TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Feasibility Study for Economic Development funded by a transfer from the General Fund Contingency Account
Recommended Action
Approve the transfer of $50,000 from the General Fund contingency account to the Other Professional Services account in the Economic Development account for a feasibility study.
Background Information
Funds were budgeted for an Economic Development Strategic Plan Update in Fiscal Year 18-19. As discussed with Commission, a Feasibility Study was recommended in lieu of the strategic plan and as the update was not done at that time, funding was returned to the General Fund Fund Balance. Since the prior funding was returned to fund balance at the end of the year, the funding needs to be budgeted in order to move forward as directed.
The intent of this Feasibility Study is to provide for a study testing viability for certain/specific targeted industry sectors and incentives for the City of North Port. The study outcomes are specifically related to increasing new business to the area; diversification of business; expansion of existing businesses; and adding higher-wage jobs.
At the City Commission meeting on May 12, 2020, the City Commission requested that this item be paid for from the contingency account.
Strategic Plan
Affordability, Growth and Development
Financial Impact
If approved, a transfer of $50,000 from the General Fund Contingency account to the Other Professional Services account in Economic Development will be made.
Procurement
N/A
Attachments
None
Prepared by: Kimberly Ferrell, Finance Director
Department Director: Kimberly Ferrell, Finance Director