Greater Sacramento Signs Broome On For Another Five-year Contract
Source: Sacramento Business Journal, Mark Anderson
Photo: Barry Broome, CEO of the Greater Sacramento Economic Council. (DENNIS MCCOY | SACRAMENTO BUSINESS JOURNAL)
The Greater Sacramento Economic Council has signed founding CEO Barry Broome on for a second five-year contract.
The new contract was approved by all 17 of the economic council’s original investors, all of whom also signed on for a continued commitment to keep the regional economic development group going, said spokeswoman Sarah Frayne.
“There is still a lot of work to be done,” she said.
Broome came to Sacramento at the end of 2014 from a similar position in Phoenix.
He launched Greater Sacramento in 2015, telling Sacramento leaders they needed to change their sales pitch from “less expensive than the Bay Area” to being a center of excellence.
Broome wasn’t available for an interview about his new contract.
Since he has been in California, Broome has been working to get businesses to join together to push for a stronger voice in the Legislature to battle legislation and regulations that turn businesses to other states.
He was also involved in early talks with St. Louis-based health insurer Centene Corp. (NYSE: CNC), leading to its 2017 decision to locate a western regional hub in Natomas and bring up to 5,000 jobs to the Sacramento region.
Greater Sacramento has also played a major part in the effort to make Sacramento a hub of new transportation technology and development, including the formation of the new California Mobility Center, funded by multiple sponsors and with seed funding from the Sacramento Municipal Utility District.
Greater Sacramento launched with a goal of an annual $3 million budget, which was about double its preceding organization, the Sacramento Area Commerce & Trade Organization, which GSEC replaced.
Greater Sacramento’s funding comes from a group of private-sector CEOs who pay $100,000 annually apiece, with additional support from more than a dozen local area governments.
Greater Sacramento saw contributions of $3.4 million in its first year, $5.4 million in 2015; $3.1 million in 2016; and $2.3 million in 2017, according to nonprofit filings with the IRS. The most recent year for its financial reports is 2017.
With a combination of salary and “other” compensation, Broome earned $626,040 in 2017, $636,600 in 2016 and $625,720 in 2015, according to Greater Sacramento’s filings with the IRS. Frayne said she didn’t know how much Broome will be paid under his new contract.