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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Economic Development Authority 7.3 <br />Agenda Section Meeting Date Prepared by <br />General Business August 21, 2023 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />2024 Budget Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the 2024 EDA budget and recommend the City Council include $415,950 in the 2024 <br />Preliminary Levy. <br /> <br />Background/Discussion <br />The proposed budget for 2024 is based largely on the ongoing work and similar expenses of the EDA from 2023. <br /> <br />The total proposed expenditures increase from $404,700 to $434,950 year-over-year, a change of $30,250. The <br />proposed levy would increase from $395,700 to $415,950. This change of $20,250 accounts for projected <br />additional revenue of $10,000 in interest income. The proposed levy of $415,950 is approximately 60% of the <br />maximum levy authorized by statute. <br /> <br />The most impactful change to the budget is increasing professional services by $21,000, which is intended to <br />provide consulting support for activities such as hotel market analysis and industrial park development. <br /> <br />Financial Impact <br />Adoption of the budget sets the 2024 expenditures at $434,950. <br /> <br />Mission/Policy/Goal <br />EDA bylaws state the budget be presented to the EDA in August for adoption. <br /> <br />Attachments <br /> Budget and Goals Worksheets <br /> <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: January 2023 <br /> <br />