Chair opened the September meeting of the Greenwood Economic Development Commission and heard a budget update from city staff that projects lower revenue in 2026 due to property-tax reporting changes.

Greg Wright, City of Cornwall, told commissioners, “The property tax reports that went into effect this year are are having a pretty significant hit on our revenue streams for for 2026.” He said the commission’s intent is to keep the EDC budget flat for fiscal year 2026, holding the promotional line at $5,000 and maintaining current allocations for board member reimbursements, recording secretary, office supplies and related line items.

The budget context matters because commissioners use the promotional line to fund marketing and community-attraction projects. Wright said the city has frozen salaries and will delay capital spending; he warned that 2027 is likely to require more substantial cutbacks. No formal vote or ordinance change was taken at the meeting.

Commissioners asked about what the promotional funds may lawfully pay for. Wright said the city will review the commission’s creating ordinance and that expenditures must be “defensible to the state board of accounts as falling within state law.” He explicitly said the EDC should not fund benefits for a single private business, noting limitations tied to use of tax dollars.

Discussion among commissioners raised several examples they consider likely to fit the promotional line: billboard or broad advertising campaigns, community “art on the trail” projects, workforce-development programs that advertise the city’s education base, and other quality-of-life investments intended to attract businesses and workers. Commissioners agreed to consider any specific spending requests at future meetings and to ask staff for ordinance and legal clarifications before authorizing uses outside the routine promotional items.

Chair closed the budget portion of the meeting by noting the commission still has some funds remaining in the current fiscal year and invited any requests to be brought to the next meeting for formal consideration.