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Council approves 2025–26 Jacksonville Economic Development Corporation budget
Summary
The council approved the Jacksonville Economic Development Corporation’s 2025–26 budget by voice vote; officials said revenue estimates rose to about $2.2 million and the total proposed budget is about $3.8 million, down from last year.
The Jacksonville City Council voted to approve the Jacksonville Economic Development Corporation’s (EDC) proposed 2025–26 budget during its Aug. 12 meeting.
James Hayes, president of the Jacksonville Economic Development Corporation, told the council that the EDC’s revenue estimate increased to about $1,860,247 for sales tax in the current projection, bringing total revenue to a little more than $2.2 million. Hayes said the EDC’s total proposed budget for the year is about $3.8 million, a reduction from the prior year’s roughly $4.35 million figure because several large projects have rolled off the active incentive schedule.
Hayes said some larger incentive packages included in previous years will not be payable until the next fiscal year because of the way incentive payments are structured; those deferred payments, he said, are why some large projects do not appear as expenditures in the 2025–26 budget.
The council approved the budget by voice vote after a short presentation; councilman Rob Goin moved approval and Mayor Pro Tem Tim McCray seconded. The motion carried on an affirmative voice vote.
Hayes and other presenters said line items otherwise remain the same from the packet reviewed in the council’s Aug. 8 workshop and invited council members to ask questions about specific line items.
Next steps: the EDC will proceed under the approved 2025–26 budget; staff said it will field questions from council members on line-item details as requested.
