New Cap in Personal Net Worth for Austin’s Minority Procurement Program

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New Cap in Personal Net Worth for Austin’s Minority Procurement Program


New Cap in Personal Net Worth for Austin’s Minority Procurement Program  

Jan. 31, 2024

Austin, Texas – The City of Austin’s Small and Minority Business Resources Department (SMBR) has increased its Personal Net Worth (PNW) requirement to $2.21 million, up from the former $1.82 million. This figure represents an increase of 21%. It is the second-highest increase to the city’s Minority-Owned and Woman-Owned Business Enterprise (MBE/WBE) Procurement Program since the requirement’s inception in 2008.

The increase, effective Jan. 1, 2024, is in response to the recommendations submitted to City Council by the Inclusive Procurement Working Group (IPWG). Convened by Council in 2020 (Resolution No. 20200326-053), the IPWG was tasked with assessing specific programmatic and administrative issues related to the MBE/WBE Procurement Program.

“As one of the fastest-growing cities in the country, our new PNW methodology keeps pace with rising costs in the greater Austin area — helping ensure the program remains attractive and viable for new and existing minority and woman-owned firms,” said Edward Camps, director of SMBR. “We are confident this change will make our program an even bigger success and continue to open doors of opportunity for the businesses who need it most.”

SMBR engaged local economist John Hockenyos, President of TXP, Inc. (TXP), to review SMBR’s PNW methodology, perform a review and assessment of the PNW process, and to update and refine the methodology used to calculate the personal wealth definition of economically disadvantaged.

Based on TXP’s findings, SMBR will reset the PNW threshold annually and publish the results in January of each calendar year beginning in 2024. For more information, please visit www.austintexas.gov/smbr.

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About Us

The Small and Minority Business Resources Department (SMBR) administers Minority-Owned, Women-Owned, and Disadvantaged Business Enterprise Procurement Programs for the City of Austin. Our mission is to promote access and equity on City of Austin contracts, providing economic opportunity to small, minority-owned, women-owned, and disadvantaged businesses.

 


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