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�__ty <br /> Elk <br /> River - Request for Action <br /> To Item Number <br /> Economic Development Authority 2.0 <br /> Agenda Section Meeting Date Prepared by <br /> Budget Discussion August 16, 2021 Brent O'Neil, Economic Development Director <br /> Item Description Reviewed by <br /> Discuss 2022 EDA Budget&Budget Goals Lori Ziemer,Finance Director <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Review and provide direction for inclusion in the September 20, 2021,Preliminary Levy. <br /> Background/Discussion <br /> The draft budget addresses several of the goals outlined in the new EDA Strategic Plan, anticipated updates <br /> to the Comprehensive Plan,the city's vision worksheet, and EDA discussions. EDA bylaws require budget <br /> approval and a Council recommendation at the September meeting for inclusion into the preliminary levy. <br /> The proposed 2022 budget is similar to 2021 with total expenditures proposed at $371,650, a net increase of <br /> $2,000 year-over-year. With projected interest income of$5,000 and a transfer of$3,500 from the HRA,a <br /> levy of$363,150 would balance revenues and expenses. This levy amount is identical to 2021; no increase is <br /> proposed by this draft budget. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> EDA Bylaws require the Executive Director to prepare a budget and present it to the Commissioners of the <br /> Authority for consideration in August of each year. <br /> Attachments <br /> ■ Draft EDA 2022 Budget Worksheet <br /> ■ Draft EDA 2022 Goals <br /> The Elk River Vision <br /> A welcoming community with revolutionary and spirted resourcefulness, exceptional service,and commum_q <br /> engagement that encourages and inspires prosperity P U w E A E U 8 T <br /> w'iAURE <br />