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ITEM # 9. <br /> • <br /> 4 <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development <br /> DATE: August 8, 2005 <br /> SUBJECT: Consider Year 2006 EDA Budget and Resolution Regarding <br /> EDA Levy <br /> Attachments <br /> • Budget Worksheet — Proposed 2006 EDA Revenue &Expenditures <br /> • Initiative Foundation information <br /> 11111 <br /> • Resolution establishing the EDA tax levy for collection in year 2006 <br /> Summary <br /> The Economic Development Department consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing&Redevelopment Authority <br /> Since 2003, the EDA and HRA levies have been feasible to balance the Economic <br /> Development Department without General Fund revenues. EDA revenues are estimated at <br /> 10%growth in market value for the year 2006. <br /> In 2004 the Personal Services costs (salaries and benefits) were adjusted from 70/30 percent <br /> EDA and HRA respectively, to 60/40 percent due to staff time allotted to the HRA's <br /> Downtown Revitalization Project. It is proposed that this continue in 2006. <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 37% of the shared expenses. <br /> Below is a line item analysis of the proposed year 2006 expenditures for the EDA: <br /> • Personal Services (including Commissioners compensation) $106,900 <br /> • Office supplies (shared with HRA) $ 2,500 <br /> • • Fuels (shared with HRA) $ 150 <br />