Page 230 - CityofWataugaAdoptedBudgetFY25

Economic

Development

Mission Statement

To make Watauga the best place to do business today and in the future by generating equitable economic growth
opportunities, building strategic partnership, and maximizing resources.
Department Overview

To advance the economic strength of Watauga through business and community support programs, public
education, and strategic partnerships. Economic Development provides emphasis on improving the business
climate through new development, redevelopments, workforce development, business retention and expansion,
and small business development.

To enhance the quality of life for residents and the sustainability of City businesses through the retention and
revitalization of exiting business and neighborhoods, and promotion, recruitment, and coordination of new
commercial and residential development in the City.

Highlights/Achievements for FY2024

➢ Researched and proposed the Watauga Revitalization Action Plan (WRAP) Incentive Policy designed
to support local businesses by assisting with revitalization improvements.
➢ Economic development activity was strong for the 2024 fiscal year and included multiple business
openings.
➢ Continued advertising efforts to include the Business Spotlight program and Shop Watauga social
media platform to promote Watauga businesses.
➢ Continued to maintain economic development related databases to meet the needs of the development
community.
Goals/Objectives for FY2025

➢ Launch the WRAP program to support local business revitalization.
➢ Support the design and construction for the Food Business Park to support economic development
efforts.
➢ Continue to promote Watauga businesses and stimulate participation in shop local programs.
➢ Prepare projects for development which allow for continued economic growth in the City.

Summary of Expenditures by Category
The Economic Development budget increased by $185,990 primarily due to the Beautification program addition,
attorney fees and allocation transfer adjustments. Transfer to EDC Capital Projects in the amount of $100,000
includes $90,000 for splashpad redesign and $10,000 contingency. There were additional minor adjustments to
the budget that also contributed to the overall change in the budget from 2023-2024.

FY2023 FY2024 FY2024 FY2025
Actual Adopted Projected Budget
Supplies 308 1,000 650 1,000
Maintenance 0 1,000 1,000 300
Contractual/Sundry 46,124 85,250 107,300 138,300
Capital Outlay 1,200 0 0 0
Transfers 419,700 428,000 428,000 561,640
Total Economic Dev. 467,332 515,250 536,950 701,240
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