7.2. EDSR 09-20-2021 - Laserfiche WebLink

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City nf Elk ,Ver— Request for Action To Item Number Economic Development Authori 7.2 Agenda Section Meeting Date Prepared by General Business September 20, 2021 Brent O'Neil, Economic Development Director Item Description Reviewed by 2022 EDA Budget and Resolution Establishing Lori Ziemer,Finance Director EDA Levy Reviewed by Cal Portner, City Administrator Action Requested Approve,by motion,the 2022 EDA Budget and attached resolution establishing the EDA Tax Levy of $363,150 for collection in year 2022. Background/Discussion The 2022 EDA Budget addresses several of the goals outlined in the strategic plan,anticipated updates to the Comprehensive Plan,the city's vision worksheet, and discussions at the budget workshop on August 16, 2021. EDA bylaws require budget approval and a Council recommendation at the September meeting for inclusion into the preliminary levy. Budget The proposed budget for 2022 is $371,650 and includes similar expenses to the 2021 budget. Notable changes between 2021 and 2022 budgets are as follows: ■ $2,000 increase to Office Supplies, accounting for anticipated technology purchases and software. ■ Includes $5,000 in Professional Services account for miscellaneous general consulting services. ■ Increases Legal Services from $6,000 to $8,000 to track with historic legal expenses more accurately. ■ Adds $5,000 under process mapping to develop a multi-department initiative to streamline internal project and process review and use web-based platforms to better disseminate project information. ■ Without an anticipated art project next year, funding for public art was not included. The 2022 budget continues to include funding for Together Elk River and the Wetland Credit Bank. Revenue and Lew The proposed property tax levy of$363,150,projected interest income of$5,000 and HRA transfer in of $3,500 would balance revenue and expenses. This levy amount is flat year-over-year. Of note, the EDA operating levy is capped by state statute at 0.01813% of estimated market value of property in Elk River. A maximum levy would be in excess of$500,000. Goals and Measures Following the budget workshop in August, the measures of website traffic, net impressions from advertising, and permitted value of commercial and industrial projects have been carried over from the workshop. The EDA expressed a desire to track leads,inquiries,prospects, and projects at a more detailed level. After The Elk River Vision A avek-oming community n ith revolutionary and spirited resourcefulness, exceptional service, and P D W E H E D D Y community engagement that encourages and inspires prosperity /` UR