5. EDSR 08-19-2013 - Laserfiche WebLink

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regional Minnesota manufacturers who meet regularly for workshops and other events. EDA staff felt that targeting groups like this is much more effective in forming relationships and attracting new industry to Elk River than other forms of networking and advertising like billboards. Therefore, CMMA dues were added for 2014. Miscellaneous: The Independence Day Celebration was added under the Miscellaneous line item in the amount of$6,000 as per the EDA's request at the July 29, 2013 Budget Workshop. Transfers Out: Each year the EDA transfers monies to the General Fund to help pay for administration and payroll costs. The Transfers Out line item increased from$25,000 in 2013 to $32,250 in 2014. This is the result of the restructuring which was completed in 2013.The Deputy Director of Community Development and Operations now oversees the Economic Development Division. The increase is to help pay 10% of the of the Deputy Director's costs. This 10%is split 60% $7,250 from the EDA and 40% $4,350 from the HRA. In addition to its operating budget the EDA has access to the following funds for specific economic development projects (recent balance sheets attached): • EDA Micro Loan Fund with a $969,099.70 cash balance. • Federal DEED Loan has a cash balance of$509,585.80, as we have closed on the Affiance Machine forgivable loan.The other two forgivable loans are expected to close later this year. • City Development Fund with a cash balance of$881,582.51 of which$254,177 is committed to Nature's Edge Business Center and$472,983 is for Preferred Powder Coat's internal loan for site development costs,leaving an uncommitted balance of$154,423. (City-controlled fund for capital projects such as Northstar Business Park and Nature's Edge Business Center). • State DEED loan has a cash balance of$403,953.95. The Finance Committee is developing guidelines to use the funds for the creation of a fourth Microloan. Financial Impact The 2014 expenditure budget is $301,350. ATTACHMENTS • Resolution Establishing the EDA Levy for Collection in Year 2014 • Proposed 2014 Budget Detail Spreadsheet • Advertising and Marketing plan for 2014- C. Wilfahrt • Proposed 2014 Budget Worksheet—Revenue&Expenditures • 2014 EDA Goals and Performance Measures (internal document used for budgeting process)