Initiatives Prince George is
expected to realize a $260,500 savings in salaries and benefits in 2012.
The economic development agency is slated to present its annual service plan to city council on Wednesday. According to IPG's budget documents, the agency paid $791,940 in wages and $94,150 in benefits in 2011.
This year's significant reduced budget includes $544,750 for wages and $80,840 for benefits, according to the budget documents.
IPG currently employes six people, following the resignation in January of president Tim McEwan. The board of directors has not announced its plans regarding the hiring of a new, permanent CEO.
IPG acting CEO Heather Oland could not be reached for comment as of press time, and nothing in the budget documents indicated if layoffs are expected.
The total budget for the agency is projected to drop from $1.79 million in 2011 to $1.62 million in 2012, primarily due to a drop in provincial and federal funding. City funding for Initiatives Prince George is expected to remain the same at just over $1.02 million.
Despite the budget reduction, IPG is slated to increase spending on program delivery by $127,638 this year.
