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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 FY24 Operating Budget for the Economic Development Fund is $4,011,982, an increase of $15,657 or 0.39 percent from the FY23 Approved Budget of $3,996,325. Personnel Costs comprise 4.57 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 95.43 percent of the FY24 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 Pete McGinnity of the Department of Finance at 240.777.2011 or Julie Knight of the Office of Management and Budget at 240.777.2800 for more information regarding this fund.

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Budget Summary
TitleActual
FY22
Budget
FY23
Estimate
FY23
Recommended
FY24
%Chg
Bud/Rec
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
Salaries and Wages131451.00132915.00 133343.00 145434.009.4
Employee Benefits33117.0034692.00 34046.00 37830.009.1
Economic Development Fund Personnel Costs164568.00167607.00 167389.00 183264.009.3
Operating Expenses4240531.003828718.00 4060327.00 3828718.000.0
Economic Development Fund Expenditures4405099.003996325.00 4227716.00 4011982.000.4
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 Payments161146.00375000.00 375000.00 375000.000.0
Investment Income24941.0055000.00 55000.00 55000.000.0
Economic Development Fund Revenues186087.00430000.00 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 Expenditures4405099.003996325.00 4227716.00 4011982.000.4
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 Revenues186087.00430000.00 430000.00 430000.000.0
FY24 Recommended Changes
TitleExpendituresFTEs
ECONOMIC DEVELOPMENT FUND
FY23 ORIGINAL APPROPRIATION39963251.00
Other Adjustments (with no service impacts)
Increase Cost: FY24 Compensation Adjustment108110.00
Increase Cost: Annualization of FY23 Compensation Increases48180.00
Increase Cost: Annualization of FY23 Personnel Costs280.00
FY24 RECOMMENDED40119821.00
Funding Parameter Items ($000s)
TitleFY24FY25FY26FY27FY28FY29
ECONOMIC DEVELOPMENT FUND
EXPENDITURES
FY24 Recommended4012.0000004012.0000004012.0000004012.0000004012.0000004012.000000
No inflation or compensation change is included in outyear projections.
Labor Contracts0.0000000.0000000.0000000.0000000.0000000.000000
These figures represent the estimated annualized cost of general wage adjustments, service increments, and other negotiated items.
Subtotal Expenditures4012.0000004012.0000004012.0000004012.0000004012.0000004012.000000