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ITEM # 7. <br /> 01/ <br /> • <br /> i1kJ <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Developmen ,A <br /> DATE: September 8, 2003 <br /> SUBJECT: Consider Year 2004 Economic Development Budget <br /> Attachments <br /> • Budget Worksheets -Revised 2004 Proposed Economic Development Budget <br /> • Staff Budget Memo from August 11, 2003 EDA Meeting <br /> Background <br /> • At the August 2003 meeting the EDA reviewed the proposed 2004 budget. Staff has <br /> prepared the attached revised 2004 EDA budget to include modifications that were directed <br /> by the EDA. The attached staff memo from the August meeting provides background on <br /> specific line item expenditures. <br /> Budget Revisions <br /> The attached revised 2004 budget includes the following additional modifications in <br /> expenses: <br /> • Miscellaneous Expense Addition of$2,500 <br /> o EDA authorized contribution to the Initiative Foundation. <br /> • Personal Services Reduction of$12,900 <br /> o HRA recently approved the EDA's request to divide Personal Services <br /> from 70/30 to 60/40, EDA and HRA respectively. <br /> • Transfer out to General Fund Reduction of$7,200 <br /> o Reflects 60/40 split for support staff, etc. <br /> • Dues&Subscriptions Addition of$250 <br /> o Year 2004 Elk River Area Chamber of Commerce membership dues. <br /> • Revised Total EDA Year 2004 Projected Revenues $235,850 <br /> Revised Total EDA Year 2004 Proposed Expenditures $194,950 <br />