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, ,tvo. <br /> Elk -�-- Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 3.0 <br /> Agenda Section Meeting Date Prepared by <br /> N/A July 21, 2014 Brian Beeman, Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> Discuss 2015 EDA Budget&Budget Goals for Jeremy Barnhart, Deputy Director, CODD <br /> adoption at the August 18, 2014 Regular EDA <br /> meeting. Reviewed by <br /> Action Requested <br /> Information presented for discussion only. Action is to be taken at the August 18, 2014 EDA meeting. <br /> Background/Discussion <br /> As part of the budget process, a budget workshop is advisable to allow for informal discussions regarding <br /> the goals and objectives, major projects, and other items influencing the EDA budget. <br /> To this end, staff has prepared a draft budget that attempts to address several of the goals outlined in the <br /> strategic plan, downtown plan, the City's vision worksheet, and recent EDA discussion. In order to meet <br /> the requirements of the EDA Bylaws, the EDA must approve the budget at their August 18, 2014 regular <br /> meeting and make recommendation to the City Council at the September 2,2014 regular meeting. <br /> The City Council is moving toward a biennial budget, so fiscal years 2015 and 2016 are shown on the <br /> worksheet. The EDA will review the 2016 budget at this time,next year. <br /> As drafted, the proposed expenditures are $290,100. Major initiatives include participation in the <br /> Positively Minnesota Program and the Shovel Ready Certification Program through the Department of <br /> Employment&Economic Development (DEED. <br /> A recent law change now has the EDA levy rate being applied against Estimate Market Value versus <br /> Taxable Market Value. <br /> The EDA levy options are as follows: <br /> 1) Balanced rate (.01479%) = tax revenue of$282,100 (this would be if the EDA did not want to add or <br /> draw against reserves for the 2015 budget) <br /> 2) Previous and Maximum rate (.01813%) = tax revenue of$345,743 (this would be if the EDA desires <br /> to add additional revenues into the EDA reserves for 2015) <br /> P011E1E1 11 <br /> Template Updated 4/14 NATURE <br />