North Carolina trims High Point Market funding
June 17, 2011-- Home Textiles Today,
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.
Related Content By Author
Industry Related Content
Previewing Rug Trends: Outdoor