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IDA adopts $2.5M budget

Halifax County Industrial Development Authority board members adopted a tentative $2.5 million budget for fiscal year 2013-2014 during Friday morning’s meeting held at Riverstone.

The balanced budget is very close to last year’s budget in total expenses and incomes and includes a $230,000 contribution from the county board of supervisors, according to IDA Executive Director Matt Leonard.

“It is based on the latest information from the board of supervisors. The finance committee is recommending approximately a $230,000 contribution to the IDA…but it has not been finalized,” Leonard said.

Authority members decided to vote on the tentative budget at its May meeting since they will not have a meeting in June, and the budget needs to be in place by July 1.

Absent from the Friday morning meeting was board member Mattie Cowan.

Leonard explained the authority ends the current year with a $50,000 deficit due to lesser income than expected rather than greater expense.

The budget was approved unanimously subject to final confirmation after the board of supervisors approves the county budget that includes funding for the authority.

The authority anticipates receiving $2,579,735 in revenue from the following:

$71,913 from Riverstone Building Two;

 $641,550 from Riverstone Building One;

 $30,850 from 1201 Industrial Park;

 $13,370 from 515 Broad Street Property;

 $141,333 from 1120 Greens Folly Road Property;

 $38,400 from Flex Tech; and

 $1,192,320 from ABB Expansion.

Expenses include:

 $283,504 for payroll;

 $85,174 for fringe benefits;

 $44,810 for administrative and general;

 $73,500 for prospect development/visitation;

 $2,700 for website, branding, logo build out;

 $5,500 for public relations;

 $14,100 for Riverstone Technology Park;

 $19,765 for Riverstone Building Two;

 $614,515 for Riverstone Building One;

 $18,000 for 515 Broad Street Property;

 $28,000 for MotorPlex (Day Site);

 $150 for Halifax County Industrial Park;

 $1,198,800 for ABB Expansion;

 $100 for Southside Virginia Community College Truck Driver School;

 $102,061 for 1201 Industrial Park Drive;

 $53,500 for 1120 Greens Folly Road;

 $3,000 for FlexTec;

 $21,336 for Legal Services;

 $6,220 for Real Estate;

 $2,500 for Construction Site Management; and

 $2,500 for Site Professional Services.

The next IDA board meeting will be held July 19 at 8:30 a.m. at the Clover Power Station.