Title
Resolution to Appropriate and Increase the FY24 SmartZone LDFA Budget by $400,000.00 (8 Votes Required)
Memorandum
The FY23 Approved SmartZone LDFA budget included $400,000.00 for the purposes of issuing grants. The goal of the grant program is to advance several strategic priorities:
• High-tech company friendly infrastructure
• Connect high-tech ecosystem.
• Promote region.
• High-tech company creation and growth
• Talent and workforce investment
The grant program was paused during COVID, and the board was unable to issue any grant dollars in FY 2023. Appropriating the unspent funds to the FY24 budget allows the investment in the Accelerator/talent Services and Business Accelerator Program and satisfies the Strategic priorities of the board.
Budget Fiscal Impact: Funding is available in the SmartZone LDFA Fund, Unobligated Fund Balance.
Staff
Prepared by: Marti Praschan, Chief Financial Officer
Reviewed by: Marti Praschan, Chief Financial Officer
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, Funding in the amount of $400,000.00 was included in the FY23 SmartZone/LDFA Budget for purposes of funding grants in support of several strategic priorities;
Whereas, The LDFA Board made no grants in FY23,
Whereas, The SmartZone/LDFA Board unanimously approved a $400,000.00 budget increase for the purpose of a one-time increase of funding to the Business Accelerator Grants line item of the Spark Contract at their June 22, 2023 meeting;
Whereas, Increasing the FY24 Business Accelerator Program advances several strategic priorities of the grant program; and
Whereas, Funding is available in the SmartZone/LDFA fund unobligated Fund Balance;
RESOLVED, That $400,000.00 be appropriated from the SmartZone/LDFA Fund unobligated fund balance; thereby, increasing the revenue and expenditure budgets; and
RESOLVED, That City Council authorize the Mayor, City Clerk and City Administrator to take necessary administrative actions to implement this resolution.