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• <br /> City of <br /> Elk. <br /> liver "' <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: August I I, 2003 <br /> SUBJECT: Consider Year 2004 Budget <br /> Attachments <br /> • Budget worksheet-- EDA Projected Revenue&Expenses <br /> • Budget worksheet-- Business Incubator Projected Revenue&Expenses <br /> • Initiative Foundation Information <br /> 4111 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 2004 <br /> Personal Service costs (salaries and benefits) are proposed to be divided the same as in 2003, <br /> as follows: <br /> • EDA- 70% <br /> • HRA- 30% <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 2004 to cover approximately 30% of the shared expenses. <br /> Following is a line item analysis of the proposed year 2004 expenditures for the EDA: <br /> • Personal Services (including commissioners compensation) $104,150 <br /> • Office Supplies (shared with HRA) $ 3,450 <br /> • • Fuels&Lubricants (shared with HRA) $ 150 <br /> • Legal Fees $ 1,750 <br />