As the fiscal year comes to an end, officials with the South Western Kentucky Economic Development Council took steps Monday afternoon to prepare for the 2024-25 financials — unanimously approving a new budget, following a comprehensive update of the last year from Executive Director Carter Hendricks.
This ledger, Hendricks said, is zero sum — in which $682,650 is both the expected income and the outgoing expenditures.
Among the bright spots, he said: an increase of private sector board seat investments and of $200-to-$3,000 private donor tiers — especially in the last 36 months, and including “Winner’s Circle” contributions.
Actual year end for 2022-23, board and private donors accounted for more than $191,000 of the budget, and for 2024-25, that’s expected to be north of $256,000.
And that’s with 90% security.
Other line items include:
— $170,000 in City of Hopkinsville support;
— $61,000 in Christian County Fiscal Court support;
— $33,000 in Cadiz and Trigg County support;
— $55,000 in Todd County support;
— $20,000 in HES marketing support;
— and $36,150 in PRECC marketing support.
Year-in-review, Hendricks noted the last 12 months for the SWK EDC have been busy.
*There have been 26 requests for information, with a 27th currently under review.
*There were 12 physical site visits across Trigg, Christian and Todd counties from prospective businesses and companies, looking to possibly locate in the area.
*One grant, the TVA Invest Prep, was applied for, and more than $3.8 million was awarded.
*Of the 20-plus events hosted, 18 of them coincided with local student job and career needs.
*And two business recruiting trips were taken.
Much more, Hendricks added, is in the works for this upcoming season — as Elkton, Cadiz and Christian County continue to surge in their own ways.
Total up all of the guaranteed construction and expansions — Toyota Boshoku, Rural King & Ashley Furniture, Huhtamaki, White Drive, Novelis, Ascend Elements and Commerce Park II — and Hendricks said there will be 1,000-plus new jobs in the next 12-to-18 months, $52 million in new payroll, $1.4 billion in construction projects and more than $6 billion in total economic impact.
This doesn’t include Trigg County’s new spec building, the current construction of the Hopkinsville-Christian County consolidation, nor the announcement of new and incoming projects.
