9.0. EDSR 09-12-1994 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY III MEMORANDUM TO: ECONOMIC DEVELOPMENT AUTHORITY FROM: WILLIAM RUBIN, EXECUTIV 0 DIRECTOR / vII'-- DATE: SEPTEMBER 12, 1994 SUBJECT: REQUEST TO REVISE 1994 EDA BUDGET INTRODUCTION At its meeting on September 12, 1994, the Elk River EDA will consider a request from the City Council to transfer approximately $8,000 of expenses to the EDA as part of its 1995 budget. The $8,000 in proposed expenses relates • to personnel (an increase from 40 percent of salary and benefits of the Economic Development Coordinator and staff support to 50 percent of the salary and benefits), approximately $500 in videotaping expenses as the EDA meetings will be replayed on Cable on a tape-delayed basis, and approximately $1,400 which is attributable to the redesign and ordering of new "City" pins. This information is outlined in greater detail in a memo from City Administrator Patrick Klaers. BACKGROUND The basis for the request from the City Council is a 1995 budget gap estimated at approximately $340,000. In an effort to reduce this gap, potential cuts and/or transfers of expenses have been explored by the City Council. At its August meeting, the Elk River EDA adopted a 1995 budget in the amount of$81,000. This budget is based on revenues the EDA will derive as a result of its levy of .01813 percent of the taxable market value in the City for the year 1994. A copy of the approved 1995 EDA budget and a budget memo dated August 3, 1994, are attached to this memo. Since $81,000 represents the maximum revenues from an EDA levy, the Commissioners are • faced with one of three options: P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 •Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment