Most local governments have been struggling with cash-strapped budgets and forcibly cutting within agencies and programs. These tight budgets and cuts may lead to poor infrastructure, a decreased access to services and programs, and ultimately, inadequate economic development. Economic development creates the conditions for economic growth and an enhanced quality of life for citizens by expanding the capacity of individuals, organizations, and communities in order to maximize the application of their abilities and skills to support innovation, decreased costs, and responsibly producing and trading valuable goods and services. In addition, economic development requires effective, collaborative institutions focused on bolstering mutual advancement for the public and private sectors. Most importantly, economic development is vital to guaranteeing our financial future.