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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Economic Development Authority <br />Item Number <br />7.1 <br /> <br />Meeting Date <br />August 19, 2024 <br />Prepared By <br />Brent O'Neil, Economic Development Director <br /> <br />Item Description <br />2025 EDA Budget <br />Reviewed by <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, the 2025 EDA budget and recommend the City Council include $427,000 in the <br />Preliminary Levy. <br /> <br />Background/Discussion <br />The proposed 2025 budget is very similar to the baseline budget for 2023, with similar activities and expenses <br />anticipated. <br /> <br />The total proposed expenditures increase from $434,950 to $456,000, a year-over-year change of $21,150. <br />The proposed levy would increase by a smaller amount, significantly due to stronger interest income than in <br />past budgets. The change in levy is $11,150, going from $415,950 to $427,000 in 2025. The proposed levy is <br />approximately 60% of the maximum authorized by statute. <br /> <br />Of two initiatives discussed at the July workshop, providing supplement funding in anticipation of future <br />property acquisition is not included in the proposed budget. The other item, exploration of a Destination <br />Market Designation (DMC), is included at $10,000. Work on a DMC may be done in conjunction with the Elk <br />River Area Chamber of Commerce. <br /> <br />Financial Impact <br />Adoption of the budget sets the 2024 expenditures at $456,000. <br /> <br />Mission/Policy/Goal <br />EDA bylaws state the budget be presented to the EDA and be considered for adoption in August. <br /> <br />Attachments <br />1. 2025 EDA Budget and Levy <br />2. 2025 EDA Budget Goals <br /> <br /> <br />Page 12 of 33