8.2. SR 09-20-2021 - Laserfiche WebLink

Home Browse Search

Request for Action To Item Number Mayor and City Council 8.2 Agenda Section Meeting Date Prepared by General Business September 20, 2021 Brent O’Neil, Economic Development Director Item Description Reviewed by Resolutions Establishing EDA and HRA Levies for Lori Ziemer, Finance Director 2022 Reviewed by Cal Portner, City Administrator Action Requested Two actions are requested under this item: 1. Approve, by motion, the attached resolution establishing the EDA Tax Levy of $363,150 for collection in year 2022. 2. Approve, by motion, the attached resolution establishing the HRA Tax Levy of $331,600 for collection in year 2022. Background/Discussion In September each year, the EDA and HRA boards set their budget for the following year and recommend a levy amount to the City Council to be certified to Sherburne County for collection the following year. The EDA reviewed its 2022 budget on August 16, 2021, and its approval of the budget and levy is anticipated September 20, 2021. The budget of $371,650 proposes revenues of $5,000 in interest income, $3,500 in transfers from the HRA and tax levy of $363,150 for collection in 2022. This levy amount is 0.0125% of estimated market value; the maximum levy amount by state statute is .01813%. The HRA approved its 2022 budget on September 2, 2021. The HRA budget of $338,100 proposes revenues of $6,500 and tax levy of $331,600 for collection in 2022. This levy amount is .0117% of estimated market value; the maximum levy amount by state statute is 0.0185%. Financial Impact The 2022 proposed levy for EDA is $363,150. The 2020 proposed levy for HRA is $331,600. Attachments  Resolutions for 2022 EDA Levy and 2022 HRA Levy The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity