Laserfiche WebLink
REVIEW AND ADOPT 1999 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 1999 Proposed Economic Development <br />Authority Budget. <br /> <br />The financing sources for these operations include transfers from the tax increment districts and <br />interest earnings. Due to changes in the laws during 1998, transfers from tax increment districts <br />has been calculated at 5% to recognize administrative charges that are paid through each tax <br />increment district. Ordinance #93-17 states that the Economic Development Authority Fund will <br />be the fund where administrative transfers, in an amount not to exceed ten percent of available <br />increments received during the remaining life of each district, will be recorded from the Tax <br />Increment Fund. Thus, administrative expenditures such as legal, staff' time, etc. that are spent <br />on Tax Increment projects are recorded in this fund. <br /> <br />This budget includes expenditures for salary costs of various levels of city staff, costs associated <br />with the Economic Development Commission (these costs had formally been shown in the <br />General Fund) and allowances for economic development programs including participation at the <br />annual Game Fair, business expo, annual business appreciation day and entry signs into the City. <br /> <br />Staff Recommendation: <br /> <br />Approve attached Resolution <br />Authority Operating Budget; <br /> <br />#99-01-XXX Adopting the 1999 Economic Development <br /> <br />Council Action: <br /> <br />Motion to recommend Council adopt Resolution #99-01-XXX Adopting the 1999 Economic <br />Development Authority Operating Budget, <br /> <br />Review Checklist: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 01/12/99 <br /> <br /> <br />