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as well as depreciation. It is anticipated that total revenues for 2003 will be approximately $92,245, which includes interest earnings of $4,500. Expenditures are estimated to be at $66,962, which includes depreciation (non-cash) of $17,005. Recycling Utility Fund With the closure of the landfill in 1993, the primary funding source for the curbside recycling program was lost. It is anticipated that total revenues will be approximately $176,737 and include County grants of $42,335 and estimated interest earnings of $500. These revenue projections incorporate a rate of $5.34/quarter that was adopted on December 14, 1999, and charged to residents for the periods of 2000-2003. Expenditures are estimated to be $176,737 and include the costs to administer the curbside recycling program and two clean-up days during 2003. Storm Water Utility Fund It is estimated that total revenues for 2003 will be $334,968. This fund was created in 2000 to maintain drainage problems throughout the City. Expenditures are estimated to be at $333,775, which includes deprecation (non-cash) of $90,000. This results in a budgeted operating profit of $1,193. It was noted that this budget represents "operating" expenditures only. The total costs of the storm utility projects are capitalized and expensed yearly under the depreciation line item. Councilmember Zimmerman stated that some of the older subdivisions have significant water drainage problems, which is why this fund was established and he hopes that they all keep that in mind. Councilmember Strommen inquired why the expenditures from the storm water utility fund were increasing significantly for 2003. Finance Officer Lund replied that the MPDE study is included in the expenditures. Motion by Councilmember Kurak, seconded by Councilmember Strommen, to recommend that the City Council adopt the Resolution adopting the 2003 Enterprise Fund Budgets, and to recommend that the City Council adopt the Resolution amending the 2002 Enterprise Fund Budgets. Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Kurak, Strommen, Elvig, Pearson, and Zimmerman. Voting No: None. Case #3: Review and Adopt 2003 Economic Development Authority Operating Budget Finance Officer Lund presented for the Committee's review the 2003 Proposed Economic Development Authority Budget. The financing source for these operations is solely interest earnings. Tax Increment interest earnings were previously allowed to be transferred as a funding source, but legislation changed the laws in 1998. This budget includes expenditures for salary costs of various levels of City staff, professional services for outside consulting services, such as those offered by Mike Mulrooney and a Town Center market analysis study conducted by the Finance Committee/January 28, 2003 Page 3 of 5