8.3 SR 09-06-2022 - Laserfiche WebLink

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Request for Action To Item Number Mayor and City Council 8.3 Agenda Section Meeting Date Prepared by General Business September 6, 2022 Brent O’Neil, Economic Development Director Item Description Reviewed by Resolutions Establishing EDA and HRA Levies for Lori Ziemer, Finance Director 2023 Reviewed by Cal Portner, City Administrator Action Requested Two actions are requested under this item: 1. Approve, by motion, the attached resolution establishing the EDA tax levy of $396,000 for collection in year 2023. 2. Approve, by motion, the attached resolution establishing the HRA tax levy of $402,200 for collection in year 2022. Background/Discussion In September each year, the EDA and HRA boards set their budget for the following year and recommend a levy amount to the City Council to be certified to Sherburne County for collection the following year. The EDA reviewed its 2023 budget on August 15, 2022, and recommended a 2023 funding of $396,000 for inclusion in the levy, which is based on a budget of $405,000 and other revenues of $5,000 in interest income and $4,000 in transfers in from the HRA. The maximum EDA levy amount allowed by state statute is 0.01813% of Estimated Market Value (EMV); this levy is approximately two-thirds of the maximum amount. The August 1, 2022, HRA budget workshop identified the 2023 budget at $408,700 and proposes $6,500 in interest income and a tax levy of $402,200. The HRA is expected to formally adopt these amounts at its September 6, 2022, meeting. The maximum HRA levy amount allowed by state statute is 0.0185% of EMV; this levy is approximately two-thirds of the maximum amount. Financial Impact The 2023 proposed levy for EDA is $396,000. The 2023 proposed levy for HRA is $402,200. Attachments  Resolutions for 2023 EDA Levy and 2023 HRA Levy The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity