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ITEM lli: 5. <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Development// /~ <br />DATE: August 14, 2006 C/,~ <br />SUBJECT: Consider Year 2007 EDA Budget and Resolution Regarding EDA Levy <br />Attachments <br />• Budget Worksheet -Proposed 2007 EDA Revenue & Expenditures <br />• Initiative Foundation information <br />• Resolution establishing the EDA tax levy for collection in year 2007 <br />Summary <br />The Community Development Department's Economic Development Division is funded through <br />two separate budgets including: <br />• Economic Development Authoxitj~ <br />• Housing & Redevelopment Authority <br />Since 2003, the EDA and HRA levies have been enough to balance the Economic Development <br />Division without General Fund revenues. EDA revenues are estimated at 10% growth in market <br />value fox the year 2007. <br />In 2004 the Personal Services costs (salaries and benefits) were adjusted from 70/30 percent EDA <br />and H1tA respectively, to 60/40 percent due to staff time allotted to the HRA's Downtown <br />Revitalization Project. It is proposed that this continue in 2007. <br />Other common administrative expenses axe proposed to be shared by the EDA and the HRA. As in <br />previous years, the HRA would make a one time transfer to the EDA in the amount of $3,500 to <br />cover approximately 37% of the shared expenses. <br />Below is a line item analysis of the proposed year 2007 expenditures fox the EDA: <br />• Personal Services (including Commissioners compensation) $110,800 <br />• Office supplies (shared with HRA) $ 3,000 <br />• Fuels (shared with HRA) $ 150 <br />• BDM Consulting Engineers $ 5,000 <br />• Legal Fees (purchase agreements fox EDA land, etc.) $ 10,000 <br />