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Unbalanced IDA budget approved

After operating without an adopted budget since July 1, the Halifax County Industrial Development Authority on Friday adopted an unbalanced  2012-13 operating budget that includes $2,485,315.68 in income and $2,522.948.20 in expenses.

According to Authority Executive Director Matt Leonard, the budget is based on very conservative expenses, and by the end of the year, he anticipates having enough left over from individual line items to balance the $37,632.52 deficit.

If not, Leonard said the additional revenue can be withdrawn from the authority’s savings account to cover the budget gap.

Acting on a motion by Marcus Hargrave, seconded by Butch Blanks, the board approved the budget as presented.

Income in the budget includes

$69,600 in Riverstone Building Two revenue

 $458,824.35 in Riverstone Building One revenue

 $45,176 in Industrial Park revenue

 $13,148.96 in Broad Street property revenue

 $108,000 in Greens Folly Road property revenue

 $5,250 in Flex Tech revenue

 $1,192,320 in ABB expansion revenue

 $495,750 in other revenue

 $2,485,315.68 in total income

Expenses in the budget include

 $276,447.17 payroll 

 $82,579.25 fringe benefits

 $46,876.40 administrative and general

 $37,400 prospect development/visitation

 $21,400 website

 $9,000 public relations

 $14,075 Riverstone Technology Park

 $20,446 Riverstone Building Two

 $620,255.62 Riverstone Building One

 $13,728 Broad Street property

 $27,732 Motorplex (Day Site)

 $350 Halifax County Industrial Park

 $1,198,799.96 ABB expansion

 $115 Southside Virginia Community College Truck Driver School

 $47,927 Industrial Park Drive property

 $31,944 Greens Folly Road property

 $2,648 Flex Tec

 $25,000 legal services

 $6,219.80 real estate other

 $10,000 construction site management

 $30,000 site professional services

 $2,522,948.20 in total expenses