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Item 9 . 1 . <br /> • \i".>"Li- .� <br /> City of <br /> Elk - - <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Developmen <br /> DATE: November 12, 2002 <br /> SUBJECT: Revised 2003 EDA Budget <br /> Attachments <br /> • Budget Worksheet—Revised 2003 Budget, EDA <br /> • Staff Budget Memo from August 19,2002 EDA Meeting <br /> • Initiative Foundation Thank You correspondence, 10/2/02 <br /> • Background <br /> In August 2002 the EDA adopted the year 2003 Economic Development Authority budget. <br /> The attached staff memo from the August 19, 2002 EDA provides background on specific <br /> line item expenditures. <br /> Budget Revisions <br /> The attached revised 2003 budget includes the following additional expenses: <br /> • Miscellaneous Expense Addition of$5,000 <br /> o EDA authorized contribution to the Initiative Foundation. <br /> • Other Professional Services Addition of$4,000 <br /> o Duckor& Associates work on industrial park planning issues and <br /> ongoing contact for the Economic Development Department per attached <br /> memo from the City Adminstrator,Pat Klaers. <br /> Revenues to fund the Economic Development Department are derived from the EDA and <br /> HRA levies,in accordance with the following statutory limits: <br /> • EDA 0.01813% of taxable market value <br /> • HRA 0.01310% of taxable market value <br /> Staff had estimated an 8%growth in market value for year 2003,which resulted in$195,000 <br /> • in revenue. The latest information from Sherburne County indicates 2003 market values for <br />