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City of <br /> Elk -�-; <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: August 19, 2002 <br /> SUBJECT: Consider Year 2003 Budget <br /> Attachments <br /> • Budget worksheet—Page 1 &2—EDA Projected Revenue & Expenses <br /> • Budget worksheet—Page 3—Business Incubator Projected Revenue &Expenses <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. The <br /> EDA and HRA levies are now at a point that it is feasible to balance the Economic <br /> Development Department without the General Fund. Revenues are estimated at 8%growth <br /> in market value for year 2003. <br /> Personal Service costs (salaries and benefits) are proposed to be divided 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 2003 to cover approximately 25% of the shared expenses. <br /> Following is a line item analysis of the proposed year 2003 expenditures for the EDA: <br /> • Personal Services $104,150 <br /> • Office Supplies (shared with HRA) $ 1,950 <br /> • Fuels &Lubricants (shared with HRA) $ 150 <br /> • • Legal Fees $ 1,750 <br />