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FC # <br /> <br />REVIEW AND ADOPT 1999 ECONOMIC DEVELOPMENT AUTHORITY <br />OPERATING BUDGET <br /> By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />Attached for your review and consideration is the 1999 Proposed Economic Development <br />Authority Budget. <br /> <br />The financing sources for these operations include transfers from the tax increment districts and <br />interest earnings. Due to changes in the laws during 1998, transfers from tax increment districts <br />has been calculated at 5% to recognize administrative charges that are paid through each tax <br />increment district. Ordinance #93-17 states that the Economic Development Authority Fund will <br />be the fund where administrative transfers, in an amount not to exceed ten percent of available <br />increments received during the remaining life of each district, will be recorded from the Tax <br />Increment Fund. Thus, administrative expenditures such as legal, staff time, etc. that are spent <br />on Tax Increment projects are recorded in this fund. <br /> <br />This budget includes expenditures for salary costs of various levels of city staff. Personnel time <br />allocations are as such: City Administrator-20% or 416 hours, Finance Officer-7.5% or 156 <br />hours, Zoning Administrator-10% or 208 hours, Community Development Director-25% or 520 <br />hours and Community Development Assistant-15% or 312 hours. Also included is professional <br />service.s which are outside consulting services (such as those used for acquiring the new <br />industrial park land, Connexus Energy, etc). Costs associated with the Economic Development <br />Authority (these costs had formally been shown in the General Fund) and allowances for <br />economic development programs including participation at the annual Game Fair, business expo, <br />annual business appreciation day and entry signs into the City are also included in this fund. <br /> <br />Staff Recommendation: <br /> <br />Approve attached Resolution <br />Authority Operating Budget; <br /> <br />#99-03-XXX Adopting the 1999 Economic Development <br /> <br />Council Action: <br /> <br />Motion to recommend Council adopt Resolution #99-01-XXX Adopting the 1999 Economic <br />Development Authority Operating Budget, <br /> <br />Review Checklist: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 03/09/99 <br /> <br /> <br />