8.2 SR 09-16-2024 - Laserfiche WebLink

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City of Elk - River To City Council Meeting Date September 16, 2024 Item Description EDA Resolution 24-56 and HRA Resolution 24-57 - 2025 Budget and Tax Levy Action Requested Request for Action Item Number 8.2 Prepared By Joshua Mollan, Economic Development Specialist Reviewed by Brent O'Neil Cal Portner Tina Allard 1. Adopt, by motion, Resolution 24-56 establishing the EDA tax levy of $427,000 for collection in 2025. 2. Adopt, by motion, Resolution 24-57 establishing the HRA tax levy of $439,950 for collection in 2025. Background/Discussion The EDA and HRA are required to submit their budgets and recommended levies to the City Council annually. The EDA finalized its budget on August 19, 2024, with total 2025 expenditures of $456,000. Forecasting interest income of $25,000 and transfers -in of $4,000, the EDA recommends $427,000 be included in the 2025 levy. The HRA finalized its budget on September 3, 2024, with total 2025 expenditures of $444,950. Revenue from interest is projected at $5,000. The HRA recommends $439,950 be included in the 2025 levy. By statute, the levy is limited to 0.01813% of the Estimated Market Value (EMV) of real property in the city for the EDA, and 0.0185% of the EMA for the HRA. For both boards, the proposed levies for 2025 equate to approximately 60% of the allowed maximum. Financial Impact The proposed 2025 EDA budget is $456,000, with a proposed tax levy of $427,000. The proposed 2025 HRA budget is $444,950, with a proposed tax levy of $439,950. Mission/Policy/Goal Support commercial and industrial development, redevelopment, and housing initiatives in Elk River. Attachments 1. HRA 2025 Budget and Goals The Elk River Vision A avelcoming community with revolutionary and spirited resourcefulness, exceptional service, and community p p W E H E U A T engagement that encourages and inspires prosperity 1NMLWrd381