Page 209 - Watauga FY22-23 Budget

SPECIAL REVENUE FUND

DEPARTMENT: ECONOMIC DEVELOPMENT
DIVISION / ACTIVITY: ECONOMIC DEVELOPMENT CORPORATION – FUND 04
LOCATION: HOURS OF OPERATION:
7105 Whitley Road Monday – Friday 8:00 A.M. – 5:00 P.M.
Watauga, Texas 76148
Phone Number: 817-514-5800
MISSION / PROGRAMS / SERVICES:

To advance the economic strength of Watauga through business and community support programs,
public education, and strategic partnerships.

FY2021-2022 HIGHLIGHTS/ ACHIEVEMENTS:

• Elite Sponsor of Watauga Fest 2022
• Updated the online open portal business directory hosted by BluDot Technologies
• Purchased two (2) land parcels to be used for economic development opportunities
• Reorganized specific personnel to provide more focused support for the WEDC
• Completed the development and launch of the WEDC website

FY2022-2023 GOALS/ OBJECTIVES:

• Develop a Business Retention Program
• Complete a Food Business Park area included in Capp Smith Park

• Continue support of Shop Small Business programs
• Continue Business Spotlight video series
• Continue New Business Attraction through Retail Coach contract

MAJOR BUDGETARY ISSUES AND OPERATIONAL TRENDS:

The local economy began a resurgence during the fiscal year following the downturn that was a result
of the COVID virus resulting in sales tax revenues that were much higher than anticipated in the
adopted 2021-2022 budget, with year-end projections of +13.6%. This trend is projected to continue,
with much of the economy back to “normal”, however, inflation on the national scale caused and
continue to cause workforce and supply chain issues for both the public and private sectors.

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