However, the figures presented in the budget are estimates based on a number of different variables. Those include private donations that the agency hopes to collect during fundraising efforts, which can vary.
A large source of revenue for the CIC this year will come from local government funding, which is projected to be $331,800. The majority of those funds will come from the county, which is expected to contribute approximately $320,000 for this year. The City of Springfield is expected to contribute $11,200.
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The budget also includes projected cost related to the management of several business parks in the area as well as the creation of a new position this year that aims to better connect local school districts with the business community, said Horton Hobbs, vice president of economic development for the Chamber of Greater Springfield.
“Not everything goes towards programming. A lot of it goes towards debt service, a lot of it goes towards managing the (industrial) parks that we have that are not full yet,” Hobbs said.
Adding to costs for the agency this year, is an agreement last year for the CIC to manage the Avetec building at the NextEdge Technology Park. Though the agency does not own that building, it is responsible for it. Expenses for that building are projected to be $99,000 this year, but revenue relating to the building’s rent is expected to cover those costs.
Approximately $115,000 has been budgeted for workforce development as well as an additional $26,664 for project costs, according to a copy of the budget. Marketing and advertising expenditures are estimated to be $50,000.
A main focus for the CIC this year is to better market reinvestment opportunities within the community as well as address available jobs in the area. Hobbs said in order to do that, they are working with existing employers as well as local marketing firms.
The CIC plans on ramping up its efforts this year that are directed towards workforce development in the county. That includes highlighting that more than 50% of Clark County residents in the workforce have jobs outside of the county, according to the Chamber of Greater Springfield.
“We are not going to reverse all of that for all kinds of reasons. But, if we can get 10% of those folks to turn around, that will really change the talent pool for the community,” Hobbs said.
He said that the CIC works with local municipalities in the county as well as different organizations to increase economic development in the area. That includes setting up a system in place with its community partners to handle leads from regional partners and the state regarding possible economic development projects in the county.
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“That is what CICs are typically there for, they are the conduit for a lot of projects to run through. We are just a little unique in that our city and our county had the foresight to really put some infrastructure behind it,” Hobbs said. He also noted that the Clark County’s CIC is more heavily funded than some of their counterparts in other counties due to the agency being staffed, which is not always the norm.
Hobbs said this year’s budget is similar to the one passed in 2019, which projected revenues of $887,330 and expenditures of $842,902 for that year.
One of the largest single expenditures for the agency this year will relate to administration costs. That includes two positions at the agency that deal with economic as well as workforce development, according to a copy of the CIC’s 2020 budget. Those costs are projected to be $284,631 for the year, an increase from the $272,472 reported in the budget for 2019.
Hobbs said efforts to create a new position at the agency this year have been factored into the recently approved budget. The talent/education coordinator position is expected to work with all of the school districts in the county and would work primarily out of the chamber’s office on South Limestone Street.
Members of the chamber previously told the News-Sun that they are still working out the details of what that position would look like, but noted that it would be a person that the schools could rely on when it comes to getting connected with a variety of different industries in the area.
Hobbs said they would still provide support to the Springfield City Schools district, which has a similar position, but would also focus heavily on the other school districts in the county. He said the goal is to have that position filled by the first half of the year.
The Springfield News-Sun will continue to provide unmatched coverage of economic development in Clark and Champaign Counties. That includes an in-depth look at workforce development, as well as economic challenges in area.
By the numbers:
979K: Projected cost for the CIC for 2020
990K: Projected revenue for the CIC for 2020
332K: Expected amount of local government funding to be received by the CIC for 2020
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