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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> 40Item # 7.2 <br /> TO: Elk River EDA <br /> FROM: Cathy Mehelich, Director of <br /> Economic Development <br /> DATE: August 10, 2000 <br /> SUBJECT: Year 2001 Budget <br /> Attached to this memo you will find the following information regarding the <br /> year 2001 EDA Budget: <br /> • Budget worksheet — Page 1 & 2 — EDA Projected Revenue & <br /> Expenses <br /> • Budget worksheet — Page 3 Business Incubator Projected <br /> Revenue & Expenses <br /> There are really three separate budgets for the economic development <br /> department including: <br /> • <br /> • Economic Development General Fund <br /> • Economic Development Authority <br /> • Housing and Redevelopment Authority <br /> Dollars from all three sources has been, and continues to be necessary to <br /> balance the department's budget. Revenues are estimated at a 5% growth in <br /> market value for year 2001. <br /> The only expenses proposed to be shared by all three categories include full <br /> time and part time salaries and benefits to be divided among the three <br /> categories as follows: <br /> • General Fund - 20% <br /> • EDA- 60% <br /> • HRA - 20% <br /> Common administrative expenses are proposed only to be shared by the EDA <br /> (75%) and the HRA (25%). As in previous years, the HRA makes a one time <br /> transfer to the EDA at the end of year 2001 to cover 25% of the expenses inAk <br /> these line item categories. <br /> IP <br /> 13065 Orono Parkway• P. 0. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612)441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />