Directors of the High Point Market Authority approved a preliminary budget Wednesday of $4.89 million for the upcoming fiscal year - a spending projection that could rise as much as $200,000 once the North Carolina legislature finalizes the state's budget.
The Market Authority budget for the fiscal year beginning July 1 includes $1.64 million from the state - the same amount it received for the current year -- but board chairman Doug Bassett said the state's contribution could be $1.84 million if the state Senate's version of the North Carolina budget becomes law.
The budget passed by the state House keeps funding at $1.64 million.
Bassett told board members the Senate version boosts funding from the state Department of Transportation from the current $980,000 to $1.2 million. Both versions keep funding from the state Department of Commerce at $655,000.
The transportation funds help operate the market's shuttle system, while commerce department money is used for marketing and promotion of the market.
Bassett said the extra transportation funds in the Senate bill would free up additional money for marketing and promotional efforts.
The state funds represent about one-third of the $4.92 million in projected revenues for the fiscal year. The second largest funding source is a tax on showroom space, which is projected to bring in $1.54 million. The city of High Point is contributing another $1 million.
Bassett, who has made numerous trips to the state capitol in Raleigh to lobby for Market Authority funding, said the state budget probably won't be finished until mid- to late July.
In March, a budget submitted Gov. Pat McCrory proposed slashing the group's funding. However, the governor soon reversed himself after meeting with Bassett and several other furniture industry executives.
