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E� ...,. Request for Action <br /> 'ver <br /> To Item Number <br /> Economic Development Authority _ 3.0 <br /> Agenda Section Meeting Date Prepared by <br /> N/A July 21, 2014 Brian Beeman,Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Discuss 2015 EDA Budget&Budget Goals for Jeremy Barnhart, Deputy Director,CODD <br /> adoption at the August 18,2014 Regular EDA <br /> meeting. Reviewed by <br /> Action Requested <br /> Information presented for discussion only.Action is to be taken at the August 18, 2014 EDA meeting. <br /> Background/Discussion <br /> As part of the budget process, a budget workshop is advisable to allow for informal discussions regarding <br /> the goals and objectives, major projects, and other items influencing the EDA budget. <br /> To this end,staff has prepared a draft budget that attempts to address several of the goals outlined in the <br /> strategic plan,downtown plan,the City's vision worksheet,and recent EDA discussion. In order to meet <br /> the requirements of the EDA Bylaws, the I?DA must approve the budget at their August 18,2014 regular <br /> meeting and make recommendation to the Cite Council at the September 2, 2014 regular meeting. <br /> The City Council is moving toward a biennial budget, so fiscal years 2015 and 2016 are shown on the <br /> worksheet.The EDA will review the 2016 budget at this time,next year. <br /> As drafted, the proposed expenditures are$290,100. Major initiatives include participation in the <br /> Positively Minnesota Program and the Shovel Ready Certification Program through the Department of <br /> Employment& Economic Development (DEED. <br /> A recent law change now has the ISDA levy rate being applied against Estimate Market Value versus <br /> Taxable Market Value. <br /> The EDA levy options are as follows: <br /> 1) Balanced rate (.01479%) = tax revenue of$282,100 (this would be if the EDA did not want to add or <br /> draw against reserves for the 2015 budget) <br /> 2) Previous and Maximum rate (.01813°N0) = tax revenue of S345,743 (this would be if the EDA desires <br /> to add additional revenues into the EDA reserves for 2015) <br /> [ 011 ( 0E1 <br /> Template Updated 4/14 NATURE <br />