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Councihnember Elvig requested that the committee receive a copy of the Enterprise Funds. He <br />asked what determines the depreciation rate. <br /> <br />Finance Officer Lund replied the rate is a straight-line depreciation over 50 years. <br /> <br />Chairperson Strommen noted the water billing issue with Connexus will likely be resolved with <br />an exchange for services. She inquired if this should be reflected in the budget. <br /> <br />Finance Officer Lund replied the budget cannot be amended, as nothing has been approved yet <br />concerning this issue. <br /> <br />City Administrator Norman indicated there are a couple of projects that will be discussed where <br />services could be provided by Connexus. <br /> <br />Councihnember Elvig requested that the Finance Committee be informed of the status of the <br />Com~exus situation. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Olson, to recommend that the <br />City Council adopt a resolution Adopting the 2005 Enterprise Fund Budgets and adopt a <br />resolution Amending the 2004 Enterprise Fund Budgets. <br /> <br />Motion carried. Voting Yes: Chairperson Strommen, and Councilmembers Elvig and Olson. <br />Voting No: None. <br /> <br />Case #2: Review and Adopt 2005 Economic Development Authority Operating Budget <br /> <br />Finance Office Lund stated the proposed resolution will adopt the 2005 EDA Operating Budget. <br />This is the same budget that was presented at the time of the HRA levy adoption in December. <br />Also attached to this case is a resolution amending the 2004 activity. This is primarily a <br />housekeeping item and is done on an annual basis. <br /> <br />Councilmember Elvig inquired about the HRA levy amount of $172,000, which he remembered <br />being approximately $33,000 of the total EDA levy. <br /> <br />Finance Officer Lund explained the EDA and HRA levy are both included in the total amount <br />and the subtracted amount will pay back the Alloy Recovery loan. <br /> <br />Motion by Councilmember Olson, seconded by Councilmember Elvig, to recommend that the <br />City Council adopt a resolution Adopting the 2005 Economic Development Authority Operating <br />Budget and adopt a resolution Amending the 2004 Economic Development Authority Operating <br />Budget. <br /> <br />Motion carried. Voting Yes: Chairperson Strommen, and Councilmembers Olson and Elvig. <br />Voting No: None. <br /> <br />Finance Committee/January 11, 2005 <br /> Page 2 of 4 <br /> <br /> <br />