COOMA-Monaro Shire Council mayor Dean Lynch says the town is entering a new phase for economic development with council committing $110,000 to deliver outcomes in the Economic Taskforce report, released last year.
The funding was allocated in councils 2014-2015 budget which was adopted at an extraordinary meeting in June.
Cr Lynch said the money would be used to deliver some of the key recommendations included in the economic taskforce report released in November 2013.
"It is the first time in recent years council has put a significant amount of money toward economic development," Cr Lynch said.
"We are putting money where our mouth is."
The 11 man economic development taskforce report included options, targets and an action plan to guide economic development over the next five years.
It's major recommendation was for council to appoint an economic development team and allocate suitable resources for the implementation of the long term strategic plan.
Cr Lynch said council would not be appointing an economic development officer.
Instead, actions would be delivered by the various stakeholders and would be funded via a council adopted Memorandum of Understanding (MOU) between Council and the stakeholder.
"I have met with various stakeholders, including the Chamber of Commerce and have asked for them to highlight which of the actions contained within the taskforce report, they can work with Council to achieve and deliver," Cr Lynch said.
"We have allocated the money, now we want to involve the business community and key stakeholders and find out which actions they want to achieve," Cr Lynch said.
"Once they identify that we will use council resources to deliver those actions in a specified timeframe under a MOU.
" Council will not be appointing an Economic Development Officer, rather, by including the wider business community, council will deliver tangible outcomes based on the taskforce report, that will ultimately build a more vibrant and prosperous community."
Cr Lynch, along with the tourism manager, will be presenting council's vision for the future for the region showcasing the new phase of economic development at the next Cooma Chamber of Commerce and Industry meeting on July 29.
Chamber president Kathy Kelly will also be presenting and outline the new strategy plan for the chamber.
Cr Lynch said he was hoping for a full house at the meeting so businesses can hear the plans for the future.