EDA’s trio of funding sources detailed

By Per Peterson

Tracy City Administrator Erik Hansen outlined the Economic Development Authority’s trio of funding sources at last Wednesday’s EDA meeting — funding that is appropriated by the city council.

The discussion, which was done by conference call, was part of the EDA’s 2020 financial review.

Hansen said the budget is more than just a guide for the EDA to follow — it’s the amount of money that is available for the EDA to spend each year. Hansen also noted that the city council had previously directed that budgets cannot be overspent unless they are amended by the council.

“If you’ve got something you want to spend money on, you can always go back to the city council to ask for more money,” Hansen said.

He added that city charter has a limitation that says any new money that’s potentially going to be spent would require a new revenue source of some kind.

See this week’s Headlight Herald for more on this article.