2.0 EDSR 07-18-2016 - Laserfiche WebLink

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Request for Action To Item Number Economic Development Authority 2.0 Agenda Section Meeting Date Prepared by N/AJuly 18, 2016Amanda Othoudt, EDD Item Description Reviewed by 2017 EDA Budget & Budget Goals Cal Portner, City Administrator Reviewed by Action Requested Information presented for discussion only. Action is to be taken at the August 15, 2016, EDA meeting. Background/Discussion As part of the budget process, a budget workshop is advisable to allow for informal discussions regarding the goals and objectives, major projects, and other items influencing the EDA budget. Staff prepared a draft budget to address several of the goals outlined in the strategic plan, downtown plan, the city’s vision worksheet, and through recent EDA discussion. In order to meet the requirements of the EDA Bylaws, the EDA must approve the budget at their August 15, 2016, regular meeting and make recommendation to the City Council at the September 5, 2016, regular meeting. As drafted, the proposed expenditures are $294,500. Major initiatives include participation in the Positively Minnesota Marketing Partnership program events, increased exposure through advertising and publication and the addition of wetland bank credits which will be a shared initiative between the EDA and the Environmental divisions. The EDA levy options are as follows: 1)0.0138% - Balanced rate generates $285,500 in revenue and wouldn’t add or draw against reserves. 2)0.01813% Previous/Maximum rate generates $374,947 in revenue and would add additional revenue into reserves. All levy options are applied against the Estimate Market Value obtained from Sherburne County of $2,068,104,300. In addition to the tax levy, we also calculate interest income of $5,500 and $3,500 transfer from the HRA for supplies and shared costs. Financial Impact None Attachments  EDA 2017 Budget Goals  2017-2020 EDA/HRA Strategic Plan  EDA Budget Worksheet