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Botetourt County EDA approves FY27 budget, $18,430 insurance premium and rolls over small-business grant funds; meetings to move bimonthly
Summary
At its May 15 meeting the Botetourt County Economic Development Authority approved its FY27 budget (including a contingency Google line), a VAcorp insurance premium of $18,430, the Roanoke Valley Broadband Authority FY27 budget, and the rollover of $25,973 in unused small-business grant funds to FY27; it also voted to meet every other month going forward.
The Botetourt County Economic Development Authority on May 15 approved its FY27 budget, accepted a proposed $18,430 insurance premium from VAcorp and authorized rolling leftover small-business grant funds into next year’s program.
Chairman John Kilby opened the meeting at 2:00 p.m. at the Botetourt County Administration Center in Greenfield and led the Authority through routine business before staff presentations and votes. The board unanimously approved the FY27 EDA budget and a separate Google contingency budget that staff included "just in case" those funds are needed in the coming fiscal year.
Finance director Kyle Rosner told the Authority that the Shenandoah Breeze (Munters) payment is expected to be disbursed once Munters receives its certificate of occupancy; because the receipt occurred in FY26 but the payout will occur in FY27, Rosner said that will reduce FY27 revenue relative to expenditures. Rosner also reviewed transfers moved into the EDA budget from the County such as annual contributions to the SBDA and the Advancement Foundation, and a proposed refurbishment or replacement of the East Park sign.
The board also approved the VAcorp insurance premium for FY27 after Rosner noted the premium rose from roughly $17,000 last year to $18,430 for FY27; Luke Campbell and Mike Lockaby explained VAcorp operates as a local-government cooperative risk pool. The motion to approve the insurance premium passed with all members present voting in favor.
The Authority approved the Roanoke Valley Broadband Authority (RVBA) FY27 budget as presented after Jim Bandy of RVBA described FY26 results, asked to roll unspent FY26 marketing funds into FY27, and said scheduled battery replacement is expected to be deferred because current batteries should last several more years.
The EDA also voted to roll unused FY26 small-business grant funds into FY27: $323 from the Regular Checking account and $25,650 from the Raspberry Checking account, increasing the pool available for the next grant cycle. Rosner said staff requested the rollover to expand the FY27 award capacity; the motion carried unanimously as recorded.
Finally, Kilby recommended—and the Authority approved—moving regular EDA meetings to a bimonthly cadence beginning after the June meeting, with the remaining 2026 meetings scheduled for August, October and December and the option to call special meetings if necessary.
Votes at the meeting were recorded on routine motions (minutes, financials, budgets, insurance and fund rollovers) with no recorded dissents. The meeting adjourned following those approvals.
