Buda Economic Development Corp.'s $4.8M budget to support businesses, projects

Buda City Council approved the Buda Economic Development Corp.’s $4.8 million projected budget for fiscal year 2023-24 on July 18.

The overview

The main objective of the Buda EDC is to help boost and grow the city’s economy by bringing in more businesses and restaurants. It has a range of incentives and programs, such as the Small Business Program, which assists new and existing small businesses in Buda with incentives to help with development, expansions and renovations to the physical building of up to $10,000. The Buda EDC also has a Large Business Incentive Program for over $10,000, based on project size.

Local businesses, such as J. Parks Saloon & Standard, Taste on Main and Valentina's Tex Mex BBQ, are among the businesses that have received incentives to open and operate in Buda.

The EDC also partners with the city and the Buda Area Chamber of Commerce to put on local events and support large-scale plans and projects that look to the city's future.

The details

The proposed budget for the FY 2023-24 is slated at $4.82 million in revenue, up 13.5% from the previous fiscal year. The majority of the revenue comes from general sales tax at around $3.6 million.

The total expenditures for the upcoming fiscal year are estimated at $4.79 million.

Salaries, compensation, retirement and other employee expenses have also increased for FY 2023-24 by 23% due to an increase in staff, sitting at $737,771.

Other expenses include advertising, travel costs, recruitment, office supplies and more.

Looking ahead

Some EDC objectives for the upcoming fiscal year include:

• Nurturing small- and medium-size businesses in the area
• Fostering entrepreneurship
• Promoting and enhancing the downtown area through Project Downtown, a master plan for Main Street and the surrounding areas
• Continuing to attract retail and restaurants
• Supporting tourism to the city