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• Elk Item # 6.2. <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: August 13, 2001 <br /> SUBJECT: Year 2002 Budget <br /> Attachments <br /> *Budget worksheet—Page 1 &2—EDA Projected Revenue&Expenses <br /> *Budget worksheet—Page 3—Business Incubator Projected Revenue&Expenses <br /> Summary <br /> The Economic Development Department consists of three separate budgets including: <br /> * Economic Development—General Fund <br /> 110 <br /> * Economic Development Authority <br /> * Housing&Redevelopment Authority <br /> Dollars from all three sources has been, and continues to be necessary to balance the <br /> department's budget. Revenues are estimated at an 8% growth in market value for year <br /> 2002. <br /> The only expenses proposed to be shared by all three categories include full time and part <br /> time salaries and benefits—to be divided as follows: <br /> * General Fund—20% <br /> * EDA—60% <br /> * HRA—20% <br /> Despite the recent resignation of the Assistant Director of Economic Development, staff <br /> recommends the funding for the full time position be continued. <br /> Other common administrative expenses are proposed to be shared by the EDA (75%) and <br /> the HRA (25%). As in previous years, the HRA makes a one time transfer to the EDA at <br /> the end of year 2002 to cover 25% of the expenses in these line item categories. <br /> Following is a line item analysis of the proposed year 2002 expenditures for the EDA: <br /> Personal Services $ 93,650 <br /> Office Supplies — (HRA to pay 25%) $ 3,000 <br /> Fuels &Lubricants— (HRA to pay 25%) $ 150 <br />