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C,ousidcr Ycar 2007 EUA Budget and Resolution Rcgardiug EDA Lcvy <br />August 14, 2006 b:DA Mcctivg <br />Page 2 of 2 <br />• Other Professional Services $18,000 <br />o Ehlers & Associates (feasibility studies, TIF runs) <br />o Gateway Business Centex land use planning/design <br />• Telephone (shared with HRA) $ 200 <br />• Postage (some shared with HRA) $ 1,000 <br />• Travel, Conference and Schools (shared with HRA) $ 4,700 <br />• Advertising/Marketing $50,600 <br />o Economic Development Website <br />o Community Profiles (design & print) <br />o Advertising (production & publication) <br />o Public Relations (articles, direct mail, newsletters, design & print) <br />o Business Retention lunches <br />• Publishing $ 500 <br />• Insurance $ 500 <br />• Dues & Subscriptions $ 1,100 <br />• Miscellaneous $ 8,500 <br />o Chamber of Commerce July 4`h Celebration contribution <br />o Initiative Foundation contribution <br />• Transfer out to General Fund (support staff, etc.) $ 17,000 <br />Total EDA Year 2007 Proposed Expenditures: $231,050 <br />Total EDA Year 2007 Proposed Revenue: $346,900 <br />The proposed budget includes a contribution in the amount of $2,500 to the Initiative Foundation. <br />Last year the EDA authorized a contribution of $2,500 to the Initiative Foundation. Information <br />about the Initiative Foundation's 2007 request of $5,000 is attached. <br />The projected balance of $115,850 will be put into the EDA reserves fox future economic <br />development project expenses. Building this reserve fund is especially critical fox the EDA to have <br />the financial means to secure property fox future industrial ox commercial development needs. <br />Attached to this memo you will find a Resolution establishing the tax levy fox the Elk River EDA, <br />which requests that the City Council levy such maximum amount for the authority for the year 2007, <br />as in previous years. The City must certify its proposed maximum levy, including EDA and HRr1 <br />levies, to Sherburne County annually in September. <br />Recommendations <br />Staff recommends that the EDA approve the year 2007 EDA Budget as presented. In addition, <br />staff recommends that the EDA approve the attached Resolution establishing the EDA tax lew for <br />collection in year 2007. <br />S:\EDA\ED Admin\EDA Budget\07BUDGET.DOC <br />