A $469,145.00 budget for the Fairfield Industrial Development Corporation was approved for fiscal year 2009-2010 by Fairfield city council members last week.

FIDC is funded by earning one-fourth of the city sales tax reimbursement. It is separate from the city's budget, but must be approved by Fairfield city trustees.

Dave Zuber, FIDC director, presented the budget to the council members, as well as a refinance plan for the loan.

Tax receipts and interest income are expected to net FIDC about $625,000 for the 2009-2010 year. Last year's income showed about $684,000.

Expenditures are salaries and benefits, car allowance and an employee incentive, total should be about $133,000 this coming year. Operations costs are expected to be $18,270. At the industrial park, expenses are maintenance, legal services and interest, estimated at $48,625.

Other expenditures listed in the budget are capital purchases, $5,000, promotions, $13,050, business retention, $500, and projects, $10,000 for an I-45 entrance sign, and an additional $250,000 on the industrial park land loan.

Additionally, Zuber would like to try to pay off the remainder owed to the Williford Foundation for the 370 acres purchased for the industrial park. Original cost for the land was $1.11 million. The figure has been paid down to $750,000.

FIDC currently has some $1.4 million in certificates of deposit.

Also at Tuesday's meet, council members gave city mayor Roy Hill and city administrator Jeff Looney approval to begin advertising for an economic or community development coordinator, after some job specifics have been lined out.

Resignations were accepted from meter reader Jeremy Amberson, and police officers Billy Barlow and Jeremy Irion.

Next council meeting is set Oct. 13 at city hall.