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Fluvanna Economic Development Authority approves FY27 budget, transfers Opportunity Fund profits and authorizes $63,629.71 incentive grant
Summary
The Economic Development Authority of Fluvanna County unanimously approved its FY27 budget, moved $4,937.67 from the Opportunity Fund to its IDA account, and authorized a $63,629.71 performance incentive grant to Monticello Coves Realty Partners LP at its June 8 meeting.
Rudy Garcia, chair of the Economic Development Authority of Fluvanna County, presided over a June 8 meeting at which the authority approved its fiscal year 2027 budget, authorized the transfer of $4,937.67 from the Opportunity Fund to the Industrial Development Authority account, and approved a $63,629.71 performance incentive grant to Monticello Coves Realty Partners LP.
Treasurer Raghvendra Singh presented the proposed FY27 budget and noted there were no CIC scholarships requested in FY26. Staff recommended training for new members through the Virginia Economic Development Partnership (VEDP) and Industrial Development Authority (IDA) courses; county staff Jennifer Schmack said she would include bond terms for three bonds (Region 10, a Montessori school and SOCA) in the budget materials. Jeffrey Potter moved to approve the budget; member Joshua Bower seconded. The motion passed unanimously, 7-0.
Earlier in the meeting, member Joshua Bower proposed transferring Opportunity Fund profits of $4,937.67 to the IDA account; member Charlotte Gregory seconded, and the transfer was approved 7-0. Later, member Reese Peck moved that the Fluvanna County Board of Supervisors’ Performance Incentive Grant of $63,629.71 be accepted for FY26 and remitted to Monticello Coves Realty Partners LP, and that a supplemental appropriation of $63,629.71 from Unassigned Fund Balance be authorized for payment; Joshua Bower seconded. That motion also passed unanimously.
County staff reported routine outreach and programming: 15 visits to existing businesses, 23 partner or networking events and conferences, two ribbon cuttings and a successful June 4 job fair organized with VA Career Works at the Fluvanna County Public Library. Staff recommended in-person training when available for new members.
The supplemental appropriation for the incentive grant will be processed through county financial procedures. The authority scheduled a reorganization meeting for July 13, 2026, to elect new officers and update account signatories. The meeting adjourned at 5:38 p.m.
