5. EDSR 08-08-2011 - Laserfiche WebLink

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and Council on September 12, 2011. Costs associated with the Gateway development are included in the Legal Fee and Advertising/Marketing budget line items. Additional costs would most likely come out of the city's development fund which would most likely be funded from special assessments and trunk funds. The increase in Travel, Conferences & Schools line item is attributed to continuing education elected by the Director of Economic Development, in which the city provides 75% tuition reimbursement up to $3,000 per the city's personnel policy. The remainder of the increase covers the Economic Development Finance Professional Certification through the National Development Council (NDC) for the Assistant Economic Development Director. The proposed budget also includes a Transfer out to General Fund for shared administrative/personnel services. In 2004 the Personal Services costs were adjusted from 70/30 percent EDA and HRA respectively to 60/40 percent due to staff time allotted to the downtown construction project and redevelopment planning. It is proposed that this continue in 2012 due to staff time spent on foreclosure prevention activities and the anticipated Downtown Redevelopment Plan. Initiative Foundation Annual Contribution Reduest Information about the Initiative Foundation's 2012 request of $2,500 is attached. Prior to 2007, the EDA had made a series of annual contributions of $2,500 to the Initiative Foundation, however has not contributed since. In the past two years, the EDA has received $6,500 from the Foundation for the Economic Development Assistant's NDC training and the branding and marketing project If the EDA chooses to approve this request, the $2,500 will be taken out of the Misc. line item. In 2008 the EDA adopted a Fund Balance Policy to designate a percentage of its cash fund balance at the end of each year toward EDA Development Projects. The balance is intended to be used by the EDA for development expenses such as land acquisition and related assembly costs for future commercial/industrial parks. As indicated as a goal in the 2009-2012 strategic plan, staff is evaluating the current inventory of available commercial and industrial land and evaluating assembly options (ownership, improvements, financing, etc.) Information -Related EDA Pro,grram Fund Balance In addition to its operating budget the EDA has accessed the following various funds for specific economic development projects (recent balance sheets attached): • EDA Micro Loan Fund with a cash balance of $1,143,144 • EDA DTED Loan was closed (transferred to Micro Loan fund) in 2010 (derived from 2003 federal grant for Sportech expansion) • City DEED Loan with a cash balance of $302,950 (derived from 2008 federal grant for Sportech expansion) • City Development Fund with a cash balance of $413,053 (City-controlled fund for capital projects such as Northstar Business Park and Gateway Business Park) Attachments • Budget Worksheet -Proposed 2012 EDA Revenue & Expenditures • Resolution Establishing the EDA Levy for Collection in Year 2012 N:\Departments\Community Development\Economic Development\EDA to move\Budget\2012 Budget\8-8-11 Action Requested EDA Budgetdoc