THIS year’s request from the city by the Terrace Economic Development Authority (TEDA) for a grant om 2014 was met with questions about how the organization recorded profits from the 2013 Minerals North conference.
The chair of TEDA, Rob Dykman, was on hand at to speak on behalf of the organization at a recent council meeting and to take questions about its finances.
Dykman commenced by stating the goals of the association—to develop a program to attract and promote business in Terrace including regional planning, forming liaisons with local government bodies and community groups, visibility and awareness promotion and labour development.
TEDA’s 2014 budget request made to the city is for $165,000, which is the same awarded to it in 2013.
Council members had asked why profits from the 2013 Minerals North conference weren’t included in the TEDA budget request which outlined costs and revenue from the current year.
Dykman explained that “Minerals North was a separate event from TEDA and we wanted to treat it that way.”
Councillor Marylin Davies asked if TEDA benefitted financially from the event, and Dykman responded that Minerals North paid $25,000 to TEDA based on the hours spent organizing the conference on behalf of the city.
He said it was recorded under “miscellaneous revenue” in the 2013 budget request.
Next year TEDA plans to generate $20,000 through a business service directory.
TEDA has budgeted for $200,500 in total revenue for 2014, including the city grant, compared to $212,200 this year.
Mayor David Pernarowski said the city plans to conduct a review of its partnership with TEDA in the near future.