STARKVILLE — Increased lease income brought good news to the Oktibbeha County Economic Development Authority during its monthly meeting Monday.
OCEDA Board President Jack Wallace announced increased revenues over the last month and projected OCEDA will exceed its annual target by the end of the fiscal year (Sept. 30).
To date, OCEDA”s project revenues are $385,888.29, roughly $6,300 away from meeting the target set in last year”s budget.
In August, OCEDA brought in $59,174.63 from various leases at the Mississippi State University Research Park. Wallace said 20 percent of the building lease income for August came from the new Research Trust Corp. OCEDA”s net income for August was $39,090.11.
Monthly lease revenues will increase once Renasant Bank finishes its improvements to the research park building it will use as it Starkville branch for 18-24 months.
“That”s a considerable improvement for this year,” Wallace said. “Of course, the recent increase is because we”ve started to see money come in from RTC.”
OCEDA projects to finish the fiscal year with a net income of $48,600.
The recent uptick in revenues includes $195,396 from the 2 percent food and beverage tax. By the end of September, the total revenues from the food and beverage tax should exceed OCEDA”s target by more than $13,000.
“It seems to be holding steady, on an upward trend,” Starkville Mayor Parker Wiseman said. “That”s a good figure.”
The increased revenues made a small dent in the budget for the 2011-12 fiscal year, which the board unanimously approved. Projected annual revenues increased by $20,000, while projected net income increased by $12,000.
Small increases in building maintenance at the research park and decreases in marketing were the only significant line item changes in the budget, Wallace said.
“It”s a conservative and tight budget,” Wallace added.
Mayor still expects rally crowd
Though the Sturgis South Motorcycle Rally is officially canceled, some bikers won”t break the annual tradition of trekking to Sturgis.
Sturgis Mayor Walter Turner said during the OCEDA meeting that several vendors have paid landowners to set up shop on their property, and a number of bikers plan to come Oct. 7-9.
The rally was officially called off last month after organizers faced an $80,000 budget shortfall. The rally had been an annual revenue source for Sturgis and the surrounding area.
“We don”t know how many will come until they actually come,” Turner said. “We”ve got a lot of private camp grounds they”ll probably stay at. And the vendors won”t pay the town fee until they actually get here.”
To prepare for the unexpected, Turner said the town”s five police officers will rotate security shifts.
“I think we can deal with anything that comes up,” Turner said. “If there”s a positive, it may help merchants and some of the landowners.”
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