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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 FY23 Operating Budget for the Economic Development Fund is $3,996,325, a decrease of $494,352 or 11.01 percent from the FY22 Approved Budget of $4,490,677. Personnel Costs comprise 4.19 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 95.81 percent of the FY23 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, Small Business Assistance Program, CyberSecurity Credit Supplement, Microloan Program, the Small Business Innovation Research and Small Business Technology...

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Budget Trends
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Program Contacts

Contact Pete McGinnity of the Department of Finance at 240.777.2011 or Felicia Hyatt of the Office of Management and Budget at 240.777.2763 for more information regarding this fund.

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Budget Summary
TitleActual
FY21
Budget
FY22
Estimate
FY22
Approved
FY23
%Chg
Bud/App
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
Salaries and Wages110252.00128546.00 131499.00 132915.003.4
Employee Benefits30519.0033413.00 33093.00 34692.003.8
Economic Development Fund Personnel Costs140771.00161959.00 164592.00 167607.003.5
Operating Expenses3435809.004328718.00 5047751.00 3828718.00-11.6
Economic Development Fund Expenditures3576580.004490677.00 5212343.00 3996325.00-11.0
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
Loan Payments578068.00375000.00 131320.00 375000.000.0
Investment Income38508.0055000.00 55000.00 55000.000.0
Economic Development Fund Revenues616576.00430000.00 186320.00 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 Expenditures3576580.004490677.00 5212343.00 3996325.00-11.0
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 Revenues616576.00430000.00 186320.00 430000.000.0
FY23 Approved Changes
TitleExpendituresFTEs
ECONOMIC DEVELOPMENT FUND
FY22 ORIGINAL APPROPRIATION44906771.00
Changes (with service impacts)
Reduce: Microloan Program [Economic Development Fund]-500000.00
Reduce: Small Business Assistance Program: Grant Finalized in FY22 [Economic Development Fund]-4500000.00
Other Adjustments (with no service impacts)
Increase Cost: Annualization of FY22 Personnel Costs26850.00
Increase Cost: Annualization of FY22 Compensation Increases21610.00
Increase Cost: FY23 Compensation Adjustment8020.00
FY23 APPROVED39963251.00
Funding Parameter Items ($000s)
TitleFY23FY24FY25FY26FY27FY28
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
FY23 Approved3996.0000003996.0000003996.0000003996.0000003996.0000003996.000000
No inflation or compensation change is included in outyear projections.
Labor Contracts0.0000005.0000005.0000005.0000005.0000005.000000
These figures represent the estimated annualized cost of general wage adjustments, service increments, and other negotiated items.
Subtotal Expenditures3996.0000004001.0000004001.0000004001.0000004001.0000004001.000000