Commissioners move toward defunding Sarasota County EDC

The local business tax, which helps fund the EDC, is on its way toward repeal.

By Elizabeth King
| 11:34 a.m. June 5, 2024
| 0 Free Articles Remaining!

The Economic Development Corporation of Sarasota County could lose more than 25% of its funding if the local business tax is repealed.

Manatee-Sarasota

Sarasota County commissioners voted 3-2 at a June 4 meeting to start the process of repealing the local business tax that helps fund the Economic Development Corp. of Sarasota County.

Repealing the tax would have an immediate -$472,421 impact on the EDC’s budget for FY 2025, which starts Oct. 1, according to Erin Silk, president and CEO of the EDC. The total annual budget is $1.82 million.

"There are still some unknowns," Silk tells the Business Observer by phone June 5. "I'm currently looking at how does it change our scope of work...You might see a new strategic plan coming from us."