What preference is given to Local Small Businesses for contracts up to $150,000?

Local Small Businesses receive a 10% preference for contracts up to $150,000. This preference is designed to promote the participation of smaller, localized enterprises in city contracts, allowing them an advantage when competing against larger firms. The intention behind this policy is to stimulate the local economy, create jobs, and support entrepreneurs who may not have the same resources or connections as bigger companies.

The 10% preference means that when bids are evaluated, a Local Small Business’s proposal is considered as though it is 10% lower than its submitted price. This practice helps to ensure that local businesses have a fair chance at winning contracts and encourages the use of local resources. It's an important aspect of fostering economic growth within the community and ensuring that public funds contribute to the local economy.