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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 /> <br />Request for Action <br /> <br />To <br />Economic Development Authority <br />Item Number <br />9.1 <br /> <br />Meeting Date <br />July 21, 2025 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />Workshop on 2026 Budget <br />Reviewed by <br />Cal Portner <br /> <br />Action Requested <br />Provide feedback on the draft 2026 EDA budget. <br /> <br /> <br />Background/Discussion <br />Staff's initial work on the budget for 2026 is substantially carrying forward existing budget items and similar <br />expenditure amounts from 2025, with most items remaining relatively flat. <br /> <br />Goals and objectives are similar as well. Noteworthy items for discussion are land development and proposed <br />marketing changes, which include a greater focus on retail recruitment and destination/traveler targeting. <br /> <br />The draft budget is proposed at $561,620, compared to $456,000 approved for 2025. The increase is driven <br />primarily by the land and marketing items. We do anticipate a revenue increase from interest income, which <br />would minimize impacts to the levy. <br /> <br />Following the workshop, staff will work to finalize the budget for EDA consideration and adoption in August. <br />The budget adopted by the EDA will be presented to the City Council in September for inclusion in the <br />preliminary levy. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />EDA bylaws require an annual budget workshop ahead of budget adoption and final recommendation to the <br />city council. <br /> <br />Attachments <br />1. Combined Summary and Detail 2026 Draft EDA Budget <br />2. 2026 EDA Goals and Measures <br /> <br /> <br />Page 13 of 21