Agenda - Economic Development Authority - 08/08/2013

Home

Economic Development Authority (EDA) Meeting Date: 08/08/2013 Submitted For: Diana Lund By: Diana Lund, Finance 4. 2. Title: 2014 Proposed EDA Budget and Levy Background: Annually, the EDA makes a recommendation to the City Council for the coming year's EDA budget. The EDA levy is included within the City's general levy and thus is calculated into the mandatory levy limits of 2014. Under 2014 levy limits, the city is alowed to levy an additional $129,223 for both the General Fund levy and the EDA levy over 2013 levels. For 2013 the city levied a total of $7,353,295 ($7,248,829-General, $104,466-EDA). For 2014, the city is proposing to use the maximum levy limit and levy $7,482,518 ($7,345,779-General levy, $136,739-EDA levy). The City Council will be adopting a proposed preliminary levy at its regular meeting of September 10, 2013. City Council has met in worksession in regard to the 2014 budget process and have received the respective proposed budgets of General Fund, EDA Fund and HRA Fund. As noted, these are all preliminary budgets and will not become finalized until December 2013. The purpose of this case is to develop a recommendation from the EDA board to the City Council for the 2014 EDA levy. Observations: The primary source of revenue for the EDA budget is the EDA levy. Included in this case is a copy of the 2014 proposed EDA budget. Overall, the EDA budget is proposed to increase from 2013 to 2014 ($106,466 to $136,739 for a net increase of $30,273). The increase is attributed to the Economic Development Manager Position being funded via the EDA at 34% of salary costs versus 20% in 2013. (ED Manager funding: EDA: 34%, HRA-46% and TIF 20%). All other line items within the EDA budget are held fairly constant.