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CC Regular Session <br />Meeting Date: 03/08/2016 <br />By: Diana Lund, Finance <br />4. 5. <br />Information <br />Title <br />Adopt Resolution #16-03-044 Amending 2015 Economic Development (EDA) Budget <br />Purpose/Background: <br />Purpose: Annually the city adopts an Economic Development Authority budget. The city is required to amend the <br />budget to reflect actual revenues/expenditures for the year. <br />Background: Attached to this case is Resolution #16-03-044 amending the 2015 budget of the EDA. This is <br />primarily a 'housekeeping' item and is done on an annual basis. The projections through the end of the year are <br />based on actual activity and will be finalized after the annual city audit in April 2016. <br />The major revenue amendment is found under miscellaneous revenues which recorded the business subsidy <br />payment from LifeFitness and interest earned on the internal loan related to the fire suppression system at 6701 <br />Highway 10. <br />The expenditure amendment is largely attributed to professional services. The study for LifeFitness business <br />subsidy was recorded here as well as payment to Advanced Resources for consulting services on economic <br />development projects. <br />Recommendation: <br />As the activity has already occurred for year 2015, the only recommendation is to approve Resolution #16-03-044 <br />Amending the 2015 EDA budget. <br />Action: <br />Motion to adopt Resolution #16-03-044 Amending the 2015 EDA budget. <br />Attachments <br />2015 EDA Amended Budget <br />Reso #16-03-044 Amending 2015 EDA Budget <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 02/26/2016 12:42 PM <br />Form Started By: Diana Lund Started On: 02/23/2016 08:40 AM <br />Final Approval Date: 02/26/2016 <br />