Greene County finance committee approves draft 2026 EDC budget, directs review of underused loan program

The Greene County Economic Development Corporation (EDC) finance committee voted to recommend approval of the EDC2026 draft budget and discussed plans to revisit the county's quantum loan program, staff said.

EDC staff told the committee the draft shows a $6,400 operating surplus for the rest of 2024 and includes a $45,000 replenishment request to restore the corporation's fund balance. "The top number is, $45,000. That's our replenishment request," the presenter said, adding that operating income has recently come from microenterprise and CDBG economic development programs rather than straight appropriations.

The budget discussion was the committee's primary substantive item. Committee members moved to recommend the draft 2026 EDC budget for full-board consideration; the motion was approved by voice vote. The transcript records members responding "Aye," but does not list individual roll-call votes.

Why it matters: the replenishment request would restore the EDC's operating fund toward a target balance (staff cited roughly $50,000 as the target). The draft budget also carries program-delivery and downtown-fund administration line items tied to anticipated state programs, and projected receipts and contra-expenses tied to CDBG-administered grants.

Key details from staff presentation:

- Current-year position and replenishment: Staff said 2024 actuals are finalized and 2025 figures are as of Sept. 30; the draft shows a $6,400 surplus for the remainder of the year and requests $45,000 in replenishment funding for 2026 to restore the operating balance toward about $50,000.

- CDBG and microenterprise funding: Staff described a pattern in which CDBG (Community Development Block Grant) program delivery and microenterprise grant funds flow into the EDC as revenue and are paid back out as program expenses, producing contra-accounts on both the revenue and expense sides. The presentation noted a recent CDBG economic development allocation for a project called Gray Willow and that a state drawdown request had just been submitted.

- Downtown program administration: The draft budget includes $15,000 for downtown-fund administration tied to anticipated awards from two programs (identified in discussion as the Downtown Catskill and Downtown Athens DRI and the York Forward Fund). Staff estimated the two programs together could total about $90,000 across three years and said the $15,000 represents roughly one-sixth of an expected first-year allocation.

- Quantum loan program underperformance: Staff reported the county's quantum loan funds are "sunsetting" and that, during the staff member's three years in the role, the office had not closed a single quantum loan. "We're batting 0% on every single... inquiry," the presenter said, adding that the current program reimburses borrower expenses and that the reimbursement requirement reduces the county's risk but may deter participation. The presenter noted the program's stated interest rate as "30% plus 1," and said staff plan to bring recommendations to the finance committee for redesign by March.

Committee action and next steps:

- The finance committee moved to recommend approval of the 2026 EDC corporation budget to the full board; the motion carried on a voice vote. The transcript records members saying "Aye," but does not record individual roll-call tallies.

- Staff said it will return with proposals to rethink the quantum loan program and underwriting/reimbursement rules at a future finance committee meeting (targeted for March), and that some CDBG balances could be reallocated to county-led projects if the loan program is not retooled.

Other items mentioned: staff reported an incoming EPA cooperative agreement for a Brownfield Coalition and the start of consultant procurement, a cement study kickoff, plans for stakeholder interviews, and an upcoming check presentation for Gray Willow; downtown revitalization initiatives in Catskill and Athens were described as nearing final local review. Staff also noted new office space and upcoming public engagement sessions to be organized by consultants.

The committee adjourned after approving the budget recommendation; full board consideration will follow at a later meeting.