OEDC Looks to FY2027 In New Budget, Plan

The Olney Economic Development Corporation approved a $378,705 operating budget for fiscal 2026-27 that would significantly increase both revenues and spending while shifting more money toward downtown development and business projects.

The proposed budget projects $378,705 in income, up from $313,000 in the 2025-26 budget. The largest source is $180,000 in sales tax revenue from the City of Olney, compared with $178,000 budgeted last year.

Lease revenue also would rise substantially. The budget includes $172,000 from local leases, compared with $60,000 this year. A new daycare lease is budgeted at $27,000, and the County Annex lease rises from $25,000 to $30,705. Interest income, however, is projected to fall from $38,000 to $15,000.

Proposed operating expenses total $345,650, leaving projected net income of $33,055.

Among the largest expenditures are $60,000 for Main Street apartments, $50,000 for Main Street appearance projects, $48,000 for repairs and maintenance, $36,000 for Lake Cooper/TPW-related work and $24,000 for the business lab. Wages remain at $60,000.

The corporation also proposes spending $370,000 from reserves on two major projects: $250,000 on an i dustrial park and $120,000 for a Chamber of Commerce building rehab.

That reserve spending is separate from the $345,650 operating expense budget and will be worth clarifying during today’s discussion.

PSI seeks help financing surge in orders

The OEDC is exploring ways to help PSI Extrusions finance a major increase in orders that could eventually produce dozens of new jobs in Olney.

At a Sept. 3 special meeting, PSI Vice President Kyle Coates told board members that the company was experiencing what the minutes described as a “tremendous spike” in orders from reshoring and new solar work. Its backlog is reportedly the largest the company has seen, but production is being constrained by the cost and availability of materials.

PSI estimated that it immediately needs about $450,000 for three truckloads of billet and would prefer access to roughly $500,000 to improve its material position.

The company told the OEDC that a solar assembly operation could create five to seven jobs immediately. A press-line expansion could add about 10 jobs initially and potentially grow to 20 to 30 jobs as production increases.

OEDC officials discussed several financing possibilities with USDA representative John Powell, including the federal Intermediary Relending Program. Under that program, the OEDC potentially could obtain a 1-percent loan of up to $1 million and relend money to a local business, although the minutes indicate an individual business would generally be limited to about $400,000 and a line of credit to $250,000.

The board also discussed USDA loan guarantees and a Rural Economic Development grant/ loan program.

No formal action was taken Sept. 3. Instead, the group agreed to continue pursuing several financing options.