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EIk REQUEST FOR ACTION <br /> River <br /> To ITEM NUMBER <br /> Economic Development Authority 5. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> August 19, 2013 Brian Beeman,Director of Economic <br /> Development <br /> ITEM DESCRIPTION REVIEWED By <br /> 2014 EDA Budget and Resolution Establishing EDA Levy Jeremy Barnhart,Deputy Director <br /> Community Operations & <br /> Development <br /> REVIEWED BY <br /> Tim Simon, Finance Director <br /> ACTION REQUESTED <br /> Review and approve the 2014 EDA Budget as presented and attached Resolution establishing the EDA <br /> Tax Levy for collection in year 2014. Following the EDA's action, the City Council must approve and <br /> certify the EDA levy to Sherburne County by September 15, 2013. <br /> BACKGROUND/DISCUSSION <br /> The Economic Development Division consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing&Redevelopment Authority <br /> On July 29, 2013 a special budget workshop was called and the EDA members reviewed in detail the <br /> performance measures/goals and budget for 2014. <br /> Revenues <br /> Since 2003, the EDA tax levy has been enough to balance the Economic Development Division Budget <br /> without the use of city General Fund revenue. The 2014 budget is designed to be in keeping with this <br /> tradition. Any non-spent funds remaining at the end of the year stay in the EDA fund for economic <br /> development purposes/projects. <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 2014 budget are estimated based on a 2%increase in taxable <br /> market value according to preliminary information provided by the Sherburne County Assessor,which is <br /> consistent with the increase anticipated by the Finance Director. Updated information will be available <br /> 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 /> It 1 ■ E I E I 1 1 <br /> N:\Departments\Community Development\Economic Development\1EDA\EDA to move\Agenda\Year2013\8-19- � <br /> 2013\x 5 sr 2014 EDA budget-action requested.docx <br />