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Eik REQUEST FOR ACTION <br /> River <br /> To ITEM NUMBER <br /> Economic Development Authority 7. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> August 13, 2012 Annie Deckert, Director of Economic <br /> Development <br /> ITEM DESCRIPTION REVIEWED By <br /> 2013 EDA Budget and Resolution Establishing EDA Levy Tim Simon, Finance Director <br /> REVIEWED BY <br /> Cal Portner, City Administrator <br /> ACTION REQUESTED <br /> Review and approve the 2013 EDA Budget as presented and approve the attached Resolution <br /> establishing the pay 2013 EDA Tax Levy. Following the EDA's action,the City Council must approve <br /> and certify the EDA levy to Sherburne County in September. <br /> BACKGROUND/DISCUSSION <br /> The Economic Development Division consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing&Redevelopment Authority <br /> Revenues <br /> Since 2003,the EDA tax levy has been enough revenue to balance the Economic Development Division <br /> Budget without the use of city General Fund revenue. <br /> The attached Budget Worksheet was prepared using the 0.01813%levy as in previous years. Revenues <br /> generated from the EDA tax levy for the 2013 budget are estimated based on a 10% decrease in taxable <br /> market value according to preliminary information provided by the Sherburne County Assessor. Updated <br /> information will be available from the County Assessor in September. <br /> Other revenue sources include interest income and a $3,500 transfer in from HRA funds toward <br /> approximately 40% of shared administrative expenses (office supplies, fuels, telephone, travel/training). <br /> Expenditures <br /> The proposed 2013 budget was developed with the goals and action steps outlined in the 2009-2012 <br /> Strategic Plan, City Vision& Goals and the branding implementation plan. The EDA and HRA will <br /> devise the 2013-2016 Strategic Plan later this year. Any major budget changes deviating from the <br /> proposed 2013 budget will be brought to the EDA for consideration. <br /> Other Professional Services. Primarily allocated for the implementation of the branding and marketing <br /> strategic plan adopted by the EDA and Council on September 12, 2011. Marketing material and website <br /> redesign began in 2012 which accounts for the decrease in 2013. <br /> P 1 I E R E 1 1 1 <br /> N:ADepartments\Community Development\Economic Development\EDA to move\Budget\2013 Budget\2013 EDA NATURE <br /> budget-action requested.docx <br />