Page 269 - Manfield FY21 Budget

MANSFIELD ECONOMIC DEVELOPMENT CORPORATION

Budget Summary

The Mansfield Economic Development Corporation is funded by a ½ cent sales tax approved by the
citizens. The tax became effective on July 1, 1997. The MEDC budget increased 4% overall due to
projected increases in project commitments.

MEDC Actual Actual Budget Budget % Change
Departments 2017-2018 2018-2019 2019-2020 2020-2021 2020-2021
Administration $ 821,752 $ 566,995 $ 715,464 $ 719,596 0.58%
Promotions 61,139 41,444 58,700 53,200 -9.37%
Business Retention 18,621 7,218 24,600 24,600 0.00%
Work Force Development 1,185 1,475 22,000 22,000 0.00%
Debt 2,390,343 2,660,049 2,651,125 2,663,484 0.47%
Transfers/Other/Reserves 261,517 328,900 455,630 305,029 -33.05%
Projects 2,584,898 2,237,251 2,573,373 2,974,306 15.58%
Total $ 6,139,454 $ 5,843,332 $ 6,500,892 $ 6,762,215 4.02%

Division Actual Actual Budget Budget % Change
Summary 2017-2018 2018-2019 2019-2020 2020-2021 2020-2021
Personnel Services $ 601,065 $ 403,375 $ 515,461 $ 540,713 4.90%
Operations 301,631 213,757 305,303 278,683 -8.72%
Debt 2,390,343 2,660,049 2,651,125 2,663,484 0.47%
Transfers/Other/Reserves 261,517 328,900 455,630 305,029 -33.05%

Projects 2,584,898 2,237,251 2,573,373 2,974,306 15.58%

Total $ 6,139,454 $ 5,843,332 $ 6,500,892 $ 6,762,215 4.02%

MISSION STATEMENT:

The mission of the Mansfield Economic Development Corporation (MEDC) is to attract desirable
industries and commercial development to the City of Mansfield while retaining and assisting in the
expansion of existing businesses.

Key Goals and Objectives

Goal 1
Develop the Mansfield International Business Park.

Objectives:
• Complete construction of road, water, and sewer infrastructure.
• Identify development partners to facilitate development of the business park.
• Attract new companies to the park to build new facilities.

Goal 2
Initiate new retail and commercial projects.

Objectives:
• Continue to work with retail developers/brokers to attract new retail to Mansfield.
• Facilitate the development of a hotel and conference center.
• Identify opportunities for more office development in the City.

268