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2004 EDA BUDGET By: Sean M. Sullivan, Economic Development / TIF Specialist Background: The EDA has made a recommendation to City Council to levy $200,078 for the year 2004. Council has accepted the preliminary budget and final budget approval for line items will be adopted in January. The budget amount will be certified .the Anoka County in early December. Upon the request of the EDA, last year's budget and a proposed budget for 2004 has been provided (See Exhibit). Numbers have been inserted into line items to reflect what the expected costs for the line items will be for 2004. The need for an increase in the HRA levy was expressed in trying t° maintain the current services theEDA can provide. Any input or suggestions to the budget by the EDA would be helpful in providing a clear direction on what the EDA role will be in economic development in the City of Ramsey. Observations: The differences between the 2003 and 2004 budgets are minimal. Inflationary increases, salaries, and land acquisition fbr the most part, reflect the increase in the ~004 budget. The last meeting by the EDA expressed an interest to continue to facilitate development and redevelopment in the city. Land acquisitions, that can help facilitate economic development and redevelopment, were highlighted as an important role by the EDA. $20,504 dollars appears hq the line item budget for Land. The EDA is currently funding the acquisition of the Alloy Recovery property. $63,583 will be funded in 2004 and $60,959 will be funded in 2005. These numbers do not appear in the budget of the EDA but are funded by the HRA levy. The curt. ent EDA estimated Fund balance is $115,000. This amount of available money can supplement current 2004 revenues to accomplish EDA goals. This money allows the EDA to have the flexibility to purchase a property if one becomes available, or to participate in other projects essential to economic development or redevelopment. The budget provided is a draft of what is expected to happen in 2004. Budgets are finalized and adopted in January and things couldichange from now to then. It is important, however, to have the EDA be aware of what is coming for the next year so that input can be received by staff from the EDA. There may be ideas formulated by the EDA that are overlooked by staff during the budget process that is why it is important to have the EDA review the budget and to comment on it. Recommendation: Based on Discussion Review Checklist: City Administrator, Jim Norman Associate Planner, Megan Wald Finance Director, Diana Lund EDA: 10.13.03