Industrial Development Agency board OKs $211K budget
KINGSTON >> The Ulster County Industrial Development Agency board has adopted a $211,000 agency budget for 2017.
The budget is about 7 percent smaller than the agency’s 2016 spending plan. It was approved last week by a 6-0 vote, with board member John Livermore absent.
“For us, it’s a little difficult to project revenues because we don’t necessarily know projects that might be here in the future,” board Chairman Michael Horodyski said. “So we take our best estimate at it.”
The budget calls for making up anticipated lost revenue by using $60,000 from agency fund balances. The 2016 budget used $54,000 from fund balances.
Among large anticipated expenses for 2017 is $85,000 for services, up from $50,000 this year. The money will be paid to the county’s Capital Resource Corp., which comprises the same board members as the Industrial Development Agency but has different responsibilities.
The budget calls for the agency to receive $149,000 in administrative fees to oversee projects, down from $170,000 this year. The money comes from application fees paid by developers who are seeking tax breaks.