Title
Budget Update
Recommended Action
Move to approve preferred budget and work plan.
Report
Issue:
Whether to and how to expend existing PBIA funds.
Staff Contact:
Jennica Machado, Economic Development Division Director, Community Planning & Economic Development, jmachado@ci.olympia.wa.us <mailto:jmachado@ci.olympia.wa.us>, 360.753.8591
Presenter(s):
Jennica Machado, Economic Development Division Director
Background and Analysis:
During June’s meeting, PBIA members requested additional information regarding funds available for allocation. The next step is for the PBIA Advisory Board to determine whether it wishes to utilize these funds within the 2025 fiscal year. If so, the Board will need to develop a corresponding work plan outlining how the funds will be spent. Once a preferred budget and work plan are developed, City staff will submit a budget amendment for approval.
Climate Analysis:
N/A
Equity Analysis:
N/A
Neighborhood/Community Interests (if known):
Given that the PBIA’s budget is funded by contributions from members of the business community, it is both reasonable and important that these stakeholders are informed about how the funds will be allocated. And how those expenditures will directly benefit those who have supported the Board financially in past years.
Options:
1. Move to approve a preferred budget and work plan.
2. Do not move forward with a budget and work plan.
Financial Impact:
Funding decisions will draw down on available PBIA funds. This will not impact the City general fund.
Attachments:
N/A