SWK EDC approves budget for fiscal year 2022-2023

Voters for the Southwest Kentucky Economic Development Council unanimously approved an organizational budget of $589,350 for the 2022-23 fiscal year Monday afternoon.

This is a modest 2% increase over the prior year, with some nuanced adjustments.

Executive Director Carter Hendricks highlighted five “areas of variance” between the last budget and this one, and for the net zero balance budget, a slight increase in revenue generation is expected next year.

More SWK EDC fundraising efforts, Hendricks said, would be announced next month.

A position for “new industry” was set at $17,500, in what Hendricks noted is a rough placeholder aligned with the possibility of a good number of site visits for potential industries looking to woo counties from Trigg, Christian and Todd.

With a waning global pandemic, about $6,500 has been budgeted for planned travel and business sessions over the next year — mostly for recruiting and a national convention.

Hendricks also noted that there was a suggestion for a tentative, small cost-of-living increase for all three of EDC’s salary positions involving himself, associate director Sharon Butts, and associate director Tony Prim, but those suggestions must come from the finance and management committee.

A $5,000 position for contract labor would be used to hire a consultant to build EDC’s next five-year vision platform, and an additional $4,000 would be earmarked for two new laptops for the office – that would be used for project development and specification submissions. .

In other EDC news:

— Nearly 25% of industries and manufacturers in the region have already returned a survey on childcare services by asking questions about the levels of concern they may or may not have about availability and accessibility. Hendricks said a summary report will be provided once the organizations report their thoughts and findings.

EDC will then meet on July 25.

About Jonathan J. Kramer

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