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Item # 7 <br /> 111/ <br /> City of <br /> Elk - -� <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Developmen / 7' <br /> DATE: August 26, 2002 <br /> SUBJECT: Consider Year 2003 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 2003 <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. The <br /> EDA and HRA levies are not at a point that it is feasible to balance the Economic <br /> Development Department without the General Fund. Revenues are estimated at 8%growth <br /> in market value for year 2003. <br /> Personal Service costs (salaries and benefits) are proposed to be divided as follows: <br /> • EDA-70% <br /> • HRA-30% <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 25% of the shared expenses. <br /> Following is a line item analysis of the proposed year 2003 expenditures for the HRA: <br /> • Personal Services $ 38,650 <br /> • Office Supplies (shared with EDA) $ 1,950 <br /> • Fuels and Lubricants (shared with EDA) $ 150 <br /> • • Legal Fees $ 1,750 <br />