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Ten-year review: Fairfax County outlines how Economic Opportunity Reserve has been used
Summary
Staff told the Economic Initiatives Committee the Economic Opportunity Reserve totals about $56.5 million and has supported 17 approved projects over nine years, including small-business microloans, placemaking, and innovation-focused programs; members requested clearer ROI and district-level data.
Fairfax County staff presented a 10-year review of the Economic Opportunity Reserve (EOR) to the Economic Initiatives Committee, tracing its origin to a 2015 revision of the Board's financial principles and explaining how the reserve has been used for pilot projects, small-business support, placemaking and innovation initiatives. "The total funding for the economic opportunity reserve is about $56,500,000," Scott Sizer, deputy director for the Department of Economic Initiatives, said during the presentation.
Why it matters: the EOR is a county-designated 1% set-aside of general fund disbursements intended for one-time investments that pilot programs or catalyze economic growth. The committee heard that 17 projects have been…
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