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I <br /> <br />REVIEW AND ADOPT 2006 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 2006 Proposed Economic Development <br />Authority Budget. This is the same budget that was presented at the time of the EDA Levy <br />adoption in December. <br /> <br />The financing source for these operations is interest earnings and property taxes from the EDA <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 includes expenditures for salary costs of various levels of city staff, professional <br />services for outside consulting services such as those offered by Mike Mulrooney. And <br />allowances for economic development programs including participation in the business expo, <br />annual business appreciation day and entry signs into the City. <br /> <br />Also attached to this case is a resolution amending the 2005 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 #06-01-XXX Adopting the 2006 Economic Development Authority <br />Operating Budget; <br /> <br />And <br /> <br />Approve attached Resolution #06-01-XXX Amending the 2005 Economic Development <br />Authority Operating Budget. <br /> <br />Council Action: <br /> <br />Motion to recommend Council adopt Resolution #06-01-XXX Adopting the 2006 Economic <br />Development Authority Operating Budget, <br /> <br />And <br /> <br />Motion to recommend Council adopt Resolution #06-01-XXX Amending the 2005 Economic <br />Development Authority Operating Budget. <br /> <br />FC: 01/10/06 <br /> <br /> <br />