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ITEM # 8. <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: August 9, 2004 <br /> SUBJECT: Consider Year 2005 EDA Budget <br /> Attachments <br /> • Budget worksheet—EDA Projected Revenue &Expenses <br /> • Budget worksheet—Business Incubator Projected Revenue &Expenses <br /> • Initiative Foundation Information <br /> • Economic Development Authority Budget Summary <br /> The Economic Development Department consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing&Redevelopment Authority <br /> In the past the City General Fund supported 20% of the personal service expenses. Starting <br /> in 2003 the EDA and HRA levies have been feasible to balance the Economic Development <br /> Department without the General Fund. Revenues are estimated at 10%growth in market <br /> value for year 2005. <br /> In 2004 the Personal Service costs (salaries and benefits) were adjusted from 70/30 percent <br /> EDA and HRA respectively, to 60/40 percent. The same is proposed for 2005. <br /> • Other common administrative expenses are proposed to be shared by the EDA and the <br /> HRA. As in previous years, the HRA would make a one time transfer in the amount of <br /> $3,500 to the EDA in year 2005 to cover approximately 37% of the shared expenses. <br /> Following is a line item analysis of the proposed year 2005 expenditures for the EDA: <br /> • Personal Services (including commissioners compensation) $ 97,950 <br /> • Office Supplies (shared with HRA) $ 2,000 <br /> • Fuels &Lubricants (shared with HRA) $ 150 <br /> • • Legal Fees $ 5,000 <br />