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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 />7.1 <br /> <br />Meeting Date <br />August 18, 2025 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />2026 Budget Resolution <br />Reviewed by <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, the attached resolution adopting the budget for 2026 and recommending $429,850 for <br />inclusion in the 2026 levy. <br /> <br /> <br />Background/Discussion <br />Following the budget workshop, adjustments have been made to the 2026 budget as presented for adoption. <br />The proposed expenditures for 2026 total $514,350 as compared to $456,000 for 2025, an increase of 12.8%. <br />Many items remain flat or see modest changes. Marketing has the most notable change, with a net increase of <br />$41,900 accounting for $30,000 in retail lead generation, $35,000 in destination marketing, and small <br />decreases in other marketing areas. Some items have been reassigned to budget lines that better correspond <br />to the activity, the most notable moving the wetland credit banking line from Miscellaneous to Land. The <br />proposed line focusing on land acquisition is not included following budget workshop feedback. <br /> <br />For revenue, interest income has been coming in strong in the current rate environment, as well as from a <br />stronger cash position due to recent land sales and budget savings. With interest income proposed at $80,000 <br />and other revenue of $4,500, a levy of $429,850 is needed to balance the budget. This is a year-over-year <br />increase of $2,850, or 0.7%. <br /> <br /> <br />Financial Impact <br />Approval of this item sets the budget for 2026 at $514,350 and recommends to the City Council that <br />$429,850 be included in the Preliminary Levy which will be considered in September. <br /> <br />Mission/Policy/Goal <br />The EDA adopts its annual budget prior to Sept. 30 each year. <br /> <br />Attachments <br />1. 2026 Budget and Levy Resolution <br />2. 2026 Proposed Budget Year-over-Year <br />3. 2026 Proposed Budget with Expense Descriptions <br /> <br /> <br />Page 15 of 22