I’d like to start my first blog with a brief introduction. My name is Hannah Bell and I’m the newly appointed Finance Director for the City of Beatrice. I’m originally from the area and have worked for the City since 2014. I’m excited to continue my work in this new role and feel fortunate to get to serve the citizens of Beatrice.
Recently, the Economic Development program, commonly referred to as LB840, has become a topic of interest as the current program is set to expire on March 31, 2023. In 1993, ½ of 1% of sales tax dollars were used to fund the program. In 2020, those tax dollars were moved to fund property tax relief and LB840 is now funded through the Electric Department. Renewing the program requires a vote of the people and will be on the May ballot. Changes to the program include updates to match State statutes, increasing funding to the program to $300,000, and changing the term to 6 years.
The LB840 program allows the City the opportunity to recruit new businesses into the community and assist existing businesses with expansion. Funds can be used for a variety of purposes, including the purchase of real estate, public works improvement, business recruitment, early childhood infrastructure, construction or rehabilitation of housing, and direct loans or grants to qualifying businesses, just to name a few.
In the past, funds have been used on strategic planning, comprehensive planning, and economic development support with NGage. Funds have also been used on infrastructural projects such as the construction of the home at 1923 Ella Street, the demolition of 407 Court and the South 6th Street Elevator, the extension of utilities to the new hospital, the construction of a parking lot by the Carnegie building, and roadway improvements at Industrial Park Roadway. The LB840 program also offers the City the opportunity to loan funds to qualifying area businesses to provide working capital with the intent of increasing job opportunities and investing in community businesses. Since 2015, the City has loaned $1.5 million, with an outstanding loan balance of roughly $775,000 as of January 2022.
If you’d like more information on the program, I would suggest watching the City Council’s special meeting held on February 28th. A link can be found on our website. The Resolution adopted by the City Council can also be found on our website.
I’d also like to take this time to let you know the City of Beatrice recently finished the Annual Comprehensive Financial Report for the fiscal year ending 9/30/2021. The report is now available on the City’s website. If you’d like to know more about the health of the City’s finances, this is a great place to start! I’d suggest reading the Management’s Discussion and Analysis section for an introduction to the City’s various funds and a few of the highlights for the fiscal year 2021. I’d also suggest reading the Notes to the Financial Statements section for assistance in understanding the City’s financial statements and significant accounting policies. Should you have any questions while reading through this document, or any other finance-related matters, please feel free to contact me.
Hannah Bell
Finance Director
Original source can be found here.
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