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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> III <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: William Rubin,Executive Direct,\ 'n <br /> v Vr� <br /> DATE: July 10, 1995 <br /> SUBJECT: 1996 EDA Budget and Levy <br /> INTRODUCTION <br /> Based on a maximum statutory levy of.01813,percent of the taxable market value in the <br /> City, it is estimated that the EDA will have revenues of approximately $90,000 in 1996. <br /> The proposed 1996 EDA budget is outlined on the attached page and a narrative summary <br /> follows: <br /> • <br /> PERSONAL SERVICES ($45350) <br /> This proposed expenditure of$45,350 includes the part-time salaries of the EDA <br /> Commissioners ($100/month per Commissioner) plus 50% of the Economic <br /> Development Coordinator's salary, pension and benefits. 'In addition, one-fourth <br /> of an administrative support position (plus pension and benefits)is funded through <br /> the EDA as is one-fourth of the time of the Recording Secretary for EDA <br /> meetings. <br /> SUPPLIES AND CHARGES ($800) <br /> $800 is attributable to office supplies to the EDA in 1996. <br /> CONTRACTURAL SERVICES ($42,850) <br /> $1,000 is allocated for the Economic Development Consultant in 1996. <br /> $1,000 has been allocated for legal fees in 1996. <br /> $18,000 is allocated to support various advertising initiatives for the EDA in 1996. <br /> This includes expenditures in regional and state publications such as Corporate <br /> Report Ventures, Minnesota Real-Estate Journal, Business Media, and Twin <br /> Cities Business Monthly. Specialty ads that are required in, say, the progress <br /> Aft• edition of the Star News, and the Parade'of Homes publication are also attributable <br /> to this category. <br /> P.O. Box 490 • 13065 Orono Parkway• Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />