The Danville-Boyle County Economic Development Partnership approved a final budget for 2019-20 during its regular meeting Wednesday.

The budget totals $435,960, which Treasurer Alan Turbyfill noted is about $42,000 larger than the 18-19 budget, but “significantly below” — by about $140,000 — the initial draft budget the EDP developed.

The size of the final budget was determined in large part by how much the EDP’s partners, especially the public partners of Danville and Boyle County, were willing to contribute. With those appropriations now “locked in” through the governments’ budget-planning processes, the EDP now has a fairly clear picture of what funding it will have, Turbyfill explained.

The City of Danville has committed to provide $100,000 and Boyle County Fiscal Court has committed $70,000, with an additional $30,000 held in reserve. The county has not yet specified what conditions will be placed on accessing the extra $30,000.

“There will be additional communication I’m sure about what we can (use) those funds for,” Turbyfill said.

The Boyle County Industrial Foundation is contributing $95,000. Ephraim McDowell Health, Centre College and Farmers National Bank are each contributing $30,000 as platinum partners. Gold, silver and bronze partners are contributing a total of $58,000.

In all, the EDP expects $172,000 in government appropriations and $243,000 in private investments, along with almost $21,000 in reimbursements for costs it pays for the Chamber of Commerce, Heart of Danville, Convention and Visitors Bureau and Main Street Perryville.

That money is planned to be spent in the following ways:

• $199,373 for personnel — salaries and benefits for EDP President Jody Lassiter and Economic Development Specialist Joshua Gooch;

• $95,450 for administration, including office lease, administrative assistant services, accounting services and contract services;

• $25,000 for developing infrastructure plans for a high-value industrial rail site;

• $78,250 for marketing, including new business recruitment costs such as travel, registrations and sponsorships;

• $7,200 for workforce development;

• $21,500 in reimbursements back to Chairman’s Circle donors; and

• $9,000 for professional development.

MOA approved

The board also unanimously approved a “new and improved” memorandum of agreement, which spells out how the EDP partners work together.

The memorandum of agreement — MOA for short — was first presented for review by the partners in January. It would replace the prior MOA, which expired last year.

It was given a first reading in February and passed the board in March, but concerns raised by members of Boyle County Fiscal Court caused the EDP to go back to the drawing board.

The final version approved Wednesday incorporates numerous updates to the document’s language, including clarification that the MOA doesn’t restrict any partner’s authority or require them to spend any money.