Laserfiche WebLink
<br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />Request for Action <br /> <br /> <br />To <br />Economic Development Authority <br />Item Number <br />3.1 <br />Agenda Section <br />General Business <br />Meeting Date <br />July 15, 2019 <br />Prepared by <br />Amanda Othoudt, EDD <br />Item Description <br />2020 EDA Budget & Budget Goals <br />Reviewed by <br />Lori Ziemer, Finance Director <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Information presented for discussion only. Action is to be taken at the August 19, 2019, EDA meeting. <br /> <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 /> <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 the <br />EDA Bylaws, the EDA must approve the budget at their August 19, 2019, regular meeting, and make <br />recommendation to the City Council on September 3, 2019. <br /> <br />As drafted, the proposed expenditures are $339,950. Staff is proposing a slight increase in expenditures <br />for office supplies, conferences and schools. Staff is proposing a decrease in fuels, legal, telephone, <br />advertising and marketing, and publishing. Staff is proposing to allocate $45,000 towards the wetland <br />credit bank which is a shared initiative between the EDA and the Environmental divisions. Allocating <br />$3,000 to the Initiative Foundation and allocating $5,000 towards the Public Art Initiative. <br /> <br />The EDA levy options are as follows: <br />1) A Balanced Rate <br />2) 0.01813% Maximum Rate <br /> <br />All levy options are applied against the Estimated Market Value that will be obtained from Sherburne <br />County. In addition to the tax levy, we also calculate interest income of $5,000 and $3,500 transfer from <br />the HRA for supplies and shared costs. <br /> <br />Financial Impact <br />None <br /> <br /> <br />Attachments <br /> EDA 2020 Budget Goals <br /> EDA Budget Worksheet