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Item # 6 <br />of <br />1-~iver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Developmen <br />DATE: August 13, 2007 <br />SUBJECT: Consider Year 2008 EDA Budget and Resolution Regarding EDA Levy <br />Attachments <br />• Budget Worksheet -Proposed 2008 EDA Revenue & Expenditures <br />• Initiative Foundation information <br />• Resolution establishing the EDA tax levy for collection in year 2008 <br />• EDA 2008 Services, Goals, Measures, Staffing and Budget Summary <br />• Fund Balance Sheets -Micro Loan Fund, EDA DTED Loan and Development Fund <br />Summary <br />The Community Development Department's Economic Development Division is funded through <br />two separate budgets including: <br />• Economic Development Authority <br />• Housing & Redevelopment Authority <br />Since 2003, the EDA and HRA levies have been enough to balance the Economic Development <br />Division without General Fund revenues. EDA revenues axe estimated at 7% growth in market <br />value for the year 2008. <br />In 2004 the Personal Services costs (salaries and benefits) were adjusted from 70/30 percent EDA <br />and HRA respectively, to 60/40 percent due to staff time allotted to the HRA's Downtown <br />Revitalization Project. It is proposed that this continue in 2008. <br />Other common administrative expenses are proposed to be shared by the EDA and the HRA. As in <br />previous years, the HRA would make a one time transfer to the EDA in the amount of $3,500 to <br />cover approximately 40% of the shared expenses. <br />Below is a line item analysis of the proposed year 2008 expenditures for the EDA: <br />• Personal Services (including Commissioners compensation) $116,900 <br />• Office supplies (shared with HRA) $ 3,000 <br />• Fuels (shared with HRA) $ 150 <br />