HomeMy WebLinkAboutII. B. FY 2024- 25 RESOURCE MANAGEMENT PLAN( BUDGET) 8. ECONOMIC DEVELOPMENT 4.23.24FY 2024-25
Proposed Budget
Charles Rigney – Economic Development Director
April 23, 2024
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Organization Summary
Total FTEs Number of Programs Total FY 2024-25 Budget
20.00 5 $8,516,062
Economic Development Divisions
1.The HIVE
2.GrowSmart
3.Economic Development
4.Town Center Special Service District
5.Eastern Virginia Regional Industrial Facility Authority
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FY 2024-25 Programmatic Budget
Growsmart, $445,265 , 5%
General Operating,
$4,187,413 , 49%
The HIVE , $146,358 , 2%
Eastern Virginia Regional
Industrial Facility Authority
$4,000 , 0%
Town Center SSD,
$3,733,026 , 44%
PROPOSED
Total: $8,516,062
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Department Operating Budget (General Fund)
Program FY 2023-24
Amended
FY 2023-24
FTE
FY 2024-25
Proposed
FY 2024-25
FTE Change ($)Change (%)
EVRIFA $0 0 $4,000 0 $4,000 -
GrowSmart $453,115 3 $445,265 3 ($7,850)-1.73%
The HIVE $144,067 1 $146,358 1 $2,291 1.59%
General Operation $5,537,852 22 $4,187,413 16 ($1,350,439) -24.39%
Total $6,135,034 25 $4,783,036 20 ($1,351,998)-22.04%
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Department Operating Budget (Town Center SSD)
Program FY 2023-24
Amended
FY 2023-24
FTE
FY 2024-25
Proposed
FY 2024-25
FTE Change ($)Change (%)
General Operation $3,728,706 0 $3,733,026 0 $4,320 0.12%
Total $3,728,706 0 $3,733,026 0 $4,320 0.12%
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Major Changes
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•Small Business Grant Program
•Obligation of funding within the Economic Development Investment Program (EDIP) to create
funding opportunity for smaller businesses for a variety of uses including working capital,
equipment purchases, business vehicle purchases, pay down high-interest loans, business
expansion, and real estate acquisition.
•Bio-medical Initiative
•The Bio-Medical Initiative was established in FY 2015-16 for a bio-medical industry business
development program and eventually a Bio Park near Princess Anne Commons. With other areas of
initiatives becoming the primary focus of Economic Development the continued investment of this
amount is no longer needed.
•Parking Enterprise Fund move to Public Works
•Staffing Realignment of Project Development Team to Planning
Major Initiatives: Offshore Wind
•The largest Offshore Wind farm in the U.S. will
be 27 miles off the City’s coast – developed by
Dominion Energy
•Companies are establishing in the City to serve
the growing offshore wind industry, as well our
established companies capitalizing on the
opportunity to join the supply chain
•Virginia Beach will host International
Partnering Forum 2025 for the offshore wind
industry. It is expected to draw 2,500 attendees
from around the world.
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Major Initiatives: Cybersecurity Spotlight
Old Dominion University School of Data Science
•Opened in 2023 in Virginia Beach Town Center
•A hub for data-driven research and exploration, including enhancing research partnerships with federal research laboratories located in the region
•Houses dedicated training spaces for cybersecurity simulations, research model collaboration areas, and innovation labs
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Major Initiatives: Unmanned Systems
•We are home to a growing cluster of companies
spearheading the advancement of unmanned
systems – land, sea, and air
•Ideal ecosystem for this industry with its military
presence, NASA Langley, and Port of Virginia
•From precision delivery and providers in data
collection, inspection, and maintenance,
unmanned systems are currently offering a wide
range of services in the City
•Example: DroneUp - Drone flight services
provider for private business and government
with a growing HQ in the City
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Major Initiatives: The Hive
•The HIVE Business Resource Center has increased
offerings with over 100 Business Resource Partners
•The International Economic Development Council
(IEDC) recognized the HIVE’s success with 3 awards
in multiple categories including partnerships with
educational institutions
•Executed Memorandum of Understanding with
Maxbyte Technologies to create a Centre of
Excellence for Industry X.0 at the Advanced
Technology Center
•Continued partnership with Virginia Wesleyan
University delivering free and low-cost workshops
•Developing a Small Business Grants Program to
support 15 emerging businesses with $10,000
grants
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