[Masthead] Heavy Rain ~ 55°F  
High: 72°F ~ Low: 51°F
Friday, Apr. 29, 2016

MSDC Board of Directors approves 2002 budgets

Wednesday, December 19, 2001

The Marshall-Saline Development Corporation Board of Directors approved its 2002 budgets, both of which were smaller than previous years.

The board approved the budgets by unanimous vote at its regular meeting held Tuesday.

The more significantly decreased budget deals with the MSDC Industrial Park on the north side of Marshall. This is the second year that a budget has been created specifically for the park's operations.

Last year's industrial park budget had balanced income and expenses set at $573,600. The bulk of that budget's income, about $550,000, came from the sale or leasing of land and a development grant.

This year's industrial park budget was approved with three possible contingencies. The park's definite income and expenditures create a budget of approximately $90,000 with a deficit of about $800.

However, several pending projects could create budget surpluses ranging from $23,835 to $135,845, depending on whether incoming and potential businesses choose to lease or purchase land within the park.

The MSDC administrative operating budget also saw a decrease from last year. While $109,335 was budgeted for last year, this year's budget set income and expenditures at $105,150.

While the budget saw an overall decline, several areas increased. Among these were administrative wages, travel and dues and subscriptions.

The 2002 budget set salaries at $67,000, up from $64,000 in 2001. A $500 increase in travel expenses, up to $4,000 in 2002, follows a year which saw MSDC Executive Director Roy Hunter make trips overseas while working to secure a deal with the Zhenji Brewing Company of Shijiazhuang in the Hebei Province of China. Expenses for dues and subscriptions, budgeted at $2,500 in 2000, had been budgeted at $1,280 in 2001. The 2002 budget increases the line item to $1,500.

One area of the budget which continues to see cuts is entertainment. In 2000 the line item had been budgeted at $3,000. This was reduced to $2,000 in 2001 and cut further to $1,500 for the 2002 budget.

The primary sources of income for the operating budget continue to be area contributors. The largest of these remains Marshall Municipal Utilities, which gives $30,000. The city of Marshall contributes $25,000, Saline County gives $20,000 and Wood & Huston Bank and the MSDC Investors Group both contribute $10,000. Entities contributing $10,000 or more are entitled to a seat on the Board of Directors.

A number of other area banks and companies contribute from $200 to $3,000. In addition, interest on MSDC's deposits was estimated to generate $200. Income from the sale of advertising in the corporation's quarterly newsletter was budgeted at $2,200 which will help offset the $5,240 expense in printing it.

Respond to this story

Posting a comment requires free registration: