Economic Development, Department of

Agency Web Site: http://esd.ny.gov/

Mission

Together with Empire State Development, the New York State Department of Economic Development:

• Advises the Governor and Legislature on all major economic development issues and decisions;
• Develops and recommends State economic development strategies;
• Provides technical and financial assistance to businesses through a network of regional offices; and
• Coordinates the efforts of other State agencies, authorities and organizations, as well as local governments, on actions that affect the State’s economy.

Budget Highlights

The Executive Budget recommends $70.1 million for the Department. This is a decrease of $60.9 million from the 2011-12 budget. The decrease primarily reflects one-time Federal funding of $55.4 million provided in 2011-12 for the Small Business Credit initiative, as well as the non-recurrence of funding for various multi-year State matching grants for which Federal funding has expired making the State commitment no longer necessary.

The Executive Budget recommends a workforce of 158 FTEs for the Department, an increase of 15 FTEs from the 2011-12 budget. The increase reflects additional staffing needed to support Minority and Women-Owned Business Enterprise (MWBE) initiatives, including full implementation of the 2010 Business Diversity Act.

Major budget actions include:

• "I ♥ NY” Program. A $2.5 million appropriation is recommended for "I ♥ NY” tourism advertising, a decrease of $1.1 million from 2011-12 to align appropriations with actual spending levels;
• Tourism Matching Grants. $3.8 million is provided to assist local tourism promotion agencies, the same level as last year;
• International Trade. A $700,000 appropriation is recommended for international trade activities and offices, a reduction of $380,000 from 2011-12;
• Minority and Women-Owned Business Initiatives. The budget includes $1.6 million in new funding to support expenses associated with full implementation of the 2010 Business Diversity Act, as well as development of an MWBE Monitoring and Compliance System. These initiatives will help achieve the Governor's goal to increase the rate of MWBE participation across the State to 20 percent.
• Regional Councils Operating Support: The budget includes $1 million in new funding to support administration costs associated with continued State efforts to advance each region's Economic Development objectives.

For more information on this agency's budget recommendations located in the Executive Budget Briefing Book, click on the following link:

Briefing Book – Economic Development (PDF)

Note: Most recent estimates as of 1/17/2012

Click for additional detailed appropriation tables