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<br />Request for Action <br />To Item Number <br />Economic Development Authority 2.0 <br />Agenda Section Meeting Date Prepared by <br />Budget Discussion August 15, 2022 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />Discuss 2023 EDA Budget & Budget Goals Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review the draft EDA budget for 2023 and provide direction for inclusion in the September 6, 2022, <br />Preliminary Levy. <br /> <br />Background/Discussion <br />EDA bylaws require budget adoption and a recommendation to the City Council at the September meeting <br />for inclusion into the preliminary levy. This workshop allows for open discussion on the budget and goals for <br />2023. <br /> <br />The draft 2023 budget prepared by staff is similar to 2022 with many line items remaining level or with slight <br />modifications over the 2022 baseline. The draft budget increases the proposed expenses from $371,650 in <br />2022 to $412,500 proposed for 2023. Including analytics software as a budget item, increasing the <br />contribution to the wetland bank, and public art fund account for much of the year-over-year change. In <br />consideration of EDA levy options, and in anticipation of interest income of $5,000 and $4,000 in transfers in <br />from HRA, a levy of $403,500 would balance expenditures and revenues for the core items. The maximum <br />levy allowed is capped by state statute based on Elk River’s Estimated Market Value (EMV). The EMV has <br />not yet been provided by Sherburne County; however, preliminary projections of EMV would provide a <br />maximum levy of approximately $600,000. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />EDA Bylaws require the Executive Director to prepare a budget and present it to the Commissioners of the <br />Authority for consideration in August of each year. <br /> <br />Attachments <br /> Draft EDA 2023 Budget Worksheet <br /> Draft EDA 2023 Goals <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br />