Page 265 - CityofMansfieldFY23Budget

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 Economic Development fund is used to attract
desirable industries and commercial development to the City of Mansfield while retaining and assisting in
the expansion of existing businesses.

The MEDC budget increased 31.63% overall due to projected increases in project commitments, as well
as a reclassification of current positions. A more robust advertising campaign contributed to the increase
in Promotions. Finally, the Business Retention department was consolidated with MEDC Administration.

MEDC Actual Actual Budget Budget % Change
Departments 2019-2020 2020-2021 2021-2022 2022-2023 2022-2023
Administration $ 567,532 $ 634,263 $ 805,338 $ 1,136,434 41.11%

Promotions 33,003 32,341 55,900 238,100 325.94%
Business Retention 9,199 4,619 24,600 - -100.00%
Work Force Development 13 19 12,000 12,000 0.00%
Transfers/Other/Reserve 311,202 321,306 305,029 609,125 99.69%
Projects 2,063,828 1,917,066 3,643,817 4,384,130 20.32%
Land - 5,023,284 - -

Total $ 2,984,777 $ 7,932,899 $ 4,846,684 $ 6,379,789 31.63%

Division Actual Actual Budget Budget % Change
Summary 2019-2020 2020-2021 2021-2022 2022-2023 2022-2023

Personnel Services $ 417,975 $ 412,291 $ 624,901 $ 729,263 16.70%
Operations 2,566,801 7,520,608 4,221,783 5,650,526 33.84%

Total $ 2,984,777 $ 7,932,899 $ 4,846,684 $ 6,379,789 31.63%

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