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Item# 6 <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Developme <br /> DATE: August 27, 2001 <br /> SUBJECT: Year 2002 Budget & Levy Resolution <br /> Attachments <br /> *Budget worksheet—HRA revenue &expenditure projections <br /> *Levy Resolution <br /> Summary <br /> The economic development department is funded by three separate budgets including: <br /> * General Fund <br /> • * Economic Development Authority <br /> * Housing&Redevelopment Authority <br /> Dollars from all three sources has been used, and continues to be necessary to balance the <br /> department's budget. Revenues are estimated at an 8%growth in market value for year <br /> 2002. <br /> The only expenses proposed to be shared by all three categories include full time and part <br /> time salaries and benefits —to be divided among the three categories as follows: <br /> * General Fund—20% <br /> * EDA—60% <br /> * HRA—20% <br /> Despite the recent resignation of the Assistant Director of Economic Development, staff <br /> recommends the funding for the full time position be continued. <br /> Other common office and operating expenses are proposed to be shared by the EDA (75%) <br /> and the HRA (25%). As in previous years, the HRA makes a transfer to the EDA to cover a <br /> portion of the shared expenses. Staff estimates $3,500 for the total administrative expenses <br /> assigned to HRA in year 2002. <br /> • <br />