IDA previews 2025–26 budget; board debates trimming a $750,000 'Building a Vibrant Community' line

Kristen Chapman presented the first draft of the IDA’s 2025–26 budget, covering the EDC general fund, South Fort Meade special revenue, and the OnaMine allocations. She explained the fiscal year runs Oct. 1, 2025–Sept. 30, 2026, highlighted carryforwards, and described recurring OnaMine funding of $2,000,000 split into general economic ($1.5M), infrastructure ($400,000) and workforce ($100,000) buckets. "So the budget we're looking at is for 10/01/2025 through the end of year, which would be 09/30/2026," Chapman told the board during her presentation.

Staff explained that after the final projects close out in special revenue the IDA expects about $3.7 million of the original Mosaic-related dollars remaining for future capital outlays, and that earlier housing and infrastructure commitments will transition into the general fund as projects complete. Members questioned a $750,000 line item labeled "Building a Vibrant Community" with no specific project identified; one board member asked to reduce that to a smaller seed amount pending project scoping, and Chapman agreed to present the draft at the September meeting with a proposed change from $750,000 to $50,000.

The board also discussed the workforce development funding previously routed to the Hardy Education Foundation and whether to include a placeholder for that relationship pending a new contract or a presentation from the foundation. Staff committed to provide the original agreement and to put the item back on the September agenda for formal review. The draft budget will return for a final vote at the September meeting.