High Point Market escapes budget cuts
Larry Thomas -- Furniture Today, August 24, 2009
High Point — The High Point Market Authority has escaped a severe budget cut from the state of North Carolina, which left intact the group's transportation funds and took only a small slice out of its marketing and promotion money.
Market Authority President Brian Casey said the group is receiving $1.2 million for transportation for the fiscal year that began July 1 — the same as the previous year — and another $848,925 for marketing and promotion.
He said the marketing and promotion money is only 2% less than what the Market Authority received from the state last year.
The funding had been in limbo for weeks while state legislators were figuring out how to close a $4 billion budget shortfall. Budget writers finally finished their work in early August, and the budget was signed into law by Gov. Bev Perdue on Aug. 7.
At one point, the state was proposing a 25% cut in transportation funding for the market, but Casey said he was pleased with the final result.
"It validates the importance of the industry and the market to the state," he said.
The state provides the bulk of the Market Authority's funding, but it also gets money from several other sources, including a High Point showroom tax.
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High Point Market Authority gets small budget cut
Aug 20, 2009
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