6. EDSR 08/13/2007 - Laserfiche WebLink

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Consider Year 2008 EDA Budget and Resolution Regarding EDA Levy August 13, 2007 EDA Meeting Page 2 of 3 • Engineering Fees (Gateway/Northstar Business Park) $ 5,000 • Legal Fees $ 10,000 • Other Professional Services $ 8,000 o Ehlers & Associates (feasibility studies, TIF runs) • Telephone (shared with HRA) $ 200 • Postage $ 2,000 • Travel, Conference and Schools (shared with HRA) $ 4,700 • Advertising/Marketing $ 58 600 o Economic Development Website , o Community Profiles (design & print) o Advertising (production & publication) o Newsletter/Direct Mail (4x design & print) o News Releases (6x) o Special Events (manufacturers week/broker event) o Business Retention lunches • Publishing $ 500 • Insurance $ 500 • Dues & Subscriptions $ 1,200 • Miscellaneous $ 6,000 o Chamber of Commerce July 4`h Celebration contribution • Transfer out to General Fund (support staff, etc.) $ 17,000 • Transfer out to EDA Development Fund $163,800 Total EDA Year 2008 Proposed Expenditures: $397,300 Total EDA Year 2008 Proposed Revenue: $397,300 The proposed budget does not include a contribution in the amount of $2,500 to the Initiative Foundation. The EDA has made a series of annual contributions of $2,500 to the Initiative Foundation. Over the years the EDA's involvement with the Foundation has decreased with the lack of its Seed Capital Fund program and the EDA's closure of the business incubator program in 2005. Information about the Initiative Foundation's 2008 request of $5,000 is attached. If the EDA chooses to continue its annual contribution, it should be understood that this is an ongoing request as part of the Foundation's 5-year capital fundraising program, after which funding needs are evaluated and a new 5-year campaign initiated. Staff recommends this request be reconsidered when the EDA increases its involvement and participation in the Initiative Foundation's programming and services. An amount of $163,800, which reflects the estimated cash balance after general operating expenses, is proposed to be transferred out into a separate EDA Development Fund account for future economic development project expenses. Capitalizing this fund is especially critical for the EDA to have the financial means to secure property for future industrial or commercial development needs. Attached to this memo you will fmd a Resolution establishing the tax levy for the Elk River EDA, which requests that the City Council levy such maximum amount for the authority for the year 2008, as in previous years. The City must certify its proposed maximum levy, including EDA and HRA levies, to Sherburne County annually in September. S:\EDA\ED Admin\EDA Budget\EDA 08 BUDGET.DOC