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Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 3.1. <br />Agenda Section Meeting Date Prepared by <br />General Business July 16, 2018 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />2019 EDA Budget & Budget Goals Lori Ziemer, Finance Director <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Information presented for discussion only. Action is to be taken at the August 20, 2018, EDA meeting. <br /> <br />Background/Discussion <br />As part of the budget process, a budget workshop is advisable to allow for informal discussions regarding <br />the goals and objectives, major projects, and other items influencing the EDA budget. <br /> <br />Staff prepared a draft budget to address several of the goals outlined in the strategic plan, downtown plan, <br />the city’s vision worksheet, and through recent EDA discussion. In order to meet the requirements of the <br />EDA Bylaws, the EDA must approve the budget at their August 20, 2018, regular meeting and make <br />recommendation to the City Council at the September 4, 2018, regular meeting. <br /> <br />As drafted, the proposed expenditures are $185,000. Due to the new comp plan implementation; this <br />does not yet include wages and benefits. Staff is proposing a slight decrease in expenditures for office <br />supplies, fuels, legal, conferences and schools, advertising and marketing, dues and subscriptions. Staff is <br />proposing to allocate $45,000 towards the wetland credit bank which will be a shared initiative between <br />the EDA and the Environmental divisions. The EDA may want to discuss allocating a certain dollar <br />amount for the creation of a business incubator program in 2019. <br /> <br />The EDA levy options are as follows: <br />1) The balanced rate will be determined when we receive the Estimated Market Value from <br />Sherburne County. Typically received in August. <br />2) 0.01813% - Previous/Maximum rate will generate approximately $384,000 in revenue and would <br />add additional revenue into reserves. <br /> <br />All levy options are applied against the Estimated Market Value that will be obtained from Sherburne <br />County. In addition to the tax levy, we also calculate interest income of $3,800 and $3,500 transfer from <br />the HRA for supplies and shared costs. <br /> <br />Financial Impact <br />None <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />