3.1 EDSR 07-17-2017 - Laserfiche WebLink

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Request for Action ToItem Number Economic Development Authority3.1 Agenda Section Meeting DatePrepared by N/AJuly 17, 2017Amanda Othoudt, EDD Item Description Reviewed by 2018EDA Budget & Budget GoalsCal Portner, City Administrator Reviewed by Action Requested Information presented for discussion only. Action is to be taken21, 2017,EDAmeeting. Background/Discussion As part of the budget process, a budget workshop is advisable to the goals and objectives, major projects, and other items influeEDA budget. Staff prepared a draft budget to address several of the goals outlined in the strategic plan, downtown plan, the citys vision worksheet, and through recent EDAdiscussion. In order to meet the requirements of the EDA Bylaws, the EDA must approve the budget at their August 21, 2017, regular meeting and make recommendation to theCity Council at the September 4, 2017, regular meeting. As drafted, the proposed expenditures are $328,300. Major initiatives include a small increase in expenditures to attend the 2018 IEDC conference, slight decrease in advertising and marketing due to the partnership with Sherburne County and the Positively Minnesota Marketing Partnership, increase in wetland bank credits which will be a shared initiative between t The EDAlevy options are as follows: 1)0.0151% - Estimated balanced rate generates $319,300 in revenue and wouldnt add or draw against reserves. 2)0.01813% - Previous/Maximum rate will generate approximately $384,000 in revenue and would add additional revenue into reserves. All levy options are applied against the Estimate Market Value that will be obtained from Sherburne County. 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 2018 Budget Goals 2017-2020 EDA/HRA Strategic Plan EDA Budget Worksheet