North Carolina trims High Point Market funding
Home & Textiles Today Staff -- Home Textiles Today, June 17, 2011
High Point, N.C. - As expected, the High Point Market Authority lost about 15% of its state appropriation for marketing funds in a state budget the North Carolina General Assembly passed this week.
Market Authority officials confirmed on Thursday that the organization received $685,507 in a recurring pass-through appropriation for each of the next two fiscal years from the N.C. Department of Commerce.
That total is about a 15% reduction from last year, when the state's appropriation totaled $806,479 for marketing funds for the Market Authority's 2010-11 fiscal year.
Officials with the Market Authority also said that the state budget also includes $1 million in transportation funds for the current year, a total cut by about 16% from last year. Those funds come from the North Carolina Department of Transportation.
For the fiscal year that ended June 10, the Market Authority's total expenses were about $4.9 million.
Market Authority officials said they didn't know if a provision that would limit how much state funds can be spent on salaries, and to increase reporting requirements, was approved. Legislative officials were unavailable Thursday to comment on the provision.
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