Jacksonville Daily Progress
The Rusk Economic Development Corporation submitted a basic budget for approval in anticipation of bigger projects to come throughout the year.
The corporation is funded through a portion of sales tax paid on goods in the city limits of Rusk.
Executive Director Bob Goldsberry said the corporation is expecting $237,000 in sales tax revenue and loan repayments this year.
The corporation will also get a little nudge in the number from paying off some loans earlier this year. Goldsberry said the measure will free up about $20,000 over the next three to four years for additional projects.
“We were fortunate we were able to do that,” he said.
On the expense side, REDCO budgeted $78,000, which will cover its basic operating expenses including contract administration through the Chamber of Commerce, training, travel, legal services and accounting.
Goldsberry said if the REDCO board decided to move forward with a project, the board would need approval from the city council and submit a budget amendment for approval.
“I have a feeling we have several projects that will get kicked off this year,” he said.
Goldsberry said all members have expressed interest in helping the city of Rusk with its proposed industrial park, to be located near the railroad tracks on the northwest side of town.
He said the project figures and estimates are still being crunched and configured, but the project will be done in phases as money allows.
“They (the city council) will approve the project and the expenses and we will do an amended budget to go along with that,” he said.
REDCO approved its budget on Sept. 12 and was approved by the council Sept. 13.