JACKSONVILLE — Mayor Kenneth Melvin praised the Jacksonville Development Corporation Board after the city council approved its 2012-2013 proposed budget earlier this week.

According to the approved budget, JEDCO is starting the fiscal year with $769,000 in funds, a $19,000 decrease from the beginning of the 2011-2012 budget.

JEDCO should have approximately $2.2 million in revenue from sales tax revenues, interest income and rental receipts.

Approximately $1 million in revenue is slated to come from a percentage of sales tax for goods purchased in the city.

The interest income is from an interest-bearing checking account at Prosperity Bank. The amount received is dependent on the balance of the account. JEDCO is estimating $4,200 in revenue.

The rental receipts revenue comes from lease contracts JEDCO has with Luvata Electrofin and Metalloid. Both companies are leasing buildings in the Norman Industrial Park, owned by JEDCO.

Barry Hughes, JEDCO chairman, told city council members the corporation established a mission statement.

“Our purpose is growth and business in Jacksonville,” he said.

Hughes said it is important to JEDCO to bring in businesses who sell things outside of the city.

“We want to businesses to sell outside of Jacksonville to bring money into our community,” he said. “If a business has 10 employees, it will create 17 employees within our community. We gain a net of 27 and that's a big factor to us.”

During the fiscal year, JEDCO will have a proposed $617,300 in total fixed expenses. Those expenses include salaries and administrative fees; legal and accounting services;  Norman Industrial Park expenses;  travel, advertising and promotion and debt services.

“We have a debt note at Southside Bank and JEDCO was paying $125,000 per quarter,” Freddy Thomas, city finance director and JEDCO member, said. “We are making the final payment in September.”

JEDCO projected a total of $931,000 in industrial and future investment projects. Fees to cover the relocation of Freedom Equipment, a business moving its headquarters to Jacksonville from Chicago, are budgeted for under this expense,.

“I read the budget and it looked good to me,” council member Hubert Robinson said.