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Elk -....-1 Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 3.1 <br /> Agenda Section Meeting Date Prepared by <br /> N/A July 17,2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> 2018 EDA Budget&Budget Goals Cal Portner,City Administrator <br /> Reviewed by <br /> Action Requested <br /> Information presented for discussion only. Action is to be taken at the August 21,2017,EDA meeting. <br /> Background/Discussion <br /> As part of the budget process,a budget workshop is advisable to allow for informal discussions regarding <br /> the goals and objectives,major projects,and other items influencing the EDA budget. <br /> Staff prepared a draft budget to address several of the goals outlined in the strategic plan, downtown plan, <br /> the city's vision worksheet,and through recent EDA discussion. In order to meet the requirements of <br /> the EDA Bylaws, the EDA must approve the budget at their August 21,2017,regular meeting and make <br /> recommendation to the City Council at the September 4,2017,regular meeting. <br /> As drafted,the proposed expenditures are$328,300. Major initiatives include a small increase in <br /> expenditures to attend the 2018 IEDC conference,slight decrease in advertising and marketing due to the <br /> partnership with Sherburne County and the Positively Minnesota Marketing Partnership,increase in <br /> wetland bank credits which will be a shared initiative between the EDA and the Environmental divisions. <br /> The EDA levy options are as follows: <br /> 1) 0.0151%-Estimated balanced rate generates $319,300 in revenue and wouldn't add or draw <br /> against reserves. <br /> 2) 0.01813% -Previous/Maximum rate will generate approximately$384,000 in revenue and would <br /> add additional revenue into reserves. <br /> All levy options are applied against the Estimate Market Value that will be obtained from Sherburne <br /> County. In addition to the tax levy,we also calculate interest income of$5,500 and$3,500 transfer from <br /> the I IRA for supplies and shared costs. <br /> Financial Impact <br /> None <br /> Attachments <br /> • EDA 2018 Budget Goals <br /> • 2017-2020 EDA/HRA Strategic Plan <br /> • EDA Budget Worksheet <br /> I / I E I E I 1 1 <br /> NATURE <br />