VERMONT AGENCY OF COMMERCE & COMMUNITY DEVELOPMENT Agency of - PowerPoint PPT Presentation

FY2020 BUDGET Agency of Commerce and Community Development JANUARY 2019 SECRETARY Michael Schirling DEPUTY SECRETARY Ted Brady VERMONT AGENCY OF COMMERCE & COMMUNITY DEVELOPMENT

Agency of Commerce & Community FY 2020 SUMMARY & HIGHLIGHTS Development • Total ACCD staff 79 FY 2020 Governor's Recommend Budget • 17.3% increase in General Fund • Worker Relocation & Recruitment Package $2M MISSION: To help Vermonters improve their quality of life $1M for workforce recruitment including Economic and build strong communities. Development Marketing relocation and recruitment resources, digital marketing, enhanced jobs board, new visitor The Agency is engaged in activities that generate revenue to conversion programs, and regional recruitment partnerships. the State general fund. Our work with existing and new • $1M for expansion of the 2018 Remote Worker Grant businesses, downtowns and communities, marketing the Program to encompass workforce for Vermont based employers. state for tourism, preservation of the Vermont brand and • USS Vermont Commissioning Ceremony $10K what makes us special, is all part of what generates income to state government. We are the income side of the state general ledger. Investments in ACCD are investments in FY 2019 ONE-TIME HIGHLIGHTS � .1 income generating activity. • Broadband Expansion Initiatives $585K • $540K to begin a broadband loan program through the Governor's Recommended Budget Vermont Economic Development Authority. FY 2020 ($ millions) • $45K (Act 11. Special Session) in additional funds for the ThinkVermont Innovation Grant Program to fund community broadband planning. IDT Funds, $0.52, 2% MPH 11 411 2020 SUPPORTED INITIATIVES Federal Funds, $11.59, Vermont Housing Incentive Program $1M • Rental housing rehabilitation program to incentivize small General Fund, private apartment owners to make significant improvements $16.27 , 46% to both housing quality & weatherization through small grants. This program is intended for existing properties that are vacant, blighted and in need of substantial reinvestment. Downtown & Village Center Tax Credit $200K Special Fund, • Expansion of this successful program from $2.4M to $2.6M. $6.83, 19% 3

� AGENCY OF COMMERCE AND COMMUNITY DEVELOPMENT SECRETARY Mike Schirling DEPUTY SECRETARY Ted Brady Overview Additional 2019 INITIATIVES Comprehensive Priorities Agency 4• :' Worker Recruitment $500,000 0,4 1 E 0] Strategies and Relocation 0 9 9 Recruitment Relocation incentives Incentive Package IlIgairai • Targeted digital marketing (Reloc802 by VDOL) Expand Remote $2.5 M * ILLUMINATE THE Support Vermont's vibrant • Enhanced jobs board Array of investments Worker grant program communities and innovative IAN 04 � VIBRANCY OF VERMONT Enact Climate Commission Investment to assist individual to those working for • Convert visitors to residents businesses poised for growth Market Vermont effectively to recommendations relating Vermont companies relocation efforts. with an infusion of talent. iiii.1- i • Regional recruitment partnerships increase the number of people to the Climate Economy visiting, living, and working here. $1 M $200,000 Vermont Housing gi Amend Downtown Tax DEPLOY A 0 ] uA Incentive Program 21ST CENTURY [ Credit statutes to comply ,fixtt T � Downtown Tax Credit expansion • Revive underutilized, vacant and WORKFORCE with federal court ruling blighted housing stock to swiftly Rental housing rehabilitation • Incremental increase in the $1.2 M and amend technology increase the number and quality of Develop a continuum of education program to incentivize small successful Downtown Tax Credit housing units available. and job re/training to enable a equipment eligibility private apartment owners to Investment Program, bringing the total robust, modern workforce. make significant improvements. • Fix the land gains tax disincentive investment to $2.6 M — Amend spirits tax itt ENSURE HOUSING threshold (increase from , FOR ALL Broadband Expansion $540 000 $45,000 � E. 0] 7 $750k to $1.5M) Loan Program Increase the availability and ni ERR Grant to the Vermont Economic Expansion of funding for the 2018 affordability of housing for all Provide a source of capital Development Authority to enable up ThinkVermont Innovation Grant Implement Vermonters. $585,000 -10.8 M in loans over the life of the that recognizes the unique program to invest in planning projects 1 g recommendations from the tah.i=li challenges facing start-up program for innovative community for community broadband, ACCELERATE Investment Act 108 Airport/Aviation broadband projects. • broadband providers, BUSINESS u al Economic Development SFR GROWTH & uloal Report • Add a VEGI enhancement for small businesses (19 or fewer employees), RECRUITMENT Vermont Employment 0 9 9 benefit corporations (8-Corps) and low-profit limited liability E 0 ] Grow/scale existing businesses Growth Incentive orgut corporations (L3C5) and recruit new businesses via a (VEGI) Program • Add an enhanced incentive for businesses creating jobs that support the network of technical assistance, eiiiiii $0 Modernization goals of the Vermont Clean Water Act access to capital and increased deal flow. Make it easier for small • Tie the wage threshold for qualifying jobs to Vermont's Livable Wage Air Additional General businesses to access and to Fund Appropriation • Eliminate the LMA cap to encourage increased qualify job growth in STRENGTHEN take advantage of the benefit, economically disadvantaged areas of Vermont VIBRANT REGIONAL tl- i ECONOMIES & Permit Process ECOSYSTEMS itt • Enact Act 250 Commission recommendations concerning enhanced [0] Modernization Focus on place-making to develop designations in downtowns and other designated development areas and celebrate a shared vision Improve predictability in • Enact Act 194 industrial Park Zone Designation Program recommendations across regional communities and $0 the process and encourage .VERMONT • Make parcel data more accessible by creating a new digital repository economies, and provide the tools development in identified Additional General to build and maintain modern hosted by VCGI growth areas. infrastructure. Fund Appropriation AGENCY OF COMt•IERCE & COMMUNITY DEVELOPMENT - as of 012 8.19 - 4

ACCD All Funds Budget -10 Year History Total All Funds ($ Millions) 60,000,000 $50.0M 50,000,000 $ 1 11.5M 1.2M ................ 17..6m ........ • $.3 6.7 40,000,000 .... liWr.v•••••••• • ....... • ........... $35.2M 94..6M ...... - 534 $ 33 .. 8ks L6M ............ ....... ........ 30,000,000 20,000,000 10,000,000 FY11 FY12 FY13 FY14 FY15 FY16 P(17 FY18 BAA FY19 BAA FY20 Rec —6—Series1 41,493,934 37,618,978 36,667,844 49,965,607 41,238,824 34,562,574 , 34,565,517 33,849,574 33,337,768 35,212,496 Notes: FY2012 Federal ARRA Funds ended FY2012 Federal Neighborhood Stabilization Program ended FY2014 Federal HUD Disaster Recovery Funds received (Tropical Storm Irene) FY2014 Federal HUD Disaster Recovery Funds ends (Tropical Storm Irene) 5

ACCD FY20 Budget by Department General Funds $16.3M � All Funds $35.2M VDTM 9% ADMIN 16% DED 29% DHCD 46% 6

Agency of Commerce and Community Development Agency 3 Year Summary by Department FY 2020 FY 2018 FY 2018 FY 2019 FY 2019 FY 2020 Position Actual Budget As Budget As BAA Governor Count Passed Passed Recommend Department 16 ACCD Administration $5,241,485 $7,920,071 $3,544,379 $4,084,379 $5,707,790 Economic Development 22 $7,562,180 $6,795,143 $9,970,832 $9,995,832 $10,141,110 Housing and Community 33 $17,700,633 $15,447,935 $15,590,575 $15,590,575 $16,275,891 Development Tourism & Marketing 8 $3,347,168 $3,868,276 $3,666,982 $3,666,982 $3,087,705 Total 79 $33,851,466 $34,031,425 $32,772,768 $33,337,768 $35,212,496 Fund Type General Funds $14,185,394 $14,011,627 $13,864,250 $14,429,250 $16,267,215 Federal Funds $11,848,721 $9,377,628 $10,530,056 $10,530,056 $11,592,110 Special Fund $6,966,798 $9,594,798 $7,617,106 $7,617,106 $6,830,583 IDT Funds $508,412 $284,349 $110,751 $110,751 $522,588 Enterprise Funds $342,141 $763,023 $650,605 $650,605 $0 Total $33,851,466 $34,031,425 $32,772,768 $33,337,768 $35,212,496 7