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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 FY26 Operating Budget for the Economic Development Fund is $4,180,782, an increase of $11,614 or 0.28 percent from the FY25 Approved Budget of $4,169,168. Personnel Costs comprise 4.98 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 95.02 percent of the FY26 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, MOVE Program, the Small Business Innovation Research and Small Business Technology Transfer Matching Grant Program, and the Impact Assistance Fund....

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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
FY24
Budget
FY25
Estimate
FY25
Recommended
FY26
%Chg
Bud/Rec
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
Salaries and Wages151892.00156082.00 137201.00 166964.007.0
Employee Benefits30416.0040611.00 35383.00 41343.001.8
Economic Development Fund Personnel Costs182308.00196693.00 172584.00 208307.005.9
Operating Expenses2760558.003972475.00 24920363.00 3972475.000.0
Economic Development Fund Expenditures2942866.004169168.00 25092947.00 4180782.000.3
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 Payments351718.00375000.00 638000.00 375000.000.0
Investment Income119199.0055000.00 630000.00 55000.000.0
Economic Development Fund Revenues470917.00430000.00 1268000.00 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 Expenditures2942866.004169168.00 25092947.00 4180782.000.3
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 Revenues470917.00430000.00 1268000.00 430000.000.0
FY26 Recommended Changes
TitleExpendituresFTEs
ECONOMIC DEVELOPMENT FUND
FY25 ORIGINAL APPROPRIATION41691681.00
Other Adjustments (with no service impacts)
Increase Cost: FY26 Compensation Adjustment88740.00
Increase Cost: Annualization of FY25 Compensation Increases27400.00
FY26 RECOMMENDED41807821.00
Funding Parameter Items ($000s)
TitleFY26FY27FY28FY29FY30FY31
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
FY26 Recommended4181.0000004181.0000004181.0000004181.0000004181.0000004181.000000
No inflation or compensation change is included in outyear projections.
Labor Contracts0.0000004.0000004.0000004.0000004.0000004.000000
These figures represent the estimated annualized cost of general wage adjustments, service increments, and other negotiated items.
Subtotal Expenditures4181.0000004185.0000004185.0000004185.0000004185.0000004185.000000