7. EDSR 08-11-2008 - Laserfiche WebLink

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ITEM ~ 7. of fiver MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Developmen DATE: August 11, 2008 SUBJECT: Consider Year 2009 EDA Budget and Resolution Regarding EDA Levy and Resolution Regarding YMCA Levy Attachments • Budget Worksheet -Proposed 2009 EDA Revenue & Expenditures • Initiative Foundation information • Draft EDA Fund Balance Designation Policy and Sample Balance Sheet • Fund Balance Sheets -Micro Loan Fund, EDA DTED Loan and Development Fund Resolution Establishing the EDA Tax Levy for Collection in Year 2009 • Resolution Establishing the 2009 Referendum Tax Levy for YMCA Summary The Economic Development Division is funded through two separate budgets including: • Economic Development Authority • Housing & Redevelopment Authority Revenues Since 2003, the EDA and HRA levies have been enough to balance the Economic Development Division without General Fund revenues. EDA revenues are estimated at 2% growth in market value (estimated market value $2.2million) for the year 2009. Other revenue sources include interest income and a $3,500 transfer in from HRA funds toward approximately 40% of shared administrative expenses (office supplies, fuels, telephone and travel). Expenditures The budget was developed with the attached 2008-2009 EDA Goals/Projects in mind. There are no significant changes in the proposed EDA expenditures for 2009 as indicated on the attached Budget Worksheet. In 2004 the Personal Services costs (salaries and benefits) were adjusted from 70/30 percent EDA and HRA respectively, to 60/40 percent due to staff time allotted to the HRA's Downtown Revitalization Project. It is proposed that this continue in 2009.