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Saratoga County committee to keep $10,000 cap on 2024 economic development grants, vote moves funds from reserve
Summary
The Saratoga County Economic Development Committee on July 2 voted to maintain the full $10,000 award for each 2024 economic development grant application and to use the county's economic development reserve to cover the approximately $40,000 difference between requests and this year's budget.
The Saratoga County Economic Development Committee on Wednesday voted to keep the full $10,000 award for each 2024 economic development (ED) grant application and to transfer roughly $40,000 from the county's economic development reserve account to cover the shortfall between applications and the annual ED budget.
The decision followed a presentation by Mister Kemper, who said the county received applications from 19 municipalities requesting about $190,000 while the approved ED grants budget for the year is $150,000. Kemper told the committee that 11 of the 2024 grants are currently being administered and that staff do not foresee any of those awards being in jeopardy.
Committee members discussed two main options: prorating awards to fit the $150,000 appropriation or leaving the $10,000 awards intact and dipping into the reserve. Members noted that historically some municipalities relinquish small amounts before final payout, reducing actual disbursements. Staff also reminded the committee of timing: awarded grants must be used by December of the following year and the county board would need to move funds out of reserve in November to allow payments by year end.
A motion to maintain the $10,000 award level and move the necessary funds from the economic development reserve carried. The committee recorded one named opposition (Harris); other votes were recorded as in favor. Staff clarified this committee action is committee approval only and does not require a separate county resolution.
The packet provided to the committee included copies of all 2024 applications and a list of municipalities that applied. Staff said it will send award letters and a reminder about reimbursement and timing in late October or early November.
Committee members also received a brief update that the county's Industrial Development Agency (IDA) has a public hearing scheduled for July 8 in the Town of Wilton regarding an IDA project; the IDA hearing was noted as an informational item.
