Laserfiche WebLink
Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Economic Development Authority 7.1 <br />Agenda Section Meeting Date Prepared by <br />General Business September 19, 2022 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />2023 Budget and Goals Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the 2023 EDA budget and goals and attached resolution establishing the EDA Tax Levy of <br />$396,000 for collection in year 2023. <br /> <br />Background/Discussion <br />The 2023 EDA Budget addresses several of the goals and line items discussed at the budget workshop on August <br />15, 2022. EDA bylaws require budget approval its regular September meeting. The EDA established at its August <br />2022 meeting a preliminary levy of $396,000 for 2023 which was presented to the City Council and approved at <br />the Council’s September 6 meeting. Approval by the EDA finalizes the 2023 budget and goals as well as the final <br />levy amount for inclusion in the City’s levy. <br /> <br />The proposed budget for 2023 is $405,000 and includes similar expenses to the 2022 budget. Notable changes are <br />increasing funding for the wetland bank by $15,000, including $15,000 for development of a Public Art Program <br />and including $7,500 for the EDA’s cost share of analytics software (Placer.ai). <br /> <br />The proposed property tax levy of $396,000, projected interest income of $5,000 and $4,000 in funding from the <br />HRA would balance revenue and expenses. Also of note, the EDA operating levy is capped by state statute at <br />0.01813% of estimated market value of property in Elk River. A maximum levy is estimated to be in excess of <br />$600,000. For reference, the approved levy for the 2022 budget year was $363,150. <br /> <br />Financial Impact <br />Proposed expenditures for 2023 total $405,000. <br /> <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 each year. <br /> <br />Attachments <br /> Resolution Establishing the EDA Final Levy for Collection in 2023 <br /> Proposed EDA Budget for 2023 <br /> Proposed EDA Goals for 2023 <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />