Funding Highlights From Proposed FY2016 State Budgets
C2ER staffers are busy digging through the newest proposed state budgets for FY2016. As we update the State Economic Development Program Expenditures Database, a number of programs have stood out. The proposed budgets include new programs as well as some major funding increases in economic development financing, infrastructure and construction, research and development, and employment training.
- Maryland Gov. Larry Hogan’s proposed FY2016 budget includes a total of $8,500,000 in funding for the new Maryland E-Novation Initiative. The program is administered by the Division of Business and Enterprise Development and funded through the State admissions and amusement tax. The program will provide matching funds to nonprofit institutions of higher education for the creation of research endowments in science and technical fields of study.
- Nebraska’s FY2016 proposed budget includes a total of $2,000,000 for the Civic and Convention Center Financing Fund. This represents a 100% increase from FY2015 due to an infusion of money from the Nebraska Cash Fund. The program supports construction, renovation, or expansion of qualified civic and convention centers and is expected to award five projects in 2015 and 2016.
- California Gov. Jerry Brown’s FY2016 proposed budget includes a total of $2,620,000 for the California Film Commission. This represents an increase of 78.5% from FY2015. The increase is due to an infusion of $1,152,000 from the general fund. The budget also includes small increases for the Financial Assistance Program, the Employment Training Panel Program, and the Workforce Innovation and Opportunity Act.
For more information and updates, visit the C2ER State Economic Development Program Expenditures Database.