Constituents from the South Western Kentucky Economic Development Council unanimously approved an organizational budget of $589,350 for fiscal year 2022-23 Monday afternoon.
It’s a modest 2% increase from the previous fiscal year, and with it come a few nuanced tweaks.
Executive Director Carter Hendricks highlighted five “areas of variance” from the last budget to this one, and for the net-zero balance budget, there’s anticipation for a small increase in generated revenues this next year.
More efforts on SWK EDC fundraising, Hendricks said, would be announced next month.
A line item for “new industry” was set at $17,500, in what Hendricks noted is a ballpark placeholder aligned to the possibility of a good number of site visits for prospective industries looking to court Trigg, Christian and Todd counties.
With a global pandemic ebbing, around $6,500 has been budgeted for expected travel and business sessions over the next year — most of it for recruitment and a national convention.
Hendricks also noted there’s a tentative and mild cost-of-living increase suggestion for the EDC’s three salary positions involving himself, Associate Director Sharon Butts and Associate Director Tony Prim, but those suggestions have to come out of finance and executive committee.
A $5,000 line item for contract labor would be used to hire a consultant to construct the EDC’s next five-year vision platform, and another $4,000 would be set aside for two new laptops for the office — which would be used for project development and spec presentations.
In other EDC news:
— Almost 25% of the region’s industries and manufacturers have already returned a survey on childcare, asking questions about the levels of concerns they may or may not have about availability and accessibility. Hendricks said a summary report will be furnished once more organizations return their thoughts and findings.
EDC next meets July 25.
