The search will soon be under way for Concord’s new economic development director, likely to be one of the highest-paid officials in the city.
In June, the Concord city council okayed $135,400 in the fiscal 2017 budget to create the position. On Monday, the city council put aside $300,000 in a reserve fund that could be available to that future hire. And in August, the council will vote on a pay schedule for the job. As proposed, Concord’s new employee would make between $77,700 and $109,800.
At the top end of that range, only 10 people in city hall earned higher regular salaries in fiscal 2015.
“If we’re going to be serious about economic development, we’re going to need some money to push our efforts forward,” Mayor Jim Bouley said to the council. “Eventually, we’ll have someone come on board to coordinate the effort internally and externally.”
So on Monday evening, Bouley asked the council to put $300,000 in Concord’s economic development reserve fund. Last year’s purchase of a historic wagon for $75,000 had depleted that reserve fund to $17,000. The city administration and the future economic development director could use those dollars for relevant projects, Bouley said.
The mayor proposed taking the money from the city’s unassigned fund balance. Concord officials don’t often use that money, as those savings can correlate to a higher bond rating. But the unassigned fund balance is currently above its target by $300,000, and city officials told the council using the money would not jeopardize its AA+ bond rating with Standard & Poor’s.
None of the councilors spoke against the idea; Ward 4 Councilor Byron Champlin called the move “extremely prudent.”
“We are poised to really take a very intentional approach toward economic development,” he added.
The next step will be a vote on compensation for the future economic development director. Because pay schedules are set out in Concord’s code of ordinances, the city council will hold a public hearing and vote in August to approve those figures. With the council’s blessing, City Manager Tom Aspell then has the flexibility to set the salary for the new employee within the approved range.
Other employees at that pay grade include the city’s clerk, prosecutor and engineer.
The proposed salary would be on par with other New Hampshire communities. In Rochester, the economic development director has a $90,200 salary this year. Her Nashua counterpart made $100,300 last year.
In coming months, Aspell said Concord will be aggressive in finding the right hire from anywhere in the country. To do so, part of that money budgeted this year will likely pay a consultant firm, which will approach potential candidates in the field.
“For a job like this, there are people who don’t know they want to work here,” Aspell said.
Search firms often charge a portion of the expected salary for the job, Aspell said, though the city hasn’t chosen one yet.
The meeting will take place Aug. 8 at 7 p.m. in council chambers. For council agendas and other documents, visit concordnh.gov.
On Monday evening, the city council also voted to use surplus money to cushion taxpayers from the initial impact of a new Heights Community Center.
In April, the council approved a $6.5 million plan to transform the former Dame School on Canterbury Road into a 30,000-square-foot community center. In fiscal 2018, taxpayers would start feeling the pressure of debt service payments on that bond. Because the community center will not generate enough revenue to cover its own costs, residents would also start paying for its operating expenses in their tax bills that year.
Earlier this year, city staff estimated the impact on the payments for a $200,000 home would be $33.
But the city expects a windfall surplus this year, and the first $650,000 will go toward easing those bills for Concord homeowners over the next three years. That money came from a worker’s compensation premium holiday and other unanticipated revenues, as well as unused dollars for snow and ice removal. The exact impact on the tax rate is not yet clear.
“Utilizing these funds will keep the tax rate down for the next few years, at least,” Aspell said.
As the city administration closes the books on fiscal year 2016, Aspell told the council he will likely come back in the fall with a greater surplus.
(Megan Doyle can be reached at 369-3321, mdoyle@cmonitor.com or on Twitter @megan_e_doyle.)