Edinburg, Texas – The Edinburg Economic Development Corporation (EEDC) voted on Tuesday, September 25, 2018, to unanimously approve the 2018-2019 Fiscal Year Budget. The new budget passed with an expected budget surplus of $984,730, an improvement from last year’s fund balance which left the EEDC in a $517,971 deficit. The City of Edinburg Mayor and Councilmembers unanimously adopted the EEDC’s proposed budget during their city meeting on Tuesday, October 2, 2018.
“Our commitment to the EEDC and our community is to foster economic prosperity for our city while being fiscally conservative stewards of taxpayer’s money,” said Edinburg Mayor and EEDC Director, Richard Molina. “In just the last few months, we have announced exciting economic opportunities for the City of Edinburg and as we move into the new fiscal year, we have many more projects in the works and will continue to aim to grow our fund balance, so that we have a healthy economic outlook at the EDC,” he continued.
The EEDC has carefully managed funds and reorganized the corporation to better serve the city and its constituents. As per Executive Director Joey Treviño, operating expenses have been reduced from last year’s $198,605 to $129,660, resulting in a $68,945 improvement.
“We appreciate the hard work the EEDC and Mr. Treviño have done in creating this budget surplus and we look forward to this coming year, as we plan for new businesses and quality of life projects for our citizens,” said Gilbert Enriquez, Councilmember Place 2 and EEDC Board President.
During the meeting, the EEDC announced that it will continue its mission to market the City of Edinburg, leverage public-private resources for job creation and retention, and increase the tax base. Priorities for the upcoming fiscal year announced during the budget presentation included assisting new and expanding businesses, assisting small businesses through the Small Business Program, and to market the City of Edinburg through a regional and international
“Now that we are out of the red and have a healthy fund balance, our priority is to grow our economic opportunities and utilize our existing funds to invest in economic growth for our city and our citizens,” stated Joey Treviño, EEDC Executive Director.