MEDC budget approved with $56k deficit

Meridian City Council approved the Meridian Economic Development Corporation proposed budget for fiscal year 2024-2025 with a deficit of $56,540.

MEDC Treasurer Don Pool said they had about $200,000 in the TexPool account to roll over into the next fiscal year. Funds from that account could be used to make up any shortfalls in the budget for the next fiscal year.

“We’ve spent the past year working on quality of life for the City of Meridian… and now we’re changing our focus over to what we’re intended to do, which is bring in business,” MEDC Treasurer Don Pool said.

MEDC reduced project costs and façade grants in their proposed budget in order to put more funds toward recruiting new business and industry to the area. MEDC also hired a full-time staff member to facilitate their plan.

Pool said the proposed budget was scaled back due to decreases in sales tax revenue and interest income.

For FY 2023-2024 the MEDC budgeted a loss in income of $116,700 but to date has only incurred a loss of about $25,000.