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EDAAgenda2022December1     ECONOMIC DEVELOPMENT AUTHORITY  | THURSDAY, DECEMBER 1ST |  | 8:00 AM |  COUNTY ADMINISTRATION BUILDING @ FIRST FLOOR CONFERENCE ROOM   107 KENT STREET WINCHESTER, VA      1. Call to Order  2. Approval of Minutes – October 14th & November 3rd || ACTION  3. Treasurer’s Report || ACTION  4. EDA Strategy || ACTION   Annual review process of EDA Strategy which will continue by reviewing the main  goals’ actions and measurements    5. EDA Budget FY23 || ACTION   Staff presents for review and recommendation, if appropriate, the FY24 budget,  which seeks to implement the adopted EDA Strategy,    6. Closed Session in accordance with Section 2.2‐3711(A)(3) of the Code of Virginia (1950,  as amended) for the discussion and consideration of the acquisition of real property for  a public purpose where discussion in an open meeting would adversely affect the  bargaining position or negotiating strategy of the Authority.    7. Such other business as may come before this Authority  TREASURER'S REPORT SYNOPSIS ECONOMIC DEVELOPMENT AUTHORITY September 30, 2022 BANK OF CLARKE COUNTY Beginning Bank Statement Balance - as of August 31, 2022 $22,092.56 Total Deposits $0.00 Total Disbursements $0.00 BANK STATEMENT BALANCE AS OF September 30, 2022 $22,092.56 SCOTT & STRINGFELLOW Beginning Bank Statement Balance - as of August 31, 2022 $1,417,787.49 Total Deposits $1,786.75 Total Disbursements $0.00 BANK STATEMENT BALANCE AS OF September 30, 2022 $1,419,574.24 TREASURER'S REPORT ECONOMIC DEVELOPMENT AUTHORITY September 30, 2022 BANK OF CLARKE COUNTY Beginning Bank Statement Balance - as of August 31, 2022 $22,092.56 Deposits TOTAL DEPOSITS $0.00 Disbursements TOTAL DISBURSEMENTS $0.00 BANK STATEMENT BALANCE AS OF September 30, 2022 $22,092.56 TREASURER'S REPORT ECONOMIC DEVELOPMENT AUTHORITY September 30, 2022 SCOTT & STRINGFELLOW Beginning Bank Statement Balance - as of August 31, 2022 $1,417,787.49 Deposits 9/30/2022 Interest $1,786.75 TOTAL DEPOSITS $1,786.75 Disbursements TOTAL DISBURSEMENTS $0.00 BANK STATEMENT BALANCE AS OF September 31, 2022 $1,419,574.24 ** $707,000 represents proceeds from the sale of the Robinson School. For questions about your accounts: Local: STATEMENT FOR THE PERIOD SEPTEMBER 1, 2022 TO SEPTEMBER 30, 2022 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA - Corporation Account Number: TRUIST INVESTMENT SERVICES INC P.O. BOX 596 RICHMOND, VA 23286 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA YOUR FINANCIAL ADVISOR IS: Truist Investment Services, Inc. MN _CEBMXBQKBBCSHDR_BBBBB 20220930 Account carried with National Financial Services LLC, Member NYSE, SIPC Page 1 of 8 TOTAL VALUE OF YOUR PORTFOLIO $1,419,574.24 CHANGE IN VALUE OF YOUR PORTFOLIO $ millions 03/21 06/21 09/21 12/21 03/22 06/22 09/22 1.295 1.340 1.385 1.431 1.476 Change In Value Of Your Portfolio information can be found in Miscellaneous Footnotes at the end of this statement. Statement for the Period September 1, 2022 to September 30, 2022 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA - Corporation Account Number: Page 2 of 8 Account Overview Truist Investment Services, Inc.Account carried with National Financial Services LLC, Member NYSE, SIPC Page 2 of 8 ACCOUNT ALLOCATION Bank Deposits 100.0% Percent Prior Period Current Period Bank Deposits 100.0 %$1,417,787.49 $1,419,574.24 TOTAL 100.0 %$1,417,787.49 $1,419,574.24 Account Allocation shows the percentage that each asset class represents of your total account value. Account Allocation for equities, fixed income, and other categories may include mutual funds and may be net of short positions. NFS has made assumptions concerning how certain mutual funds are allocated. Closed-end mutual funds and Exchange Traded Products (ETPs) listed on an exchange may be included in the equity allocation. The chart may not reflect your actual portfolio allocation. Consult your broker/dealer prior to making investment decisions. CHANGE IN ACCOUNT VALUE Current Period Year-to-Date BEGINNING VALUE $1,417,787.49 $1,465,770.11 Additions and Withdrawals $0.00 ($50,000.00) Misc. & Corporate Actions $0.00 $0.00 Income $1,786.75 $3,804.13 Taxes,Fees and Expenses $0.00 $0.00 Change in Value $0.00 $0.00 ENDING VALUE (AS OF 09/30/22)$1,419,574.24 $1,419,574.24 Refer to Miscellaneous Footnotes for more information on Change in Value. INCOME TAXABLE Current Period Year-to-Date Taxable Interest $1,786.75 $3,804.13 TOTAL TAXABLE $1,786.75 $3,804.13 TOTAL INCOME $1,786.75 $3,804.13 Taxable income is determined based on information available to NFS at the time the statement was prepared, and is subject to change. Final information on taxation of interest and dividends is available on Form 1099-Div, which is mailed in February of the subsequent year. MESSAGES AND ALERTS *NOT FDIC INSURED*NO BANK GUARANTEE*MAY LOSE VALUE Services provided by the following affiliates of Truist Financial Corporation. Securities, brokerage accounts and insurance- including annuities-are offered by Truist Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by Truist Advisory Services, Inc. , and GFO Advisory Services, LLC, SEC registered investment advisers. Mutual fund products are advised by Sterling Capital Management, LLC. If you have an investment advisory agreement with Truist Advisory Services, Inc., only advisory share class annuities referenced under the Assets Held Away section of this statement are included in your investment advisory assets. Truist Advisory Services, Inc. does not provide ongoing investment advice or charge advisory fees on non-advisory share class annuities. Statement for the Period September 1, 2022 to September 30, 2022 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA - Corporation Account Number: Page 3 of 8 Account Overview continued Truist Investment Services, Inc.Account carried with National Financial Services LLC, Member NYSE, SIPC Page 3 of 8 MESSAGES AND ALERTS continued Visit www.truist.com/wealth/tis-disclosure for Truist Investment Services clear, easy-to-understand information related to its products, accounts, and services, including disclosures relating to the SEC Regulation Best Interest and Volatile Markets. Statement for the Period September 1, 2022 to September 30, 2022 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA - Corporation Account Number: Page 4 of 8 Truist Investment Services, Inc.Account carried with National Financial Services LLC, Member NYSE, SIPC Holdings NFS-provided cost basis, realized gain (loss) and holding period information may not reflect all adjustments necessary for tax purposes. Please refer to Footnotes and Cost Basis Information at the end of this statement for more information. For additional information regarding your holdings, please refer to the footnotes at the end of the statement. CASH AND CASH EQUIVALENTS - 100.00% of Total Account Value Description Symbol/Cusip Account Type Quantity Price on 09/30/22 Current Market Value Estimated Annual Income Bank Deposits Bank deposits are not securities and are not covered by the Securities Investor Protection Corporation (SIPC). Funds used to purchase or sweep to a bank deposit are SIPC protected until deposited to a Program Bank at which time funds may be eligible for FDIC insurance. Customers are responsible for monitoring their total deposits at each Program Bank to determine the extent of available FDIC insurance. Refer to the Bank Deposit Detail section which appears later in this statement for information on the banks holding your deposits. If your account was established on the last business day of this month, your statement will not include a Bank Deposit Detail section. The Interest Rate below is the interest rate effective for Cash Balances in your FDIC-Insured Bank Deposit Sweep on the last day of the statement period. TIERED RATE MULTIBANK SWEEP NON-MANAGED QTMNQ Interest Rate 1.55%CASH 1,419,574.24 $1.00 $1,419,574.24 Total Cash and Cash Equivalents $1,419,574.24 TOTAL PORTFOLIO VALUE $1,419,574.24 Activity NFS-provided cost basis, realized gain (loss) and holding period information may not reflect all adjustments necessary for tax purposes. Please refer to Footnotes and Cost Basis Information at the end of this statement for more information. CORE FUND ACTIVITY For more information about the operation of your core account, please refer to your Customer Agreement. Settlement Date Account Type Transaction Description Quantity Amount 09/30/22 CASH REINVESTMENT TIERED RATE MULTIBANK SWEEP NON-MANAGED NET INT REINVEST 1,786.75 ($1,786.75) Statement for the Period September 1, 2022 to September 30, 2022 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA - Corporation Account Number: Page 5 of 8 Truist Investment Services, Inc.Account carried with National Financial Services LLC, Member NYSE, SIPC Page 5 of 8 ACTIVITY continued Amount TOTAL CORE FUND ACTIVITY ($1,786.75) ACTIVITY >INCOME > TAXABLE INCOME Settlement Date Account Type Transaction Description Quantity Amount Taxable Interest 09/30/22 CASH INTEREST RECEIVED TIERED RATE MULTIBANK SWEEP NON-MANAGED $1,786.75 Total Taxable Interest $1,786.75 Total Taxable Income $1,786.75 TOTAL INCOME $1,786.75 ACTIVITY > BANK DEPOSIT DETAIL Bank Deposits are not securities and are not covered by the Securities Investor Protection Corporation (SIPC). Funds are not FDIC insured until swept to a Program Bank. Customers are responsible for monitoring their total deposits at each Program Bank to determine the extent of available FDIC insurance. Your ending balance at each Program Bank as of the end of this statement period is shown below. If you participate in the Bank Deposit Sweep Program, the Bank Deposit Detail section lists banks and ending balances. Funds pending settlement reflect deposits to (credit) or withdrawals from (debit) to a Program Bank. Please refer to the Program Disclosure document for additional details that may impact the program. Bank Beginning Balance Ending Balance Bank of Baroda $246,716.10 $246,810.65 BankUnited $476.51 $1,558.97 East West Bank $183,536.33 $183,767.63 Goldman Sachs Bank $246,716.10 $246,810.65 JPMorgan Chase Bank NA $246,716.10 $246,810.65 Synovus Bank $246,716.10 $246,810.65 Truist Bank $246,716.10 $246,810.65 Statement for the Period September 1, 2022 to September 30, 2022 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA - Corporation Account Number: Page 6 of 8 Truist Investment Services, Inc.Account carried with National Financial Services LLC, Member NYSE, SIPC Page 6 of 8 ACTIVITY > BANK DEPOSIT DETAIL continued Bank Beginning Balance Ending Balance US Bank $194.15 $194.39 Total Bank Deposits $1,417,787.49 $1,419,574.24 Footnotes and Cost Basis Information Amortization, accretion and similar adjustments to cost basis have been provided for many fixed income securities (and some bond-like equities), however, they are not provided for certain types, such as short-term instruments, Unit Investment Trusts, foreign fixed income securities, or those that are subject to early prepayment of principal (pay downs). Where current year premium or acquisition premium amortization is provided, the prior years' cumulative amortization is reflected in the adjusted cost basis, but we cannot provide a breakdown or the total of such prior amortization amounts. NFS is required to report certain cost basis and related information to the IRS on the Form 1099-B. Your official 1099-B forms for certain transactions will reflect which lots have been sold for tax purposes. To apply a specific identification cost basis method to 1099-B reporting, appropriate instructions must be on file with NFS or be received by NFS before the trade has settled. Absent such instructions, NFS determines cost basis at the time of sale based on its default methods of average cost for open-end mutual funds and first-in, first-out (FIFO) for all other (including ETFs) unless your broker dealer has elected to use another default method. NFS applies FIFO (or other disposal method, if applicable) based on its records, which may be different from yours. For transactions that are not subject to 1099-B cost basis reporting, you should refer to your trade confirmations and other applicable records to determine which lots were considered sold for tax purposes. While NFS must meet IRS requirements with respect to certain information required to be reported to the IRS, NFS-provided cost basis, realized gain and loss, and holding period information may not reflect all adjustments necessary for your tax reporting purposes. NFS makes no warranties with respect to and specifically disclaims any liability arising out of a customer's use of, or any tax position taken in reliance upon, such information. For investments in partnerships, NFS does not make any adjustments to cost basis information as the calculation of basis in such investments requires supplemental information from the partnership on its income and distributions during the period you held your investment. Partnerships usually provide this additional information on a Form K-1 issued by April 15th of the following year. Consult your tax advisor for further information. Cost basis and gain/loss information is provided as a service to corporate accounts. The information listed in the year-to-date gain/loss summary section is based on a calendar year (January - December). If your business/entity has a fiscal year end other than December 31st for tax purposes, the year-to-date information will not apply. If you have questions about your tax situation, consult your tax advisor. Statement for the Period September 1, 2022 to September 30, 2022 ECONOMIC DEV AUTH OF THE CNTY OF FREDERICK VA - Corporation Account Number: Page 7 of 8 Truist Investment Services, Inc.Account carried with National Financial Services LLC, Member NYSE, SIPC Page 7 of 8 Miscellaneous Footnotes CHANGE IN VALUE OF YOUR PORTFOLIO is the change in market value of your portfolio assets over the time period shown. The portfolio assets include the market value of all the securities in the account, plus insurance and annuity assets if applicable. The time frame of the graph is from account opening or September 2011, whichever is later, to the current period. Please note that large increases and/or declines in the change in the value of the portfolio can be due to additions, distribution and/or performance. CHANGE IN VALUE reflects appreciation or depreciation of your holdings due to price changes plus any activity not reflected within Additions and Withdrawals, Misc. & Corporate Actions, Income, Taxes, Fees and Expenses, and Other Activity sections. Change in Value does not reflect activity related to assets in which NFS is not the custodian (e.g. Insurance and Annuities, Assets Held Away and Other Assets Held Away). CALLABLE SECURITIES LOTTERY - When street name or bearer securities held for you are subject to a partial call or partial redemption by the issuer, NFS may or may not receive an allocation of called/redeemed securities by the issuer, transfer agent and/or depository. If NFS is allocated a portion of the called/redeemed securities, NFS utilizes an impartial lottery allocation system, in accordance with applicable rules, that randomly selects the securities within customer accounts that will be called/redeemed. NFS' allocations are not made on a pro rata basis and it is possible for you to receive a full or partial allocation, or no allocation. You have the right to withdraw uncalled fully paid securities at any time prior to the cutoff date and time established by the issuer, transfer agent and/or depository with respect to the partial call, and also to withdraw excess margin securities provided your account is not subject to restriction under Regulation T or such withdrawal will not cause an undermargined condition. PRICING INFORMATION - Prices displayed are obtained from sources that may include pricing vendors, broker/dealers who clear through NFS and/or other sources. Prices may not reflect current fair market value and/or may not be readily marketable or redeemable at the prices shown. FOREIGN EXCHANGE TRANSACTIONS - Some transaction types necessitate a foreign currency exchange (FX) in order to settle. FX transactions may be effected by Fidelity Forex, LLC. on a principal basis. Fidelity Forex, LLC., an affiliate of NFS, may impose a commission or markup on the prevailing interbank market price, which may result in a higher price to you. Fidelity Forex, LLC. may share a portion of any FX commission or markup with NFS. More favorable rates may be available through third parties not affiliated with NFS. The rate applicable to any transaction involving an FX is available upon request through your broker-dealer. COST BASIS LEGISLATION - New IRS Rules will require National Financial Services to report cost basis and holding period information for the sale of shares of open end Mutual Fund holdings purchased on or after January 1, 2012 on Form 1099-B. National Financial Services determines the cost basis for all shares of open end mutual funds using a default method of average cost. Alternatively, account owners or their brokers and advisors can instruct National Financial Services to determine the cost basis for shares of open end mutual funds by 1) setting up their non-retirement accounts with one of our eleven tax lot disposal methods available to investors or 2) identifying specific tax lots to sell at the time of a transaction. Contact your broker or advisor to learn more about the cost basis tracking of your holdings. GLOSSARY Short Account Balances -If you have sold securities under the short sale rule, we have, in accordance with regulations, segregated the proceeds from such transactions in your Short Account. Any market increases or decreases from the original sale price will be marked to the market and will be transferred to your Margin Account on a weekly basis. Market Value - The Total Market Value has been calculated out to 9 decimal places but the individual unit price is displayed in 5 decimal places. The Total Market Value represents prices obtained from various sources, may be impacted by the frequency in which such prices are reported and such prices are not guaranteed. Prices received from pricing vendors are generally based on current market quotes, but when such quotes are not available the pricing vendors use a variety of techniques to estimate value. These estimates, particularly for fixed income securities, may be based on certain minimum principal amounts (e.g. $1 million) and may not reflect all of the factors that affect the value of the security, including liquidity risk. In certain situations, a price may be derived from a single broker quote. The prices provided are not firm bids or offers. Certain securities may reflect "N/A" or "unavailable" where the price for such security is generally not available from a pricing source. The Market Value of a security, including those priced at par value, may differ from its purchase price and may not closely reflect the value at which the security may be sold or purchased based on various market factors. Investment decisions should be made only after consulting your broker-dealer. Estimated Annual Income (EAI) & Estimated Yield (EY) -EAI for fixed income is calculated using the coupon rate. For all other securities, EAI is calculated using an indicated annual dividend (IAD). The IAD is an estimate of a security's dividend payments for the next 12 months calculated based on prior and/or declared dividends for that security. EY reflects only the income generated by an investment and not changes in its price which may fluctuate. Interest and dividend rates are subject to change at any time and may be affected by current and future economic, political and business conditions. EAI and EY are estimates only and may include return of principal and/or capital gains, which would render them overstated. EAI and EY are provided for informational purposes only and should not be used or relied on for making investment, trading or tax decisions. EAI and EY are based on data obtained from information providers believed to be reliable, but no assurance can be made as to accuracy, timeliness or completeness. CUSTOMER SERVICE: Please review your statement and report any inaccuracy or discrepancy immediately by calling the telephone number of your broker-dealer reflected on the front of this statement. Reports of any inaccuracy or discrepancy regarding your brokerage account or the activity therein should be directed to your broker-dealer at the telephone number and address reflected on the front of this statement and National Financial Services LLC ("NFS"). NFS carries your brokerage account and acts as your custodian for funds and securities that are deposited with NFS by you or your broker-dealer. In addition to your initial contact with your broker-dealer you may contact NFS at (800) 801-9942. Any oral communications regarding inaccuracies or discrepancies should be reconfirmed in writing to protect your rights, including those under the Securities Investor Protection Act ("SIPA"). When contacting either your broker-dealer or NFS, remember to include your entire brokerage account number to ensure a prompt reply. ADDITIONAL INFORMATION Free credit balances ("FCB") are funds payable to you on demand. FCB are subject to open commitments such as uncleared checks and exclude proceeds from sales of certificated securities without delivery of the certificate. If your FCB is swept to a core position, you can liquidate the core position and have the proceeds sent to you or held in your account subject to the terms of your account agreement. Required rule 10b-10(a) information not contained herein will be provided on written request. Fidelity may use this free credit balance in connection with its business, subject to applicable law. Credit Adjustment Program. Accountholders receiving payments in lieu of qualified dividends may not be eligible to receive credit adjustments intended to help cover additional associated federal tax burdens. NFS reserves the right to deny the adjustment to any accountholder and to amend or terminate the credit adjustment program. Options Customers. Each transaction confirmation previously delivered to you contains full information about commissions and other charges. If you require further information, please contact your broker-dealer. Assignments of American and European-style options are allocated among customer short positions pursuant to a random allocation procedure, a description of which is available upon request. Short positions in American-style options are liable for assignment at any time. The writer of a European-style option is subject to exercise assignment only during the exercise period. You should advise your broker-dealer promptly of any material change in your investment objectives or financial situation. Splits, Dividends, and Interest. Expected stock split, next dividend payable, and next interest payable information has been provided by third parties and may be subject to change. Information for certain securities may be missing if not received from third parties in time for printing. NFS is not responsible for inaccurate, incomplete, or missing information. Please consult your broker-dealer for more information about expected stock split, next dividend payable, and next interest payable for certain securities. Equity Dividend Reinvestment Customers. Shares credited to your brokerage account resulted from transactions effected as agent by either: 1) Your broker-dealer for your investment account, or 2) through the Depository Trust Company (DTC) dividend reinvestment program. For broker-dealer effected transactions, the time of the transactions, the exchange upon which these transactions occurred and the name of the person from whom the security was purchased will be furnished upon written request. NFS may have acted as market maker in effecting trades in 'over-the-counter 'securities. Retirement Contributions/Distributions. A summary of retirement contributions/distributions is displayed for you in the activity summary section of your statement. Income Reporting. NFS reports earnings from investments in Traditional IRAs, Rollover IRAs, SEP-IRAs and, Keoghs as tax-deferred income. Earnings from Roth IRAs are reported as tax-free income, since distributions may be tax-free after meeting the 5 year aging requirement and certain other conditions. A financial statement of NFS is available for your personal inspection at its office or a copy of it will be mailed to you upon your written request. Statement Mailing. NFS will deliver statements by mail or, if applicable, notify you by e-mail of your statement's availability, if you had transactions that affected your cash balances or security positions held in your account(s) during the last monthly reporting period. At a minimum, all brokerage customers will receive quarterly statements (at least four times per calendar year) as long as their accounts contain a cash or securities balance. Sales Loads and Fees. In connection with (i) access to, purchase or redemption of, and/or maintenance of positions in mutual funds and other investment products such as alternative investments or private placements ("funds") or (ii) infrastructure needed to support such funds, some funds, or their investment affiliates, pay your introducing broker dealer and/or NFS sales loads and 12b-1 fees described in the Offering Materials as well as additional compensation for shareholder services, start-up fees, infrastructure support and maintenance, and marketing, engagement and analytics programs. Additional information about the source(s) and amount(s) of compensation as well as other remuneration received by FBS or NFS will be furnished to you upon written request. At time of purchase fund shares may be assigned a load, transaction fee or no transaction fee status. At time of sale, any fees applicable to your transaction will be assessed based on the status assigned to the shares at time of purchase. Margin. If you have applied for margin privileges and been approved, you may borrow money from NFS in exchange for pledging the assets in your account as collateral for any outstanding margin loan. The amount you may borrow is based on the value of securities in your margin account, which is identified on your statement. If you have a margin account, this is a combined statement of your margin account and special memorandum account other than your non-purpose margin accounts maintained for you under Section 220.5 of Regulation T issued by the Board of Governors of the Federal Reserve Board. The permanent record of the separate account, as required by Regulation T, is available for your inspection upon request. NYSE and FINRA. All transactions are subject to the constitution, rules, regulations, customs, usages, rulings and interpretations of the exchange market and its clearing house, if any, where the transactions are executed, and of the New York Stock Exchange (NYSE) and of the Financial Industry Regulatory Authority ("FINRA"). The FINRA requires that we notify you in writing of the availability of an investor brochure that includes information describing FINRA Regulation's BrokerCheck Program ("Program"). To obtain a brochure or more information about the Program or FINRA Regulation, contact the FINRA Regulation BrokerCheck Program Hotline at (800) 289-9999 or access the FINRA's web site at www.finra.org. FINRA Rule 4311 requires that your broker-dealer and NFS allocate between them certain functions regarding the administration of your brokerage account. The following is a summary of the allocation services performed by your broker-dealer and NFS. A more complete description is available upon request. Your broker-dealer is responsible for: (1) obtaining and verifying brokerage account information and documentation, (2) opening, approving and monitoring your brokerage account, (3) transmitting timely and accurate orders and other instructions to NFS with respect to your brokerage account, (4) determining the suitability of investment recommendations and advice, (5) operating, and supervising your brokerage account and its own activities in compliance with applicable laws and regulations including compliance with margin rules pertaining to your margin account, if applicable, and (6) maintaining required books and records for the services that it performs. NFS shall, at the direction of your broker-dealer: (1) execute, clear and settle transactions processed through NFS by your broker-dealer, (2) prepare and send transaction confirmations and periodic statements of your brokerage account (unless your broker-dealer has undertaken to do so). Certain securities pricing and descriptive information may be provided by your broker-dealer or obtained from third parties deemed to be reliable, however, this information has not been verified by NFS, (3) act as custodian for funds and securities received by NFS on your behalf, (4) follow the instructions of your broker-dealer with respect to transactions and the receipt and delivery of funds and securities for your brokerage account, and (5) extend margin credit for purchasing or carrying securities on margin. Your broker-dealer is responsible for ensuring that your brokerage account is in compliance with federal, industry and NFS margin rules, and for advising you of margin requirements. NFS shall maintain the required books and records for the services it performs. Securities in accounts carried by NFS are protected in accordance with the Securities Investor Protection Corporation ("SIPC") up to $500,000. The $500,000 total amount of SIPC protection is inclusive of up to $250,000 protection for claims for cash, subject to periodic adjustments for inflation in accordance with terms of the SIPC statute and approval by SIPC's Board of Directors. NFS also has arranged for coverage above these limits. Neither coverage protects against a decline in the market value of securities, nor does either coverage extend to certain securities that are considered ineligible for coverage. For more details on SIPC, or to request a SIPC brochure, visit www.sipc.org or call 1-202-371-8300. Funds used to purchase or sweep to a bank deposit are SIPC protected until deposited to a Program Bank at which time funds may be eligible for FDIC insurance. Assets Held Away, commodities, unregistered investment contracts, futures accounts, loaned securities and other investments may not be covered. Precious metals are not covered by SIPC protection. Mutual funds and/or other securities are not backed or guaranteed by any bank, nor are they insured by the FDIC and involve investment risk including possible loss of principal. End of Statement 722239.9.0 Truist Investment Services, Inc.Account carried with National Financial Services LLC, Member NYSE, SIPC Page 8 of 8     MINUTES  ECONOMIC DEVELOPMENT AUTHORITY  | THURSDAY, OCTOBER 6, 2022 |    A meeting of the Frederick County Economic Development Authority was held on  Thursday, October 6, 2022, at 8:00A.M. in the County Administration Building, First  Floor Conference Room, 107 North Kent Street, Winchester, Virginia.     PRESENT:  Judy McCann‐Slaughter, Susan Brooks, Bryan Fairbanks, and Doug  Rinker.  Stan Crockett and Rick Till participated by telephone, which was approved  by those present.    STAFF:  Patrick Barker, Shayla Rickard, Wendy May and Donna McIlwee, Frederick  County Economic Development Authority, Jay Tibbs, Deputy County Administrator, and  Michael Bryan, Attorney    MEETING CALLED TO ORDER: Chairman Rinker called the meeting to order at 8:00 a.m.    APPROVAL  OF MINUTES    The minutes from the September 1, 2022, meeting and September 13, 2022, called meeting  were presented.       On motion duly made by Ms. McCann‐Slaughter and seconded by Ms. Brooks, the minutes  were approved by the following recorded vote:       J. Stanley Crockett  Aye     Susan Brooks    Aye     Bryan Fairbanks  Aye     Doug Rinker    Aye     Judy McCann‐Slaughter Aye     Rick Till    Aye     TREASURER'S  REPORT    Mr. Barker submitted the following report:    Checking Account ‐ Bank of Clarke County as of August 31, 2022 ‐ $22,092.56  Savings Account ‐ Scott & Stringfellow as of August 31, 2022 ‐ $1,417,787.49    On motion of Ms. McCann‐Slaughter, seconded by Mr. Fairbanks, the Treasurer’s  Report was approved by the following recorded vote:  Page 2 of 7  Frederick County EDA Meeting Minutes | October 6, 2022      J. Stanley Crockett  Aye     Susan Brooks    Aye     Bryan Fairbanks  Aye     Doug Rinker    Aye     Judy McCann‐Slaughter Aye     Rick Till    Aye    Mr. Fairbanks inquired about the status of investigating different investment options to obtain  higher interest rates.  Mr. Tibbs stated he had discussed with Scott & Stringfellow but no  changes made.  Ms. McCann‐Slaughter requested further exploration of options to be sure we  are doing the best we can with investment monies.    ELECTION OF VICE CHAIR    Mr. Barker explained that the previous Vice Chair, Heather McKay, did not seek reappointment  to the EDA Board.  Article 3 of the Bylaws provides a description of the position, which is  selected from the Board membership.  The appointment would be through the end of 2022.    Ms. Judy McCann‐Slaughter nominated Rick Till for the position as Vice Chair.  Motion was  seconded and approved by all present.    EDA STRATEGY    Mr. Barker stated that this strategy, as approved by the Board, helps guide staff as they pursue  Frederick County’s economic development activities.  Annually, the EDA Board reviews and  adopts the Strategy to reaffirm and/or modify overall goals and objectives.  A draft copy of the  proposed strategy, which includes staff revisions and EDA Board feedback, was distributed prior  to the meeting.      Discussion of the redlined copy followed.  One area of discussion was whether to change to  option 2 on page 5 or stick with the current version.  Consensus was to change to option 2.   Other discussion included replacing page 5 with page 7; agreement to accept the redlined  wording on pages 17 and 20; and page 5, item 2, under EDA focus, suggested wording change  to “retain and cultivate” to be consistent with wording elsewhere in document.    Because of the difficulty in reading the document sent previously, Ms. McCann‐Slaughter asked  if the Board could take another month to review before deciding on the final version.    Mr. Barker stated he will do a clean copy, including the redlined areas, and send to Board  members for final review and approval at the November meeting.        Page 3 of 7  Frederick County EDA Meeting Minutes | October 6, 2022  UPDATE TO PRIORITY ACTIONS FOR TARGET SUB‐SECTORS COMPETITIVENESS    Mr. Barker stated that, at the EDA’s July meeting, staff introduced short‐term action plans for  improving Frederick County’s competitiveness in attracting the approved target industry  sectors.  The plan is focused on the caveats related to talent and sites/buildings.  He reviewed  updates to each item as highlighted below:     TALENT   Construct a listing of the “Potential Candidates per Opening for Each Sector”  which are low ratio (red) to moderate ratio (orange) results  o Labor availability analysis for each sector updated.  o Merger and filtering of low to moderate is 25% complete.  Estimated  completion in 2 weeks.   Examine recommendations of DCI’s Talent Strategy for short‐term solutions  o Review completed.  Such solutions range from implementing candidate  tours, conducting an internship fair and creation of video content.    SITES/BUILDINGS   Identify large acreage areas (100 acres or more) either zoned, comprehensively  planned or otherwise with a focus on areas within proximity of major electric  transmission lines  o Maps and accompanying parcel information received and reviewed.   Several areas discovered.   Discuss those identified areas with infrastructure providers to access service  potential within 12‐18 months with preliminary cost estimates, if applicable.  o Meetings scheduled with most of infrastructure providers.  Estimated  completion in 4 weeks.   Access feasibility of future applications to the Virginia Ready Sites Program’s Site  Development Fund  o Application submitted for the Peterson Companies’ property (Valley  Logistics) included a request for $36.7 million for Onsite Pump Station  and Force Main to Dawson Pump Station and new substation – 25 MW  power extension.  VEDP received 38 applications with a total ask of $312  million in funding.  Virtual site visits to occur later in October with in‐ person tours in late November/December.   Collaborate with Planning Department and other applicable committees/parties  to expand permitted uses with the Office/Industrial zoning district  o Staff reviewed and provided comments to the OM zoning district  revisions.  Public input meetings for the updated Northeast Frederick  Land Use Plan (NELUP) are scheduled for October.  As was noted during  the analysis, many of the targeted sectors will require a large electric  service, which is typically best served directly from the high transmission  lines.  One of these lines is present in the area covered by the NELUP.  As  Page 4 of 7  Frederick County EDA Meeting Minutes | October 6, 2022  such, EDA may wisth to make comment related to land for target  business sectors.  Staff can draft a written comment regarding the  NELUP.  In addition to a blanket EDA comment, individual EDA board  members can make comment as well.    All present agreed staff should put together a letter from the EDA.    Ms. McCann‐Slaughter stated she is hearing about lighting and suggested Mr. Barker may want  to include that in the EDA’s comments.  Mr. Barker stated he will discuss with Wyatt Pearson.    She also commended Mr. Barker for including internships and tours.    PROGRESS REPORT ON ACTIVITIES FROM JOINT MEETING    Mr. Barker gave an update on the planned activities which were presented and discussed at the  joint meeting.     Activity #1 | Partner with appropriate local and regional partners to create solutions for  current and projected workforce needs  o Continue the implementation of the Shenandoah Valley Talent Solutions  Strategy including executing additional social media campaigns and exploring  feasibility of internship fair  UPDATE|Social media campaign continues with very positive results.   Production of video content scope of work is rapidly developing    o Assist the Workforce Initiative Board with project implementation  o Finalize and execute manufacturing workforce model  o Advance forward the information technology and construction workforce  models  o Enhanced community outreach/advocacy to parents, guardians, coaches,  teachers, counselors  UPDATE| Workforce Investment Board recently concurred to some  organizational changes and scheduling of a Business/Education Summit  for later this year or early next.  Manufacturing Model will be promoted  in early 2023 within the school districts.     Activity #2| Encourage development of “ready to go” business properties  o Participate, as necessary, with the County’s comprehensive planning/zoning  process to identify future business properties that align with EDA target business  sectors  o Complete additional site characterizations when sites matching the approved  criteria come to market  o Finalize a Business Ready Sites Loan Program Agreement with one or more of the  characterized sites  Page 5 of 7  Frederick County EDA Meeting Minutes | October 6, 2022  UPDATE| Active involvement with revisions to the OM zoning district and  updates to the Northeast Land Use Plan.  Application submitted for the  site development fund of the Virginia Business Ready Sites Program.     Activity #3 | Engage in activities that support agribusiness entities  o Participate in conversations resulting from the “Growing Your Agribusiness”  event  o Elevate FredCo Eats to incorporate County agribusinesses  o Identify, as appropriate and feasible, other potential supporting activities from  business retention visits with County agribusiness entities  UPDATE| Planning for FredCo Eats in 2023 continues     Activity #4 | Continue collaborative marketing with Winchester Regional Airport  o Outreach to companies with large governmental portfolio and direct  government/private users with activity connected to Winchester Regional  Airport  UPDATE| Working with airport to schedule meetings as appropriate     Activity #5 | Complete an improvement plan for each target business sector  o Develop priority actions that can improve competitiveness for target sub‐sectors  (short‐ and mid‐term) for Frederick County, VA  UPDATE| Action plan introduced and work underway.    CLOSED SESSION     Upon Motion duly made by Ms. McCann‐Slaughter, seconded by Ms. Brooks, the Authority  unanimously RESOLVED to go into a closed meeting pursuant to Section 2.2‐3711(A)(3) for the  discussion and consideration of the acquisition of real property for a public purpose, or of the  disposition of publicly held real property, where discussion in an open meeting would adversely  affect the bargaining position or negotiating strategy of the Authority, and pursuant to Section  2.2‐3711(A)(5) for discussion concerning a prospective business or industry where no previous  announcement has been made of the business or industry’s interest in locating or expanding its  facilities in the community.    RETURN TO OPEN MEETING    At the conclusion of the closed meeting concerning the discussion concerning the acquisition of  real property for a public purpose, or of the disposition of publicly held real property, where  discussion in an open meeting would adversely affect the bargaining position or negotiating  strategy of the Authority, and the discussion concerning a prospective business or industry  where no previous announcement has been made of the business or industry’s interest in  locating its facilities in the community, the following Resolution was unanimously adopted upon  roll call vote as set forth below:    Page 6 of 7  Frederick County EDA Meeting Minutes | October 6, 2022  WHEREAS, the Economic Development Authority of the County of  Frederick, Virginia has concluded its “closed meeting” at a meeting held  on October 6, 2022, and desires return to an “open meeting”; and    WHEREAS, the adoption of this Resolution is intended to serve as the  “Certificate” described in Section 2.2‐3712(D) of the Code of Virginia  (1950, as amended).    NOW THEREFORE, BE IT RESOLVED that the Economic Development  Authority of the County of Frederick, Virginia does hereby reconvene in  an “open meeting” at its meeting held on October 6, 2022; and          BE IT FURTHER RESOLVED that each and every Member of said Authority  who votes in the affirmative for this Resolution does thereby certify to  the best of each Member’s knowledge that only public business matters  lawfully exempted from open meeting requirements of the Virginia  Freedom of Information Act were heard, discussed or considered during  the closed meeting, and that only such public business matters as were  identified in the Motion which convened the closed meeting were heard,  discussed or considered during the course of said closed meeting by the  Authority:           Roll Call     Vote      J. Stanley Crockett    Aye      Susan Brooks     Aye      Bryan Fairbanks    Aye      Doug Rinker     Aye      Judy McCann‐Slaughter    Aye      Rick Till     Aye    Ms. McCann‐Slaughter made a motion, seconded by Ms. Brooks, that staff be authorized to  proceed on the matter that was discussed in closed session.      J. Stanley Crockett  Aye     Susan Brooks    Aye     Bryan Fairbanks  Aye     Doug Rinker    Aye     Judy McCann‐Slaughter Aye     Rick Till    Aye          Page 7 of 7  Frederick County EDA Meeting Minutes | October 6, 2022  SUCH OTHER BUSINESS AS MAY COME BEFORE THIS AUTHORITY    Mr. Barker encouraged Board members to attend the WoW event being held October 13 and  14 at Shenandoah University.    ADJOURN    There being no further business to come before this Authority, the meeting was adjourned at  8:40 a.m.               ________________________________    ____________________________                Doug Rinker         Jay Tibbs                Chairman         Secretary      MINUTES  ECONOMIC DEVELOPMENT AUTHORITY  | THURSDAY, NOVEMBER 3, 2022 |    A meeting of the Frederick County Economic Development Authority was held on  Thursday, November 3, 2022, at 8:00A.M. in the County Administration Building, First  Floor Conference Room, 107 North Kent Street, Winchester, Virginia.     PRESENT:  Judy McCann‐Slaughter, Rick Till, and Doug Rinker.  Stan Crockett and  Bryan Fairbanks participated by telephone, which was approved by those present.   New Board member, Karen Swecker, was also present but had not been sworn in  yet by the County Clerk of the Court so could not vote.     STAFF:  Patrick Barker, Shayla Rickard, Wendy May and Donna McIlwee, Frederick  County Economic Development Authority, Jay Tibbs, Deputy County Administrator, and  Michael Bryan, Attorney        DUE TO LACK OF A QUORUM BEING PRESENT IN PERSON, NO ACTION COULD BE  TAKEN ON ANY AGENDA ITEMS    MEETING CALLED TO ORDER: Chairman Rinker called the meeting to order at 8:00 a.m.    APPROVAL  OF MINUTES    A typographical error in the October 6, 2022, minutes was mentioned.  It will be corrected.     TREASURER'S  REPORT    Mr. Barker submitted the following report:    Checking Account ‐ Bank of Clarke County as of September 30, 2022 ‐ $22,092.56  Savings Account ‐ Scott & Stringfellow as of September 30, 2022 ‐ $1,419,574.24    EDA STRATEGY    Mr. Barker stated that this strategy, as approved by the Board, helps guide staff as they pursue  Frederick County’s economic development activities.  Annually, the EDA Board reviews and  adopts the Strategy to reaffirm and/or modify overall goals and objectives.  For updating the  strategy this year, feedback was requested in September from the EDA Board members, the  Page 2 of 3  Frederick County EDA Meeting Minutes | November 3, 2022  strategy with Board feedback and staff revisions was presented in October, and at this meeting,  staff is seeking the Authority’s comments and adoption, if appropriate.    As was the consensus at the October meeting, wording on page 5, option 2, should be changed  to “retaining and cultivating existing businesses.”  It will be corrected.    On page 7, “Unemployment Rate,” it was suggested a more current rate should be shown.  Mr.  Barker will update with more current information, if available.    EDA BUDGET FY24    Mr. Barker reviewed the draft EDA budget for FY24.  The proposal aims to further elevate the  EDA’s efforts of attracting and retaining workforce talent, retaining and expanding existing  businesses, recruiting targeted businesses, and employing policies that keep Frederick County a  competitive business location.  The request is an increase of 17.4%, or $112,257, over FY23 and  comes from 3 areas:  bilingual services by Small Business Development Center ($15,000 or  13%); conversion of part‐time position to full‐time ($52,000 or 46%) and salary survey  implementation ($45,500 or 41%).  He then reviewed a background and justification for the first  2 increases.    Ms. McCann‐Slaughter asked Mr. Barker if the Small Business Development Center continues to  explore possible grants that may be available.  Mr. Barker will verify with them.    She also asked Mr. Barker to obtain an update from the Small Business Development Center on  how our annual contribution to them ($33,000) is being utilized.      Mr. Till inquired why funds previously allotted to the Call Team were removed from the  proposed budget.  Mr. Barker explained that during Covid, staff members have been making  those calls.    The consensus of those present is that the proposed budget, as presented, was acceptable for  submission and approval by the BOS.    UPDATE TO PRIORITY ACTIONS FOR TARGET SUB‐SECTORS COMPETITIVENESS    Mr. Barker stated that, at the EDA’s July meeting, staff introduced short‐term action plans for  improving Frederick County’s competitiveness in attracting the approved target industry  sectors.  The plan is focused on talent and sites/buildings.     Staff has now constructed the listing of occupations with low or moderate potential candidates  exclusively within the Target Business Sectors.  The full list was distributed to Board members.   Highlights of this research are as follows:    Page 3 of 3  Frederick County EDA Meeting Minutes | November 3, 2022  1. 171 occupations were discovered that have low to moderate ratios of “potential  candidates per opening” for each sector  2. 42% require a high school degree or less  a. 73% of these occupations require moderate‐term on‐the‐job training  3.  8% require an associate degree  4. 36% require a bachelor’s degree  5. 14% require a master’s degree or doctorate    The next step will consist of the following:     Conversations with educational institutions (public schools, Laurel Ridge Community  College and Shenandoah University) to see if they are offering necessary curriculum for  the occupations.   If any are not offered, review nearby community colleges and universities.   For those occupations without curriculum or degree program, determine the cost and  time needed to create the appropriate curriculum.    Ms. McCann‐Slaughter stated that businesses she interacts with are highly interested in  internships and when discussions are held with businesses, they should be asked if internships  would be of interest.    SUCH OTHER BUSINESS AS MAY COME BEFORE THIS AUTHORITY    The next Board meeting will be held on Thursday, December 1, 2022.    ADJOURN    There being no further business to come before this Authority, the meeting was adjourned at  8:40 a.m.               ________________________________    ____________________________                Doug Rinker         Jay Tibbs                Chairman         Secretary        DATE:   November 28, 2022    TO:    Board of Directors,  Frederick County Economic Development Authority    FROM:  Patrick Barker, CEcD  Executive Director    CC:    Jay Tibbs  Deputy County Administrator    RE:    EDA Strategy Update    The EDA Strategy, as approved by the EDA Board, helps guide staff as they pursue Frederick  County’s economic development activities.  Annually, the EDA Board reviews and adopts the  Strategy to reaffirm and/or modify the overall goals and objectives.     Last year, the EDA Board performed a comprehensive review and update of the Strategy.  This  process included a strategic brainstorming session, a review of the EDA’s mission and main  goals and a restructuring of the objectives and measurements by staff.    The following process was employed for this year’s strategy update.    September | Requested feedback EDA Board members   October | Presented strategy with EDA Board feedback and staff revisions  November | Seeking the Authority’s comments and adoption, if appropriate    FREDERICK COUNTY, VIRGINIA ECONOMIC DEVELOPMENT STRATEGIC PLAN 2022-2023 Strategy Frederick County EDA Page 2 of 17 DRAFT December 22 Table of Contents Introduction Background -factors contributing to County success Role of Economic Development Authority -why created, main functions Situational Analysis -strengths, concerns and asset analysis -basic relevant info on local economy with comparison to State and US economies Implementing the Plan -discusses how the plan includes the mission, objectives and long-term guidance for specific activities and measures Mission, Strategic Goals & Objectives 1. Talent Engagement 2. Business Retention • Manufacturing & Business Services • Agriculture • Small Businesses 3. Business Attraction • Business Targets 4. Business Climate Impact Measures -capital investment values, new jobs creation, new jobs wages, relationship developed and other measurements Strategy Frederick County EDA Page 3 of 17 DRAFT December 22 INTRODUCTION The Frederick County Economic Development Authority (EDA) has developed this strategic plan to clarify the direction and focus of Frederick County’s economic development activities. The plan highlights the importance of maintaining and enhancing the diverse economy of Frederick County. The goals and objectives outlined in the EDA’s strategic plan support and align with the Business Development section of Frederick County’s comprehensive plan. Moreover, this strategic plan will drive the formulation of the EDA’s annual operational plan. BACKGROUND Frederick County, VA has earned a long-standing reputation as a top economy in the State of Virginia and Shenandoah Valley region. Some of the competitive factors that have contributed to Frederick County’s success are listed below. • Central & Essential • Frederick County, VA serves a range of industries – from manufacturers and financial institutions, to IT companies and startups – that benefit from our strategic geographic advantages in the heart of the East Coast. Located just 80 miles from Washington, D.C., Frederick County, VA is a central part of the Winchester, VA-WV metro statistical area (MSA), which includes Frederick County’s City of Winchester, as well as Hampshire County, West Virginia. Our county’s advantageous location places businesses and residents near Washington D.C.’s established business market, both in the public and private sectors. The region’s efficient transportation network – with easy access to major highways, including Interstates 81 and 66, railways, including CSX and Winchester & Western, three international airports and one general aviation airport and the Virginia Inland Port – allows companies to reach customers anywhere in the world. Two-thirds of the U.S. and Canadian population can be reached within a day’s drive. • Dedicated Workforce and Standard of Excellence • Frederick County draws from a skilled workforce that is nurtured at all levels. Labor supply for Frederick County is drawn from a 45-mile radius across 10 counties in Virginia, Maryland and West Virginia. The total labor supply is more than 380,000 professionals, over 90% of which are high school graduates (or higher); 39.7% hold an associate degree or higher. The Frederick County Economic Development Authority’s market-leading Career Pathways program is a four-tiered workforce development initiative poised to groom next-gen talent and ensure our business outfits can tap into a skilled and motivated talent pool. • Business Diversity – From Local to Global • Widely recognized employers are operating here, including HP Hood, Trex, Kraft-Heinz Foods, Berry M&H Plastics , Navy Federal Credit Union, Rubbermaid and Thermo Fisher Scientific. A mix of manufacturing, retail, professional services, logistics, customer service, technology and entrepreneurial enterprises keep the economy strong. Our region is among the top 10% best performing metros in Virginia for capital investment and new job creation. Our business community has steadily grown over the years and Strategy Frederick County EDA Page 4 of 17 DRAFT December 22 has been recognized for its range of offerings, proximity to major metros and its long- term appeal to some of today’s leading manufacturers, financial operations and more. • Recognized Performance and Efficiency • With an extensive and diverse business portfolio, $326 million in capital expenditures between 2018-20, plus ongoing partnerships between the business community and educational institutions, Frederick County has consistently recruited and retained leading companies. We have also been recognized as one of the most prosperous economies in the state. In fact, Frederick County falls within the top 10% of Virginia localities over the last decade (top 10% in capital investment and top 6% in new job growth). Frederick County is consistently rated a great place to operate a business – registering at No. 9 on Forbes’ “Best Small Places for Business and Careers” in 2019. • Time is Money • Frederick County operates a permitting process which allows for land grading within 2-3 months from the execution of an agreement. This permitting system, combined with our local construction industry, has a proven track record of providing a large-scale design- built office/industrial building for occupancy within 6-8 months. A prompt permitting process can be achieved with properties requiring rezoning. For example, two large industrial buildings were delivered for occupancy in 12 months on a property requiring rezoning. • Business Support at Every Step • With a diversity of companies, consistent performance and signature workforce development programs, Frederick County continues to shine as one of Virginia’s finest regions, leaning on numerous resources to ensure the success of our community. One such resource includes call-team visits to local businesses to communicate training resources and expansion assistance opportunities. The Frederick County EDA has an established track record of working with the County and State partners to identify and secure assistance programs to expanding companies. ROLE OF EDA The EDA is committed to leading Frederick County to continued economic prosperity. The Frederick County Industrial Development Authority (IDA) was created by the Frederick County Board of Supervisors in 1967. The Industrial Development Authority of the County of Frederick, Virginia was created to: 1. Permit it to acquire, own, lease, and dispose of properties to the end that said Authority may be able to promote industry and develop trade by inducing manufacturing, industrial and governmental enterprises to locate or to remain in this Commonwealth; 2. Further the use of its agricultural products and natural resources; 3. Increase of commerce; 4. Promotion of safety, health, welfare, convenience and prosperity. On January 8, 2014, the Board of Supervisors amended the original ordinance creating the Industrial Development Authority to change the name to the Economic Development Authority of the County of Frederick, Virginia. On July 1, 2014, the Winchester-Frederick County Economic Development Strategy Frederick County EDA Page 5 of 17 DRAFT December 22 Commission staff transitioned to the Frederick County Economic Development Authority. Frederick County’s decision reflects a recommendation by its Business Climate Assessment Citizens’ Committee. The recommendation focused on creating an opportunity to re-establish the economic development vision for the County and provide flexibility to pursue a variety of business attraction and retention options. Also, Frederick County wished to duplicate the success achieved by other EDAs in Virginia. Issuing tax free bonds for qualified users remains a function with a seven member EDA Board setting policy and overseeing the operation of a staff of five. Partnering with the Frederick County Board of Supervisors and Frederick County administration, the EDA is focused on attracting new capital investment and quality jobs to Frederick County through new business location and existing business expansions with a heightened focus on the County’s targeted business sectors. Those sectors are Corporate Services, Information Technology, Finance & Insurance, BioScience, Advanced Manufacturing and Food & Beverage The EDA focuses on four areas: 1. Attracting and retaining workforce talent. 2. Retaining and cultivating existing businesses. 3. Recruiting targeted businesses. 4. Employing policies that keep Frederick County a competitive business location. SITUATIONAL ANALYSIS The following is a brief listing of Frederick County’s strengths, concerns and critical target business assets. Frederick County has many reasons why a business should choose to locate here. Potential businesses should find the following generalized asset(s) and/or offering(s) by Frederick County that will provide a better solution than competing localities. Talent • Largest employment in key employment sectors in the Northern Shenandoah Valley • Strong occupational employment in some core occupational groups • Favorable population dynamics and a large pool of millennials • Area is growing at a faster pace than the rest of Virginia • Virginia is one of the most highly educated populations in the US • Virginia has the largest and most highly educated veteran workforce Workforce Development • Market-leading Career Pathways program is a four-tiered workforce development initiative poised to groom next-gen talent. • Virginia has one of the strongest corporate services talent pipelines in the Mid-Atlantic & Southeast • Relatively strong university and community college system compared with competing areas Infrastructure and connectivity • Areas with robust broadband speeds with planned improvements to underserved areas • Area served by three major airport hubs and general aviation airport Strategy Frederick County EDA Page 6 of 17 DRAFT December 22 • Strategically placed on Amtrak’s network • Within driving distance of many major cities in the Northeast and Southeast and dense, quality highway system Sites and buildings • A pro-business climate that permits prompt building construction and rezonings for business Cost of doing business • Moderately competitive average industry salaries among competitors • Highly competitive lease costs • Low Unemployment Insurance Tax per Employee • Lowest Workers' Compensation Employer Insurance Costs Per $100 of Payroll • Competitive tax rates compared with competitor states Market and cluster presence • High concentration of many employment sectors in the area • Central position on the East Coast of the United States, with quick and easy access to all major population centers east of the Mississippi • Within one hour of 76% of the US population's regular daily schedule Quality of life • Moderately competitive or in line with cost of living in major population centers • Relatively strong primary and secondary school system • Relatively low level of violent and property crime • Moderately more healthy and active population Frederick County clearly possesses many positive attributes for business yet, conversely, it has some areas for improvement. Given the current and forecasted labor situation, talent is an area needing improvement. In addition, labor availability analysis completed using JobsEQ revealed high to moderate results with many occupational sectors. Sites and buildings need attention as only a few sites match the identified acreage using Conway Analytics’ database on corporate expansion projects for all targeted business sectors. For most targeted businesses, Frederick County possesses the necessary infrastructure and connectivity though projects with large demands of electric and wastewater may strain this point. Frederick County’s economy has consistently ranked near the top of all localities in Virginia, in part, because of the community’s ability to address businesses’ concerns about factors such as highway accessibility, quality of life, occupancy/construction costs, available buildings, and labor costs. Despite Frederick County’s decades of success and securing additional corporate decisions, areas of opportunity have been identified. The EDA will execute a planned and strategic initiative to secure capital investment and quality jobs for existing companies as well as companies new to Frederick County. To achieve these vital goals, the EDA will require an appropriate level of staff and operational and incentive funds. The following are a sampling of measures illustrating Frederick County’s economy with some comparison to the State and Nation. Strategy Frederick County EDA Page 7 of 17 DRAFT December 22 Employment Trends As of 2022Q2, total employment for Frederick County, Virginia was 38,421 (based on a four-quarter moving average). Over the year ending 2022Q2, employment increased 4.3% in the region. Employment data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2022Q1 with preliminary estimates updated to 2022Q2. Unemployment Rate The unemployment rate for Frederick County, Virginia was 2.1% as of September 2022. The regional unemployment rate was lower than the national rate of 3.3%. One year earlier, in September 2021, the unemployment rate in Frederick County, Virginia was 2.5%. Unemployment rate data are from the Local Area Unemployment Statistics, provided by the Bureau of Labor Statistics and updated through September 2022. Strategy Frederick County EDA Page 8 of 17 DRAFT December 22 Wage Trends The average worker in Frederick County, Virginia earned annual wages of $54,529 as of 2022Q2. Average annual wages per worker increased 7.3% in the region over the preceding four quarters. For comparison purposes, annual average wages were $67,777 in the nation as of 2022Q2. Annual average wages per worker data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics and imputed where necessary. Data are updated through 2022Q1 with preliminary estimates updated to 2022Q2. Industry Snapshot The largest sector in Frederick County, Virginia is Manufacturing, employing 6,503 workers. The next- largest sectors in the region are Transportation and Warehousing (4,840 workers) and Retail Trade (3,890). High location quotients (LQs) indicate sectors in which a region has high concentrations of employment compared to the national average. The sectors with the largest LQs in the region are Transportation and Warehousing (LQ = 2.55), Manufacturing (2.09), and Finance and Insurance (1.63). Sectors in Frederick County, Virginia with the highest average wages per worker are Public Administration ($78,977), Finance and Insurance ($75,900), and Utilities ($75,049). Regional sectors with the best job growth (or most moderate job losses) over the last 5 years are Transportation and Warehousing (+2,474 jobs), Manufacturing (+717), and Finance and Insurance (+714). Over the next 10 years, employment in Frederick County, Virginia is projected to expand by 7,974 jobs. The fastest growing sector in the region is expected to be Information with a +4.6% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Transportation and Warehousing (+1,141 jobs), Manufacturing (+936), and Accommodation and Food Services (+886). Occupation Snapshot The largest major occupation group in Frederick County, Virginia is Transportation and Material Moving Occupations, employing 6,057 workers. The next-largest occupation groups in the region are Office and Administrative Support Occupations (4,514 workers) and Production Occupations (3,886). High location Strategy Frederick County EDA Page 9 of 17 DRAFT December 22 quotients (LQs) indicate occupation groups in which a region has high concentrations of employment compared to the national average. The major groups with the largest LQs in the region are Transportation and Material Moving Occupations (LQ = 1.80), Production Occupations (1.79), and Installation, Maintenance, and Repair Occupations (1.25). Occupation groups in Frederick County, Virginia with the highest average wages per worker are Management Occupations ($110,500), Computer and Mathematical Occupations ($92,600), and Legal Occupations ($88,300). The unemployment rate in the region varied among the major groups from 0.7% among Healthcare Practitioners and Technical Occupations to 4.3% among Food Preparation and Serving Related Occupations. Over the next 10 years, the fastest growing occupation group in Frederick County, Virginia is expected to be Personal Care and Service Occupations with a +4.0% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Transportation and Material Moving Occupations (+1,379 jobs) and Food Preparation and Serving Related Occupations (+853). Over the same period, the highest separation demand (occupation demand due to retirements and workers moving from one occupation to another) is expected in Transportation and Material Moving Occupations (8,413 jobs) and Office and Administrative Support Occupations (5,101). Industry Clusters A cluster is a geographic concentration of interrelated industries or occupations. The industry cluster in Frederick County, Virginia with the highest relative concentration is Chemical with a location quotient of 7.20. This cluster employs 2,560 workers in the region with an average wage of $80,646. Employment in the Chemical cluster is projected to expand in the region about 1.0% per year over the next ten years. Location quotient and average wage data are derived from the Quarterly Census of Employment and Wages, provided by the Bureau of Labor Statistics, imputed where necessary, and updated through 2022Q1 with preliminary estimates updated to 2022Q2. Forecast employment growth uses national projections from the Bureau of Labor Statistics adapted for regional growth patterns. Strategy Frederick County EDA Page 10 of 17 DRAFT December 22 IMPLEMENTING THE PLAN This strategic plan defines the role of the EDA and proposes the EDA’s long-term economic development strategic goals and objectives. The plan also includes several strategic measures to monitor the progress of the EDA’s program goals. The plan will provide long-term guidance and direction for the EDA’s work. In addition, it will be a basis for developing an annual plan comprising specific marketing and operational strategies, tactics and measures. The EDA will adjust the strategic plan to reflect economic climate shifts. The EDA Board will review the strategic plan annually to ensure that it accurately represents the appropriate overall direction and goals for Frederick County’s long-term economic development program. MISSION, STRATEGIC GOALS & OBJECTIVES Mission The EDA’s mission is to facilitate economic development efforts for Frederick County through the retention, expansion, and attraction of businesses that create high quality jobs and new capital investment resulting in Frederick County as a premier business location and enhancing the quality of life for its citizens. This strategic plan focuses on four goals: 1. Address current and projected workforce needs by engaging the talent in Frederick County and greater community encouraging their retention and attraction 2. Enhance Frederick County’s business environment to encourage the expansion and retention of existing business 3. Conduct strategic and measured business attraction efforts to expand the commercial and industrial base and create quality jobs for all citizens 4. Foster and maintain a pro-business climate by enhancing critical assets and employing business friendly policies and procedures Talent Engagement Goal • Address current and projected workforce needs by engaging the talent in Frederick County and greater community encouraging their retention and attraction Objectives/strategies • Maintain awareness of current and projected workforce needs Action Measurement Acquire bi-annually from JobsEQ County workforce 10 years projections Identify top occupational needs Disseminate top occupational needs to partners Open rate of emails Strategy Frederick County EDA Page 11 of 17 DRAFT December 22 Participate in seminars/presentations/meetings on top occupational needs Attendance at the Winchester Area Society for Human Resource Management meetings Attendance at the Frederick County Public School’s CTE Advisory Committee Organize an annual meeting with business and education partners to discuss workforce needs Number of participants Number of potential solutions • Partner with appropriate local and regional partners to create and execute short-term workforce solutions, those that have strong potential to produce talent in 12 month or less) Action Measurement Facilitate work groups, as necessary and appropriate, on short term projects resulting from the Business and Education Summit Attendance at work groups Action plan for projects Perform internet review for best-in-class workforce solutions Number of discovered solutions with applicability Showcase talent from area public school’s career and technical programs (i.e. Widget Cup) Number of participants Competitor survey results Number of internships/hires Create and promote marketing tools and programs that help employers sell location to candidates and existing employees. Website analytics of regional talent website Social media analytics Amplify existing efforts to host career fairs/regional hiring events (i.e. Employer Expo) Number of participants Number of hires Survey of participants Build perceptions of community as a great place for careers with local young talent (i.e. Regional Internship Fair) Number of participants Number of internships resulting Conversion of internships to careers Create a regional tour resource for employers and their candidates Number of participants Number of tours Strategy Frederick County EDA Page 12 of 17 DRAFT December 22 • Partner with appropriate local and regional partners to create and execute long term workforce solutions, those that have strong potential to produce talent in 12 month or more) Action Measurement Facilitate work groups, as necessary and appropriate, on short term projects resulting from the Business and Education Summit Attendance at work groups Action plan for projects Provide an in-person career exploration event for middle school students (i.e. Worlds of Work) Number of participants Survey of participants Enhance awareness of students, educators and school staff to the many rewarding local careers available (i.e. student and teacher tours) Number of participants Survey of participants Build pathways from post-secondary and K-12 schools, allowing entry into these industries Number of Workforce Models built Number of participants Number of hires Conduct regular messaging on all career pathways (post high school to college) Social media analytics Website analytic of relevant page Strategy Frederick County EDA Page 13 of 17 DRAFT December 22 Business Retention Goal • Enhance Frederick County’s business environment to encourage the expansion and retention of existing business • Objectives 1. Understand the overall health of existing industry sectors, recognize changing industry trends, and ensure consistent, personal contact with businesses. Action Measurement Perform business call teams visits Number of business call team visits Number of follow-up business call team visits Number of business expansion considerations Number of business expansions Value of capital investment from expansions Number of retained and new jobs from expansions Analyze business call team visit for industry trends Results from aggregate analysis of call team visits using E-Synchronist Number of action oriented responses Visit, as appropriate, in conjunction with VEDP to headquarters of businesses Number of visits Number of expansion considerations Organize topic specific forums, as appropriate Number of business participants Percentage of business participants to invited participants Participate in meetings/workshops with relevant business/industry groups Number of actionable intelligence gained Strategy Frederick County EDA Page 14 of 17 DRAFT December 22 2. Showcase the operations, careers, and economic contributions of Frederick County businesses. Action Measurement Highlight business sectors and employers Industry Features Website Views: Facebook Reach: LinkedIn Impressions: Employer Features Website Views: Facebook Reach: LinkedIn Impressions: Cultivate and elevate the full scope of Frederick County’s food economy (i.e., FredCo Eats) Number of participating businesses Survey of participants (satisfaction rates, would participate again) Social media analytics 3. Offer existing businesses key operational and loan assistance Action Measurement Provide financial management, marketing and operational analysis for existing businesses through the Laurel Ridge Small Business Development Center Number of Frederick County business clients consulted Number of jobs created or retained Value of capital investment 4. Provide awareness of local conditions, resources and assistance opportunities Action Measurement Provide real time job posting information Open rate of emails Distribute targeted information on assistance programs and other pertinent business conditions Open rate of emails Website analytic of relevant page Strategy Frederick County EDA Page 15 of 17 DRAFT December 22 Business Attraction Goal • Conduct strategic and measured business attraction efforts to expand the commercial and industrial base and create quality jobs for all citizens. Objectives 1. Identify targeted business sectors for attraction purposes Action Measurement Review regularly project announcements in targeted geographic areas Report to EDA Board Discover business sectors through employment data for sectors with positive long-term growth and wages that match or exceed the County’s average wage Identification of target business sectors EDA Board acceptance of target business sectors Develop, as appropriate, an enhancement plan for targeted business sectors Report to EDA Board Execution of plan 2. Collect and leverage market intelligence related to targeted business sectors Action Measurement Participate in meetings/workshops with relevant business/industry groups Number of actionable intelligence gained Acquire and review relevant industry reports Number of actionable intelligence gained 3. Maintain and grow relationships with new business lead generators. Action Measurement Engage with site consultants and corporate real estate brokers at appropriate meetings, office visits and client activity Number of new relationships Number of refresh relationships Number of project considerations Number of best practices examples acquired Number of new business locations Number of new jobs Value of capital investment Interact with business attraction managers at VEDP at appropriate meetings, office visits and client activity Number of new relationships Number of refresh relationships Number of project considerations Number of new business locations Number of new jobs Value of capital investment Strategy Frederick County EDA Page 16 of 17 DRAFT December 22 4. Recruit additional grocery stores to Frederick County Action Measurement Conduct an outreach effort to strategic grocery stores Interest level of grocery stores Number of grocery store locations 5. Offer new businesses with key operational and loan assistance Action Measurement Provide financial management, marketing and operational analysis for new businesses through the Laurel Ridge Small Business Development Center Number of new business clients consulted Number of jobs created Value of capital investment 6. Educate the community on the benefit of a proactive business development presence and the need for its consistency and commitment. Action Measurement Speak to appropriate community groups Number of speaking engagements Conduct regular messaging on benefit of economic development Social media analytics Website analytic of relevant page Business Climate Goal • Foster and maintain a pro-business climate by enhancing critical assets and employing business friendly policies and procedures. Objectives 1. Encourage development of “ready to go” business properties. Action Measurement Manage online property database and survey regularly real estate listing services for new/revised properties Monthly update on online database Total SF available and vacancy rates for office and industrial Tier sites, as appropriate, according to the Virginia Business Ready Sites Program Number of Tiered sites Acreage of Tiered sites Collaborate with property owners to secure at least Tier 4 of the Virginia Business Ready Sites Program Number of Tier 4 or above sites Acreage of Tier 4 or above sites Number of Business Ready Sites Loan Program Agreements Strategy Frederick County EDA Page 17 of 17 DRAFT December 22 2. Encourage processes and policies that are attractive to businesses Action Measurement Suggest new/revised local policies, as appropriate, (i.e., data center tax rate) Number of EDA-introduced policy suggestions Respond, as appropriate, to Federal and State legislative actions impacting County businesses (i.e., OMB’s MSA decrease, Ozone Early Action Plan) Number of responses to proposed legislative actions 3. Assist the Winchester Regional Airport implementing their strategic plan, as appropriate. 4. Support the implementation of transportation projects with an economic development nexus Action Measurement Provide letters of support as requested Number of letters submitted Participate in the MPO’s technical review committee Attendance at meetings CONCLUSION This strategic plan serves to provide guidance to Frederick County’s economic development efforts. To ensure the plan’s implementation, the EDA should conduct regular checks of the impact measures and perform an annual review of the entire document. This plan should serve as the foundation for the EDA’s annual budgeting process. Frederick County has achieved much success. The challenge now is to build on the momentum of this past success. This plan serves a platform to accomplish this need. Action Measurement Conduct an outreach campaign to companies with large government portfolio and direct government users Number of companies reached Number of meetings secured Number of visits to airport Number of locations Support relevant initiatives Varies dependent on activity DATE: November 28, 2022 TO: Board of Directors, Frederick County Economic Development Authority FROM: Patrick Barker, CEcD Executive Director CC: Jay Tibbs Deputy County Administrator RE: Budget Request FY24 Attached is the draft EDA Budget for FY24. This proposal aims to further elevate the EDA’s efforts of attracting and retaining workforce talent, retaining and expanding existing businesses, recruiting targeted businesses, and employing policies that keep Frederick County a competitive business location. The request is consistent with past budget appropriations with additional investment sought to enhance the EDA’s capacity to respond to the top locally influenced factors used by corporate decision makers and site consultants, talent. A summary of the EDA’s request by program area follows. EDA’s FY24 request of Frederick County is $758,357 an increase of 17.4% or $112,257. The balance of funds will come from the Frederick County Economic Development Authority and business sponsorships. The budget provides for balanced funding between the three main operating programs. Page 2 of 3 Budget Request FY24 The requested increase comes from three (3) areas. A background and justification for the first two follows. 1. Bilingual services by Small Business Development Center | $15,000 or 13% 2. Conversation of part time position to full time | $52,000 or 46% 3. Salary survey implementation | $45,500 Bilingual services by Small Business Development Center In September of last year, the EDA Board appropriated $15,000 to the Laurel Ridge Small Business Development Center (SBDC) to offer bilingual counseling services in Spanish. Frederick County EDA annually provides funding ($33,000) from its general fund allocation to SBDC. In the past two years, LRSBDC assisted nearly 400 businesses which resulted in over 50 new jobs and nearly $8 million in capital investment for Frederick County Through the bilingual counseling services funding, SBDC has assisted 82 Hispanic/Latino clients. These clients previously would not have been able to have been served appropriately due to a language barrier. They held a Financial Recording class in Spanish and their Spanish Facebook page continues to grow. A full display of the annual results follows. At its September meeting this year, the EDA Board once again appropriated $15,000 for this service. Given the on-going nature of this appropriation, the EDA Board commented about exploring if the funding for this service could be included in the EDA’s budget request to Frederick County. Conversation of part time position to full time Talent, as consistently mentioned, continues to be a top locally influenced factor of whether a company expands or locates. The recently completed Targeted Industry Study identified a need for short term solutions to talent to enhance Frederick County’s competitive status for the desired sectors of Corporate Services, BioScience, Advanced Manufacturing and Information Technology and Food and Beverage manufacturers. The work to identify the short-term solutions for talent continues but will undoubtedly require additional staff responsibilities. Page 3 of 3 Budget Request FY24 The EDA, in partnership with other Northern Shenandoah Valley localities developed a Comprehensive Talent Solutions Strategy focused on job seekers, university and community college graduates, and high school students. The EDA’s part time Project Specialist has been chiefly responsibility for its implementation of the Strategy. Examples of this position’s efforts include the developing and launching of a dedicated website for talent retention and attraction (liveloveshenandoah.com) and social media campaign. This effort requires consistent staffing to produce the desired results of more workers for the County’s employers. One of the strategy’s recommendations was the hiring of a full-time staff. To kick start the implementation, the part-time position was employed but the time has arrived for a change. Moreover, given the nature of part-time employment, acquiring the needed consistent oversight has been challenged the turnover of two employees. For these above reasons, the staff’s proposed budget includes funding to convert the Project Specialist to full time position. In summary, staff feels the rationale for this funding is strong. The importance of talent in the site selection process ever apparent and will likely only continue. The Target Industry Study specifically called out the need for short term solutions to make a more compelling case or targeted businesses. The Talent Strategy states the need for a full time personnel to produce effective results. Turnover at the part time position creates challenge with consistent project implementation. Frederick County’s commitment to business remains its competitive message and its brand for economic development. This commitment has resulted in Frederick County being one of the best small place for business along the East Coast not by words but by results. o Top 10 all localities last decade Capital investment and new jobs o TOP 10 | Forbes Best Place for Small Business o TOP 3 | Best State for Business by CNBC Approval of the EDA’s FY23 budget request will permit the EDA to continue enhancing its role. Page 1 of 4 Frederick County EDA Budget FY23 DRAFT  FY 22  Request   FY 23  Request   FY 24  Request   Difference  FY24 v FY23  TALENT ENGAGEMENT 39,700       45,147       44,329       (818)                  Career Pathway Programs Printing 2,500           1,500           1,500            ‐                    Transportation Costs 6,000           2,000           2,000            ‐                    Events 7,000           2,000           2,000            ‐                    Food & Supplies 8,000           5,000           5,000            ‐                    Video production 4,000            ‐                ‐                ‐                    Photography 2,500           2,500            ‐                    Advertisements Social Traditional 2,000           1,200           1,200            ‐                    Internship Fair (50%) 1,250           1,250            ‐                    Internship Portal (Web) (50%) 2,500            ‐               (2,500)              Talent Website Update  (50%) 2,500           2,500                Communication Quality of Life Publication(40%)1,000           600               ‐               (600)                  Website (30%)‐                    Maintenance & Development 750              3,000           3,000            ‐                    Hosting 1,800           2,120           1,902           (218)                  Website Marketing 450              360              360               Talent Attraction/Retention Photography 2,500           2,500            ‐                    Internship Fair 1,250           1,250            ‐                    Internship Portal (Web) 2,500            ‐               (2,500)              Talent Website Update  (50%) 2,500           2,500                Candidate Tours 1,500           1,500            ‐                    Advertisements ‐                    Social 7,000           7,000            ‐                    Traditional 1,000           1,000            ‐                    Advertisements 3,000            ‐                ‐                ‐                   ‐                    Data Intelligence Job Connector 2,167           2,167            ‐                    Workforce (40%)3,200           3,200           3,200            ‐                    Frederick County EDA Budget Page 2 of 4 Frederick County EDA Budget FY23 DRAFT FY 22  Request   FY 23  Request   FY 24  Request   Difference  FY24 v FY23  BUSINESS RETENTION 47,501       52,390       65,940       13,550             Program Marketing Marketing Pieces 1,200            ‐                ‐                ‐                    Printing 2,000           2,000           2,000            ‐                    Postage 800              250              250               ‐                    Photography (50%)2,500           2,500            ‐                    Videography (50%)2,500           2,500            ‐                    Corporate Calling 3,000           1,500           1,500            ‐                    Business Forums 3,000           1,500           1,500            ‐                    Business Call Team Support 2,500           1,000            ‐               (1,000)              Cluster Associations 336              1,765           1,765            ‐                    Communication Website (30%) Maintenance & Development 750              3,000           3,000            ‐                    Hosting 1,800           1,800           1,800            ‐                    Website Marketing 750              360              360               ‐                    Quality Life Publication (30%)2,000           450               ‐                    (450)                  Business Contribution Showcase 2,000            Advertisement 2,500           2,500            ‐                    Printing 1,500           1,500            ‐                    Photo/Video 1,000           1,000            ‐                    Small Business Development Center | General  (50%)14,000         14,000         14,000          ‐                    Small Business Development Center | Billingual  (100%)15,000         15,000             Apple Blossom Festival 5,000           5,000           5,000            ‐                    Data Intelligence 6,365            Workforce (30%)2,400           2,400           2,400            ‐                    Virginia Employment 3,000           3,000           3,000            ‐                    Call Team 965              965              965               ‐                    Corporate Announcement (50%)2,400           2,400            ‐                    Ozone Early Action Plan (50%)1,000            ‐                ‐                ‐                    Misc. Meetings/Travel 1,000           1,000           1,000            ‐                    Page 3 of 4 Frederick County EDA Budget FY23 DRAFT FY 22  Request   FY 23  Request   FY 24  Request   Difference  FY24 v FY23  BUSINESS ATTRACTION 40,850       49,655       51,005       1,350                Memberships 100              525              3,025           2,500                Marketing ‐ VEDP,CREs, Site Consultants Direct Mail (6x)  Printing ($2.00 each)400              750              750               ‐                    Postage  ($0.50 each)100              250              250               ‐                    Collateral Material Development 500              500               ‐                    (500)                  Travel 5,000           5,000           5,000            ‐                    Travel (VEDP)5,000           5,000           5,000            ‐                    Marketing Pieces 500              500               ‐                    (500)                  Photography (50%)2,500           2,500            ‐                    Videography (50%)2,500           2,500            ‐                    Other Travel 1,500           1,500           1,950           450                   Data Intelligence Property (75%)4,350           4,350           4,350            ‐                    Workforce (30%)2,400           2,400           2,400            ‐                    Corporate Announcement (50%)2,400           2,400            ‐                    Communication Website (40%)‐                    Maintenance & Development 1,000           4,000           4,000            ‐                    Hosting 2,400           2,400           2,400            ‐                    Website Marketing 600              480              480               ‐                    Quality of Life Publication (30%)2,000           600               ‐                    (600)                  Small Business Development Center (50%)14,000         14,000         14,000          ‐                    Ozone Early Action Plan (50%)1,000            ‐                ‐                ‐                    BUSINESS CLIMATE 1,450         2,350         2,350         ‐                    Data Intelligence Property (25%)1,450           1,450           1,450            ‐                    Infrastructure Mapping 900              900               ‐                    ADMINSTRATION 524,974     522,338     620,783     98,445           Salary and Benefits 442,766       439,307       540,169       100,862           Permanent full time 273,379       265,974       370,048       104,074           Permanent part time 67,629         67,629         26,526         (41,103)            Benefits 101,757       105,703       143,594       37,891             EDA Board Compensation 16,800         16,800         16,800          ‐                    Page 4 of 4 Frederick County EDA Budget FY23 DRAFT FY 22  Request   FY 23  Request   FY 24  Request   Difference  FY24 v FY23  Education & Training 5,100           5,100           5,100            ‐                    EDA Insurance 2,556           2,556           2,556            ‐                    Fire Insurance 105              105              105               ‐                    Boiler Insurance 1                   1                   1                    ‐                    Crime Insurance 975              975              975               ‐                    Public Officials Liability Insurance 550              550              550               ‐                    General Liability Insurance 925              925              925               ‐                    Professional Associations Memberships 1,595           1,595           1,595            ‐                    Books/Subscriptions 1,190           1,190           1,190            ‐                    Misc. Office Support 13,160         12,220         12,220          ‐                    Maintenance Plants 540               ‐                     ‐                     ‐                    Copier 500              600              600               ‐                    Janitorial 3,120           3,120           3,120            ‐                    Printing, Stationary 1,500           1,000           1,000            ‐                    Office Supplies 2,500           2,500           2,500            ‐                    Postage (routine & Fed Ex)500              500              500               ‐                    Other operating supplies 4,500           4,500           4,500            ‐                    Central Stores Gas 500              500              (500)                  Car Repair 1,000           1,000            ‐                    (1,000)              Insurance 917              917               ‐                    (917)                  Lease 250              250              250               ‐                    Rent & Utilities 38,440         40,203         40,203          ‐                    Rent 31,021         31,021         31,021          ‐                    Utilities 4,000           4,000           4,000            ‐                    Telephone Local & Long 1,656           3,419           3,419            ‐                    Mobile 864              864              864               ‐                    Internet 899              899              899               ‐                    Travel 700              700              700               ‐                    Misc. Gas 200              200              200               ‐                    Monthly routine 500              500              500               ‐