Economic Development Fund
The Economic Development Fund was created in 2016 for the purpose of supporting affordable and sustainable housing; to support efforts to improve the standard of living of the community through the creation of jobs, the support of innovation and new ideas, and the creation of greater net wealth; and to support improvements to the quality of life in Salida.
A special election in 2018 allowed for increased diversion of sales tax ranging from up to two percent (2%) to ten percent (10%) of the three percent (3%) sales tax collected by the City of Salida to be placed in the Economic Development Fund.
For purposes of the 2022 Budget, the amount of sales tax diverted into the Economic Development Fund will remain at two percent (2%) of generated sales tax.
FY 2022 Budget Changes
Expenses typically recorded to this fund include: downtown parking lot leases, Chaffee County Economic Development Association support, and transfers to the Housing Fund to pay the City's share of the Chaffee County Multijurisdictional Housing IGA).
Additionally, this budget also has a contingency of $157,700 so Council has the flexibility to react if an appropriate opportunity to fund a project presents itself.
Economic Development Fund - Revenues vs. Expenses
Fund Balance reserves anticipated at year-end are conservative and remain within the scope of the City's fund balance policy for reserve amounts.