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ITEM # 6. <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: August 25, 2003 <br /> SUBJECT: Consider Year 2004 Budget and Resolution Regarding HRA Levy <br /> Attachments <br /> • Budget worksheet-Page 1 &2-HRA Projected Revenue&Expenses <br /> • Resolution establishing the HRA tax levy for collection in year 2004 <br /> Summary <br /> The Economic Development Department consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing&Redevelopment Authority <br /> In the past the City General Fund supported 20% of the personal service expenses. Starting <br /> in 2003 the EDA and HRA levies have been feasible to balance the Economic Development <br /> Department without General Fund revenues. HRA revenues are estimated at 10% growth <br /> in market value for year 2004. In addition,2004 revenues include a transfer in from TIF <br /> District 16 in the amount of$42,000 to repay the HRA for eligible expenditures related to <br /> the King&Main TIF project. <br /> The EDA, at its August meeting,requested that the Personal Service costs (salaries and <br /> benefits) be more appropriately divided,in terms of staff time being spent. In 2003 Personal <br /> Services were divided between the EDA and HRA respectively at 70/30. <br /> Staff recommends that for budget year 2004 the Personal Service costs be divided as follows: <br /> • EDA- 60% <br /> • HRA-40% <br /> Other common administrative expenses are proposed to be shared by the EDA and the <br /> HRA. As in previous years,the HRA would make a one time transfer to the EDA in the <br /> amount of$3,500 to cover approximately 30% of the shared expenses. <br /> • <br /> F:\SHRDOC\EDA\HRA\AGENDAWear2003\04BUDGET.DOC <br />