost: U.S. Department of Health and Human Services [Economic Development Grant and Loan Program]13000000.00
Increase Cost: Abt Associates, Inc. [Economic Development Grant and Loan Program]2500000.00
Increase Cost: HMS Host [Economic Development Grant and Loan Program]1000000.00
Increase Cost: FY18 Compensation Adjustments [Economic Development Grant and Loan Program]296550.00
Decrease Cost: Decrease Operating Expenses to Offset Personnel Costs [Economic Development Grant and Loan Program]-240920.00
Decrease Cost: Fund Balance for the Cybersecurity Supplement Program [Cybersecurity Tax Credit Supplement]-3726050.00
FY18 APPROVED41107381.00
Program Summary
Program NameFY17 APPR
Economic Development Grant and Loan Program15777801.0028607381.00
MOVE Program5000000.007500000.00
Biotech Credit Supplement5000000.005000000.00
Charges to Other Departments
Charged DepartmentCharged FundFY17
CIPCapital Fund00.001200001.00
Future Fiscal Impacts ($000s)
FY18 Approved4111.0000004111.0000004111.0000004111.0000004111.0000004111.000000
No inflation or compensation change is included in outyear projections.
Elimination of One-Time Items Approved in FY180.000000-250.000000-250.000000-250.000000-250.000000-250.000000
Items recommended for one-time funding in FY18, including the MOVE Program Incentive Area Leasing Bonus, will be eliminated from the base in the outyears.
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 Expenditures4111.0000003864.0000003864.0000003864.0000003864.0000003864.000000