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FC# 3 <br /> <br />REVIEW AND ADOPT 2004 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 2004 Proposed Economic Development <br />Authority Budget. This is the same budget that was presented at the time of the HRA Levy <br />adoption in December. <br /> <br />The financing source for these operations is interest earnings and property taxes from the HRA <br />levy. Tax Increment interest earnings were previously allowed to be transferred as a funding <br />source, but legislation changed the laws in 1998. <br /> <br />This budget inoludes expenditures for salary costs of various levels of city staff, professional <br />services for ou~ide consulting services such as those offered by Mike Mulrooney and a market <br />analysis study conducted by the McComb Group and allowances for economic development <br />programs including participation in the business expo, annual business appreciation day and <br />entry signs into the City. <br /> <br />Also attached to this case is a resolution amending the 2003 activity. This is primarily a <br />"housekeeping" item and is done on an annual basis. The projections through the end of the year <br />are based on actual activity. <br /> <br />Staff Recommendation: <br /> <br />Approve attached Resolution #04-01-XXX Adopting the 2004 Economic Development Authority <br />Operating Budget; <br /> <br />And <br /> <br />Approve attached Resolution <br />Authority Operating Budget. <br /> <br />#04-01-XXX Amending the 2003 Economic <br /> <br />Development <br /> <br />Council Action: <br /> <br />Motion to recommend Council adopt Resolution #04-01-XXX Adopting the 2004 Economic <br />Development Authority Operating Budget, <br /> <br />And <br /> <br />Motion to recommend Council adopt Resolution #04-01-XXX Amending the 2003 Economic <br />Development Authority Operating Budget. <br /> <br />FC: 01~7~4 <br /> <br /> <br />