High Point Market Authority board approves FY 24/25 budget

HIGH POINT — At its quarterly meeting here Wednesday, the High Point Market Authority board approved its annual budget for its 2024/25 fiscal year that begins July 1.

The budget includes total revenues of $14.05 million and total expenses of $14.043 million.

Major revenues include $5 million in nonrecurring funding from the state of North Carolina for infrastructure improvements. This is part of an overall $9 million the state committed to the market in one-time revenues to be spread over about two years, including roughly $2 million spent thus far.

The estimated $9.05 million in total recurring revenues includes $4.45 million from the State of the North Carolina, $3.5 million from local government and another $1.07 million in recurring funds.

“We are near the top of what we can expect in our funding, and the great news is that all that money from the state is recurring,” said Doug Bassett, board member and governmental affairs expert, noting that local governments also remain consistently loyal contributors to the High Point Market.

He said that in the future, there also may be other opportunities to seek one-time funding support from the state if the market authority has a particular project in mind, although he doubts it will be to the tune of $9 million.

“If we needed to purchase a key piece of real estate either for parking or something like that, and if we show a demonstrable need, there is a chance we could go to the state for more one-time funds as needed,” he said.    

Outside of the nonrecurring funds from the state, the Market Authority has budgeted $9.043 million in expenses that include:

+ $815,800 for executive leadership and administrative staff.

+ $2.14 million for transportation.

+ $1.09 million for registration costs.

+ $3.1 million for marketing.

+ $1.9 million for guest services.

Tammy Covington Nagem

HPMA President and CEO Tammy Covington Nagem noted that operating expenses have decreased about 3% — with some departmental cost shifts versus major changes in staffing — to reflect a reduction in American Rescue Plan Act and Covid-related revenues that are about to sunset. The market authority also has contracted with a new registration vendor that will result in some tasks such as telemarketing — aimed at reminding buyers about market and helping them get registered over the phone — done in house.

In addition, she noted,  expenditures continue to focus on areas such as technology improvements, keeping one night of national talent each market, and on-site wayfinding for market guests such as signage. The market authority also continues to focus on efforts to increase attendance from various buyers that have not attended market regularly of late.  

“We are really concentrated in areas that we feel will help move the needle for market,” she said. “And this budget is very reflective of that.”

Thomas Russell

Home News Now Editor-in-Chief Thomas Russell has covered the furniture industry for 25 years at various daily and weekly consumer and trade publications. He can be reached at tom@homenewsnow.com and at 336-508-4616.

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